Document:

Exhibit
10.58

LEASE AGREEMENT

THIS LEASE AGREEMENT
(the “Lease”) is made and entered into this 30th day of November, 2006
(the “Effective Date”), by and between PH Fee Owner LLC, a Delaware
limited liability company (“Landlord”), and OpBiz, L.L.C., a Nevada
limited liability company (“Tenant”). 
Capitalized terms used herein and not otherwise defined shall have the
meanings provided in the Glossary attached hereto.

RECITALS

A.            Landlord
is the owner of the real property and all improvements thereon located in Clark
County, Nevada (the “Property”), including, without limitation, the
gaming areas of that certain resort hotel casino located thereon and more
commonly and formerly known as the Aladdin Hotel and Casino (the “Premises”
or the “Hotel Casino”), as more particularly described on Exhibit A
attached hereto, less and except the Timeshare Operations Space, and all
fixtures permanently attached to the realty and located therein or thereon as
of the Effective Date (the “Fixtures” and together with the Premises,
the “Leased Assets”)  The Leased
Assets specifically exclude the Gaming Equipment, the ownership of which is and
shall remain in Tenant; and

B.            Landlord desires to lease to Tenant and Tenant desires to
accept, hire and lease from Landlord the Leased Assets for Tenant’s operation
of the Hotel Casino, subject to the terms and conditions more particularly
described herein.

AGREEMENT

1.             LEASED
ASSETS.

1.1           Leased
Assets.  Upon the conditions,
limitations, covenants and agreements herein set forth, Landlord hereby leases
to Tenant, and Tenant hereby accepts, hires and leases from Landlord the Leased
Assets.  Landlord
and Tenant acknowledge that the description of the Premises in Exhibit A
may change from time to time as reconfigurations of the gaming areas of the
Hotel Casino occur in the normal course of business.  Upon any such reconfiguration, Landlord and
Tenant agree to reasonably cooperate to mutually agree upon appropriate changes
to Exhibit A to reflect the reconfiguration.  Notwithstanding the foregoing, Landlord and
Tenant agree that, so long as the Debt is outstanding, Tenant shall not be
permitted to make any changes to Exhibit A which will materially
diminish the size of the leased premises described in that certain Lease
Agreement of even date herewith between Landlord and Tenant for the non-gaming
areas of the Property, unless Tenant obtains the prior written consent of
Lender (as defined in the Loan Agreement) which consent may be withheld in
Lender’s reasonable discretion.

1.2           Future
Reservations.  This Lease shall be
subject to all existing and future covenants, conditions, restrictions,
reservations and easements now or hereafter recorded against the Property
including, without limitation, that certain Agreement and Amendment to
Construction Operation and Reciprocal Easement Agreement by and between
Boulevard Invest, LLC and Planet Hollywood, dated on or about July 31, 2005,
and recorded in Book 20051117 as 

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Instrument No. 0005802 of the Official Records of
Clark County, Nevada,  concerning the Desert
Passage Mall, and that certain Construction, Operation and Reciprocal Easement
Agreement entered into as of February 26, 1998 by and among Aladdin Gaming,
LLC, Aladdin Bazaar, LLC and Aladdin Music Holdings, LLC.

2.             TERM.

2.1           Commencement
Date.  The commencement date of this
Lease (the “Commencement Date”) shall be the date hereof.

2.2           Term.  The initial term of the Lease (the “Initial
Term”) shall be two (2) years commencing on the Commencement Date.  Provided, however, that the Initial Term
shall automatically renew for successive periods of one (1) year each for so
long as the Debt is outstanding and, thereafter, for successive periods of
three (3) months (each a “Renewal Period” and together with the Initial
Term, the “Term”), unless, after the Debt is no longer outstanding,
either party gives thirty (30) days’ written notice to the other party prior to
the expiration of the then current Initial Term or Renewal Period, as the case
may be, that such automatic renewal will not occur.

3.             RENT.

3.1           Rent.  Beginning on the first (1st) day of the month immediately
following the Commencement Date and on the first (1st) day of each month during the Term
thereafter, Tenant shall pay to Landlord, without offset or deduction, monthly
base rent for the Leased Assets of One Million One Hundred Sixty-Six Thousand
Six Hundred Sixty-Seven and 00/100 Dollars ($1,166,667.00) (the “Rent”).  In the event the Commencement Date of this
Lease occurs on a day other than the first day of a calendar month, the Rent
for such partial calendar month shall be a prorated portion of a full monthly
installment of Rent, which shall be paid to Landlord on the Commencement
Date.  In the event this Lease expires or
is earlier terminated on a day other than the last day of a calendar month, the
Rent for such partial calendar month shall be a prorated portion of a full
monthly installment of Rent, and Tenant shall be reimbursed by Landlord for any
amounts applicable to the portion of the calendar month following the
expiration of the Term.

3.2           Payment.  All payments of Rent shall be payable by
Tenant to Landlord in legal tender of the United States of America at the
address set forth for Landlord in Section 22.2 or such other place as Landlord
may, from time to time, designate in writing.

3.3           Late
Charge.  If Tenant shall fail to pay
Rent within five (5) days after written notice from Landlord to pay rent, then
the past due rent shall bear interest at the Interest Rate (as defined below),
from the due date thereof until paid. 
The amount of any such interest shall be additional rent hereunder and
shall be payable upon demand.  The
assessment and receipt of interest as aforesaid shall be in addition to, and
shall in no way be deemed to limit, any other rights and remedies Landlord may
have under this Lease or otherwise for non-payment of Rent.  As used herein, “Interest Rate” shall mean an
interest rate equal to the statutory rate of interest set forth in NRS 99.040
or any successor statute.

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3.4           Net
Lease.  It is the purpose and intent
of Landlord and Tenant that the Rent payable hereunder shall be absolutely net
to Landlord so that this Lease shall yield, net to Landlord, the Rent specified
herein in each month during the term of this Lease.  This is an absolutely net lease, and, except
as otherwise specifically provided in Sections 2.2 and 16 hereof, this Lease
shall not terminate nor shall Tenant have any right to terminate this Lease;
nor shall Tenant be entitled to any abatement, deduction, deferment, suspension
or reduction of, or setoff, defense or counterclaim against, any rentals,
charges, or other sums payable by Tenant under this Lease.

4.             POSSESSION
AND SURRENDER.

4.1           Acceptance.  Tenant shall be deemed to have accepted the
Leased Assets on the date hereof.  Tenant
represents to Landlord that Tenant has examined the title to and the physical
condition of the Premises prior to the execution and delivery of this Lease and
has found the same to be satisfactory for all purposes hereof, and Tenant
accepts the title and condition of the Premises in their respective, present
condition “as is, where is, with all faults”. 
Landlord makes no representation or warranty with respect to the
condition of the Premises or its fitness or availability for any particular
use, and Landlord shall not be liable for any latent or patent defect therein.

4.2           Tenant’s
Property.  Unless otherwise agreed
between Landlord and Tenant, upon the expiration or earlier termination of the
Term, Tenant shall surrender the Leased Assets, including, without limitation,
any improvements or repairs undertaken by Tenant and any other improvements to
the realty, in the same condition as on the Commencement Date, reasonable wear
and tear excepted.  Any of Tenant’s
Property which is not promptly removed upon the expiration or earlier
termination of the Term shall be deemed abandoned by Tenant, and Tenant shall
have no further right, title or interest in and to such abandoned Tenant’s
Property.

5.             USE
OF LEASED ASSETS.

5.1           Use
of Leased Assets; and Operating Standards. 
The Leased Assets are leased to Tenant solely for conducting the
business of operating the Hotel Casino, so long as such use is in accordance
with the Operating Standards (as defined herein).  For purposes of this Lease, “Operating
Standards” mean, collectively, the standards and manner of operation for the
Hotel Casino and the management of the gaming business (including any
operations related or ancillary thereto) which shall be (i) substantially
consistent and in accordance with prior practice and, in any event, no less
than the standards and manner of operation on the date hereof in all material
respects, (ii) in accordance with the requirements of the Management Agreement
(as defined in the Loan Agreement), this Lease and the Loan Documents (as
defined in the Loan Agreement), (iii) in accordance with Applicable Laws and
(iv) in accordance with the applicable insurance policies and other reasonable
business requirements of any carrier having insurance on the Property or any
part thereof.

5.2           Maintenance.  Except as provided for elsewhere herein,
Tenant shall keep and maintain, at Tenant’s sole cost and expense, in good
order, condition and repair, reasonable wear and tear excepted.

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5.3           Non-Interference.  Tenant shall not do, permit or suffer
anything to be done, or kept upon the Premises which will obstruct or interfere
with the rights of Landlord.

5.4           Compliance
With Easements.  The use of the
Leased Assets by Tenant, its Affiliates, agents, employees, servants,
contractors, licensees, customers or business invitees, shall at all times be
in compliance with all material covenants, conditions and restrictions,
easements, reciprocal easement agreements, and all matters presently of public
record or which may hereafter be placed of public record, which affect the
Leased Assets or the Property, or any part thereof.

5.5           Compliance
With Laws and Loan Documents.  Tenant
shall, at its sole cost and expense, comply with all Applicable Laws during the
Term and affecting the Leased Assets or Tenant’s use thereof and Tenant shall
not use the Leased Assets so as to create waste or constitute a nuisance or
disturbance.  Furthermore, the terms of
the Loan Documents, to the extent applicable, are hereby incorporated by
reference and shall, as herein incorporated, survive any foreclosure of the
Loan (as defined in the Loan Agreement) for the benefit of any Successor
Landlord (as defined herein).

5.6           Hazardous
Substances.  Tenant shall not use the
Premises for the generation, storage, manufacture, production, releasing,
discharge, or disposal or any Hazardous Materials or allow or suffer any other
Person to do so.

5.7           Alterations.  Except as contemplated or permitted by the
Loan Agreement, Tenant shall not make any structural alteration or replacement
(whether interior or exterior, ordinary or extraordinary) of any nature or
description to the Premises without having first obtaining Landlord’s prior
written approval thereof, which consent shall not be unreasonably withheld,
delayed or denied.  Tenant is authorized
to make non-structural alterations, repairs and replacements without the
necessity of obtaining Landlord’s written consent, but only on the condition
that it provide prior notice of such work so as to afford Landlord reasonable
time to file notices of nonresponsibility.

6.             GAMING
EQUIPMENT/LIQUOR.

6.1           Gaming.  Tenant may, at all times during the Term, be
responsible for and conduct Gaming Operations in the casino portion at the
Hotel Casino (the “Casino”) and all activities necessary or incidental
thereto, including, without limitation:

(a)           Gaming Operations.  Maintain all necessary regulatory
authorizations of the Nevada Gaming Authorities;

(b)           Sports Book.  Permit the continued provision of a sports
book at the Casino; and

(c)           Expenses.  Be responsible for, and bear the expense of,
all accounting, marketing, advertising, special events, surveillance and
maintenance associated with the Gaming Equipment and the Gaming Operations.

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6.2           Location.  The location and selection of the Gaming
Equipment on the Premises shall be at the sole discretion of Tenant.

6.3           Supervision
of Minors.  Tenant shall be
responsible at all times, in accordance with Nevada Gaming Laws, to provide
supervision at or near the Gaming Equipment to prevent minors from playing the
Gaming Equipment or loitering in the Casino and will provide one (1) or more
employees at all times during operation of the Gaming Equipment to achieve the
foregoing.

6.4           Title
to Gaming Equipment.  The Gaming
Equipment is and shall remain Tenant’s Property at all times during the Term
and shall not be deemed fixtures, notwithstanding any attachment or connection
thereof to any part of the Premises.  The
Gaming Equipment shall not be deemed part of the Leased Assets.

6.5           Chips
and Tokens.  In connection with the
termination of the Lease, Tenant shall be solely responsible for the redemption
of Tenant’s outstanding chips and tokens in accordance with and pursuant to the
provisions of Regulation §12.070 (the “Redemption Regulation”).  In addition, Tenant shall pay all costs,
charges and fees, including, but not limited to, reasonable attorney’s fees,
incurred in connection with Tenant’s compliance with the Redemption Regulation.

6.6           Liquor. 
Tenant may conduct the sale of liquor at the Hotel Casino (the “Liquor
Sales”) and all activities necessary or incidental thereto, including,
without limitation:

(a)           Liquor Sales.  Maintain all licenses necessary for the
Liquor Sales, comply with all Applicable Laws, provide all equipment necessary
or customary for the Liquor Sales, and undertaking all Liquor Sales; and

(b)           Expenses.  Be responsible for, and bear the expense of,
all accounting, marketing, advertising, special events, and maintenance
associated with the Liquor Sales.

7.             LANDLORD’S REPAIRS.

7.1           Landlord Repairs.  Landlord agrees, at no additional cost or
expense to Tenant, to maintain and keep in good order, condition and repair the
foundations, exterior walls, roof, HVAC, plumbing and electrical systems of the
Hotel Casino except for reasonable wear and tear or for any damage thereto
caused by any act or negligence of Tenant or its Affiliates, agents, employees,
servants, contractors, licensees, customers or business invitees,, which shall
be and remain the sole responsibility of Tenant (collectively, the “Landlord’s
Repairs”).  It is an express condition
precedent to all obligations of Landlord to undertake any of the Landlord’s
Repairs that Tenant shall reasonably notify Landlord in writing of the need for
such Landlord’s Repairs.

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7.2           Right of Entry.  Subject to Nevada Gaming Laws, in addition to
any other rights of re-entry herein, Landlord reserves the right to enter the
Premises to undertake Landlord’s Repairs or install and maintain energy
submeters, conduits and other appurtenances in the soffit or other space above
the ceilings or ceiling line, the walls and under any floors of the Hotel
Casino.

8.             UTILITIES;
TAXES.

8.1           Payment
of Utilities.  From and after the
Commencement Date, Tenant shall promptly pay all charges for fuel, gas, light,
power, water, sewage, garbage disposal, trash, telephone and other utilities
and costs of every nature incurred in connection with Tenant’s use and
possession of the Leased Assets during the Term, all of which shall be paid
directly to the public utility or private company supplying the same when due
and without delinquency or, if the charges therefor are billed to Landlord,
Landlord will subsequently bill such charges to Tenant at Landlord’s cost
therefore calculated proportionally. 
Landlord shall not be responsible for any loss, cost, damage, expense or
liability Tenant may sustain as a result of a change in character of electric
or other utility service or as a result of any public or private company’s
failure to supply or reduction in any of the foregoing utility or other
services to the Premises.

8.2           Payment
of Taxes.  Tenant shall pay all
federal, state, county, city, school district and municipal taxes, all
assessments, both general and special, including all special charges, benefit
assessments or judgments for local improvements and all taxes, assessments or
charges of every kind or nature which may be levied against or may become due
or payable in respect to (a) the Leased Assets, Tenant’s Property, machinery or
equipment owned by, used by, or to be used by Tenant in the operation of the
Hotel Casino; (b) the operation of the Hotel Casino, including, without
limitation, all sales taxes, food and beverage taxes, and entertainment taxes;
and (c) Rent (except income tax).  Such
assessments, taxes and charges shall be paid by Tenant directly to the
appropriate taxing or collecting authority or, if the same or any portion
thereof shall have been billed to Landlord, Landlord will subsequently bill
such charges to Tenant and Tenant shall pay such tax bills to Landlord within
thirty (30) calendar days after notification by Landlord to Tenant, along with
appropriate verification of amounts owing and paid, that the same are due and
payable.  Any assessments, taxes and
charges to be paid directly by Tenant to any taxing authority shall be paid by
Tenant when due and evidence of timely payment thereof shall be provided by
Tenant to Landlord promptly after payment upon request by Landlord.  Tenant shall only be responsible for that
portion of the assessments, taxes and charges that are due or accrue (i) prior
to the term of the Lease if they relate to Tenant’s occupation of the Premises
and/or operation of the Hotel Casino and (ii) during the Term.

9.             INSURANCE.

9.1           Property
Insurance.  Tenant shall, at all
times during the Term and at its own expense, carry fire insurance and full
extended coverage protection upon the Premises, including, without limitation,
all FF&E, machinery and equipment in, on or about the Premises and the
Tenant’s Property.  Such insurance
protection shall cover losses in aggregate amounts of not less than one hundred
percent (100%) of the full insurable value thereof, with a full replacement
cost rider, endorsed and attached thereto. 
Such policy shall be payable to Landlord and any mortgagee of Landlord,
as their interests may appear.

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9.2           Liability
Insurance.  Tenant shall, at all
times during the Term and at its own expense, maintain in full force and effect
for the use and benefit of Landlord, its existing policies of liability
insurance under the terms of this Lease and Landlord shall be indemnified and
protected against any and all claims for injuries or damages, suffered or
alleged to have been suffered by any Person or Persons while in, on or about
the Premises and for property damage arising from any and all demands, loss or
liability and resulting at any time or times from the injury or death of any
Person or Persons or from damage to any and all property, however arising,
including, without limitation, food handling. 
The insurance required to be provided by the provisions of this
Section 9.2 may be provided under the terms of any blanket liability
insurance policy carried by Tenant and in such event, in accordance with
Section 9.5.1, Tenant shall furnish to Landlord a certificate of insurance
evidencing the fact of such insurance on or before the Commencement Date.

9.3           Automobile
Insurance.  Tenant shall, at all
times during the Term and at its own expense, maintain in full force and effect
for the use and benefit of Landlord, its existing policies of automobile
liability insurance and Landlord shall be indemnified and protected against any
and all claims for injuries or damages, suffered or alleged to have been
suffered by an Person or Persons by vehicles owned, non-owned, or hired for use
during the Term by or on behalf of Tenant.

9.4           Workers’
Compensation; Employer’s Liability. 
Tenant shall, at all times during the Term and at its own expenses,
maintain in full force and effect workers’ compensation insurance in accordance
with Applicable Laws.  Tenant shall, at
all times during the Term and at its own expense, maintain in full force and
effect for the use and benefit of Landlord, its existing policies of employer’s
liability insurance and Landlord shall be indemnified and protected against any
and all claims for injuries or damages, suffered or alleged to have been
suffered by an employee of Tenant.

9.5           Insurance
Policies — General.

9.5.1        Payment of Premiums; Evidence.  Tenant shall pay all premiums for each policy
of insurance required by this Article 9 when due.  Tenant has heretofore forwarded, and from
time to time shall forward, to Landlord duplicate originals of certificates of
insurance, together with true, correct and complete copies of all such
insurance policies, including renewal and replacement policies, together with
written evidence that the premiums therefore have been paid in full.

9.5.2        Cancellation.  Each policy of insurance required by this
Article 9 shall provide that the same may not be cancelled upon less than
thirty (30) calendar days prior written notice to Landlord.  Tenant shall direct Tenant’s insurance
carriers to send copies of any and all notification of pending cancellation of
insurance for any purpose whatsoever direct to the attention of Landlord at
least thirty (30) calendar days prior to cancellation.

9.5.3        Subrogation.  Each policy of insurance required by this
Article 9 shall contain an express waiver of any and all right of subrogation
thereunder against Landlord, its agents, employees, servants or contractors.  All such policies shall be written as primary
policy and not contribution with or in excess of the coverage, if any, that
Landlord may carry.  Any 

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provision of this Lease notwithstanding, the amounts of all insurance
required hereunder to be paid by Tenant shall be not less than an amount
sufficient to prevent Landlord from becoming a co-insurer.

9.5.4        Hazardous Activities.  Tenant shall not use or occupy, or permit the
Leased Assets to be occupied or used, in an manner which will increase the
rates of any insurance for the Leased Assets, the Property or the overall
development within which the Hotel Casino is situated or that will make void or
voidable any insurance then in force with respect to the Leased Assets, the
Property or the overall development within which the Hotel Casino is situated,
or which will make it impossible to obtain fire or other insurance with respect
to the Leased Assets, the Property or the overall development within which the
Hotel Casino is situated.  If Tenant
shall fail to comply with the provisions of this Section 9.5.4, such
noncompliance may be deemed, in Landlord’s sole discretion, to be an Event of
Default hereunder and Tenant shall indemnify Landlord for any increases in
insurance premium charged to Landlord as a result of Tenant’s noncompliance
with the Section 9.5.4.

9.5.5        No Prohibited Activity.  Tenant agrees that it will not keep, use,
sell or offer for sale in or upon the Premises any article or permit any
activity which may be prohibited by any standard form of insurance policy.  Tenant agrees to pay any increase in premiums
for insurance which may be carried by Landlord on the Property or the overall
development in which the Hotel Casino is situated, resulting from the type of
operations, of merchandise sold, or services rendered by Tenant or any of its
activities in or about the Premises, whether or not Landlord has consented to
the same.

9.5.6        Additional Insureds.  Each policy of insurance required by this
Article 9 shall name Landlord or its successors or Affiliates as an additional
insured thereunder.

9.6           Insurance
Obligations under Loan Agreement. 
Article VI of the Loan Agreement is hereby incorporated by reference and
shall survive any foreclosure of the Loan for the benefit of Lender. Tenant’s
maintenance of all insurance coverages required to be carried by the borrower
under the Loan Agreement shall be deemed to satisfy the Tenant insurance
requirements of this Article 9.

10.           LIENS.

10.1         Liens.  Tenant shall at all times indemnify, save and
hold Landlord, the Premises, the Property and the leasehold created by this
Lease free of and harmless from any claims, liens, demands, charges,
encumbrances, litigation and judgments arising directly or indirectly out of
any use, occupancy or activity of Tenant, or out of any work performed,
material furnished, or obligations incurred by Tenant in, upon or otherwise in
connection with the Leased Assets. 
Tenant shall, at its sole cost and expense, within sixty (60) calendar
days after filing of any lien of record, obtain the discharge and release
thereof.  Provided, however, if Tenant
disputes the validity of any lien, Tenant shall be given a reasonable amount of
time to resolve such dispute and obtain the discharge and release of such lien.

 

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11.           INDEMNIFICATION.

11.1         Indemnification
by Tenant.  Tenant hereby
indemnifies, saves and holds Landlord, the Leased Assets, the Property, and the
leasehold estate created by this Lease free of and harmless from any and all
liabilities, losses, costs, expenses, including reasonable attorneys’ fees (at
trial and on appeal), causes of action, suits, judgments, claims, liens and
demands of any kind whatsoever in connection with, resulting from or arising
out of or by reason of any direct or indirect use, misuse, occupancy,
possession, act, omission or negligence of, Tenant, its agents, employees,
servants, contractors, subtenants, licensees, customers or business invitees
while in, upon, about or in any way connected with the Leased Assets, the
Property, or the overall development in which the Premises is situated or
arising from any accident, injury or damage, howsoever and by whomsoever
caused, to any Person or property whatsoever, occurring in, upon, about or in
any way connected with the Leased Assets or any portion thereof.  Tenant’s indemnification obligations shall
include all obligations and liabilities arising from Tenant’s occupation of the
Premises (whether prior to or during the Term) and all matters pertaining to
Tenant’s employees.

11.2         Indemnification
by Landlord.  Landlord hereby
indemnifies, saves and holds Tenant, the Leased Assets, the Property, and the
leasehold estate created by this Lease free of and harmless from any and all
liabilities, losses, costs, expenses, including reasonable attorneys’ fees (at
trial and on appeal), causes of action, suits, judgments, claims, liens and
demands of any kind whatsoever in connection with, resulting from or arising
out of or by reason of any intentional act, omission or negligence of,
Landlord, its agents, employees, servants, contractors, licensees, customers or
business invitees while in, upon, about or in any way connected with the Leased
Assets or Property.

12.           SUBORDINATION.

12.1         Subordination..  This Lease and Tenant’s rights hereunder are
and shall remain subordinate to the lien of any mortgage, deed of trust or
other encumbrance, together with any renewals, extensions or replacements
thereof, now or hereafter placed, charged or enforced against the Leased
Assets, or any portion thereof, the Property or the overall development within
which the Hotel Casino is situated.

12.2         Deemed
Prior Lien.  In the event that the
mortgagee or beneficiary of any such mortgage, deed of trust, or other
encumbrance  elects to have this Lease
deemed a prior lien to its mortgage, deed of trust, or other encumbrance, then
and in such event, upon such mortgagee’s or beneficiary’s giving written notice
to Tenant to that effect, this Lease shall be deemed a prior lien to such
mortgage, deed of trust, or other encumbrance, whether this Lease is dated
prior to or subsequent to the date of recordation of such mortgage, deed of
trust, or other encumbrance.  If this
Lease is deemed a prior lien and this Lease is not automatically terminated by
any applicable foreclosure, then the Term shall automatically become a
month-to-month tenancy and Landlord shall have the right to terminate this
Lease upon thirty (30) days prior written notice to Tenant.

12.3         Attornment.  If any mortgagee (or its nominee or designee)
shall succeed to the rights of Landlord hereunder through possession or
foreclosure action, deed in lieu of foreclosure or otherwise, or another person
purchases the Property or the portion thereof containing the

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Premises upon or following foreclosure or in
connection with any bankruptcy case commenced by or against Landlord, then at
the request of Landlord’s mortgagee (or its nominee or designee) or such
purchaser (Landlord’s mortgagee, its nominees and designees, and such
purchaser, and their respective successors and assigns, each being a “Successor
Landlord”), Tenant shall attorn to and recognize Successor Landlord as
Tenant’s landlord hereunder and shall promptly execute and deliver any
instrument that Successor Landlord may reasonably request to evidence such
attornment.  Upon such attornment, this
Lease shall continue in full force and effect as, or as if it were, a direct
lease between Successor Landlord and Tenant upon all terms, conditions and
covenants as are set forth in the Lease except as otherwise provided below; provided,
however, that such Successor Landlord may at any time elect to terminate this
Lease in its sole discretion.  Any such
termination shall be followed by a period not to exceed one hundred twenty
(120) days during which Tenant shall reasonably cooperate with Successor Lender
and any casino operator selected by Successor Landlord to transition the
operation of the Hotel Casino.  If this
Lease shall have terminated by operation of law or otherwise as a result of or in
connection with a bankruptcy case commenced by or against Landlord or a
foreclosure action or proceeding or delivery of a deed in lieu thereof, upon
request of Successor Landlord, Tenant shall, promptly execute and deliver a
direct lease with Successor Landlord which direct lease shall be on substantially
the same terms and conditions as this Lease (subject, however, to the
provisions of following clauses (a)-(f) of this Section 3) and shall be
effective as of the day this Lease shall have terminated as aforesaid.  Notwithstanding the continuation of this
Lease, the attornment of Tenant thereunder or the execution of a direct lease
between Successor Landlord and Tenant as aforesaid, Successor Landlord shall
not:

a.             be
liable for any previous act or omission of Landlord (or its predecessors in interest);

b.             be
subject to any credits, offsets, claims, counterclaims, demands or defenses
which Tenant may have against Landlord (or its predecessors in interest);

c.             be
liable or obligated to comply with or fulfill any of the obligations of
Landlord hereunder or any agreement relating thereto with respect to the
construction of, or payment for, improvements on or above the Premises (or any
portion thereof), leasehold improvements, tenant work letters and/or similar
items;

d.             be
required to account for any security deposit other than any security deposit
actually delivered to Successor Landlord; or

e.             bound
by any modification of this Lease made without the written consent of Successor
Landlord if such party had a consent right under the Loan Documents at the time
that such modification was executed and such modification was executed without
such party’s consent.

13.           ASSIGNMENT
AND SUBLETTING.

13.1         Assignment With Consent.   Tenant shall not assign, transfer, mortgage,
pledge, hypothecate or encumber this Lease nor the leasehold estate hereby
created or any interest herein, or sublet the Leased Assets or any portion
thereof, or license the use of all or any portion 

 10
 

of the Leased
Assets without the prior express written consent of the Landlord, which consent
shall not be unreasonably withheld, delayed or conditioned; provided, however,
(i) any assignment, sublease or outsourcing by Tenant shall be freely permitted
to the extent such assignment, sublease or outsourcing is not in violation of
the borrower’s covenants under the Loan Agreement; and (i) that any leases or
subleases of the Leased Assets existing as of the Commencement Date shall be
expressly permitted hereunder.  If any of
the foregoing prohibited acts shall be effected by Tenant or if any part of the
Leased Assets be occupied by anybody other than Tenant, other than as provided
for herein, Landlord may collect rent from the assignee, transferee, subtenant,
concessionaire, licensee, occupant or the like, and apply the net amount
collected to the Rent, but no such assignment, subletting, occupancy or
collection shall be deemed a waiver of this Article 13, or the acceptance of
the third Person thereof as Tenant, or a release of Tenant from the further
performance by Tenant of this Lease. 
Notwithstanding the foregoing, any Successor Landlord (as defined
herein) shall have the right, in its reasonable discretion, to prohibit any
assignment, sublease, or outsourcing.

13.2         No Merger.  The voluntary or other surrender of this
Lease by Tenant, or a mutual cancellation hereof, or the termination of this
Lease by Landlord pursuant to any provision contained herein, shall not work a
merger, but at the option of Landlord, shall either terminate any or all
existing subleases or subtenancies, or operate as an assignment to the Landlord
of any and all such subleases or subtenancies as determined by Landlord,
exercisable in Landlord’s sole discretion.

14.           INSOLVENCY AND DEATH.

14.1         No Passage by Law.  It is understood and agreed that neither this
Lease nor any interest herein or hereunder, nor any estate hereby created in
favor of Tenant, shall pass by operation of law under any state or federal
insolvency, bankruptcy or inheritance act, or any similar Applicable Law now or
hereafter in effect, to any trustee, receiver, assignee for the benefit of
creditors, heir, legatee, devisee, or any other Person whomsoever without the
express prior written consent of Landlord, exercisable in Landlord’s sole
discretion.

15.           REPRESENTATIONS AND WARRANTIES.

15.1         Representations and Warranties of
Landlord.  Landlord hereby makes the
following representations and warranties to Tenant as of the Effective Date:

(a)           Landlord has the capacity to enter
into and to carry out the terms and provisions of this Lease, including,
without limitation, the lease to Tenant of the Leased Assets, and other than
the Approvals of the Nevada Gaming Authorities, no Approval of any Governmental
Authority or any other third Person is required in connection therewith, and
this Lease constitutes the legal, valid and binding Lease of Landlord,
enforceable in accordance with its terms, except to the extent that enforcement
may be affected by laws relating to bankruptcy, reorganization, insolvency and
creditors’ rights and by the availability of injunctive relief, specific
performance and other equitable remedies;

(b)           Neither the execution and delivery of
this Lease, nor the consummation of the transactions contemplated hereby, will
conflict with or result in a violation or breach of term 

 11
 

or provision of,
or constitute a default under (i) any order, judgment, writ, injunction,
decree, license, permit, statute, rule or regulation of any court,
governmental, regulatory or public body; or (ii) any license, franchise,
permit, indenture, mortgage, deed of trust, lease, contract, instrument,
commitment or other Lease or arrangement to which Landlord is a party or by
which Landlord or the Lease Assets, as applicable, is bound; and

(c)           No representation or warranty by
Landlord contained in this Lease contains any untrue statement of a material
fact or omit to state a material fact necessary in order to make the statement
and facts contained herein not misleading.

15.2         Representations and Warranties of
Tenant.  Tenant hereby makes the
following representations and warranties to Landlord as of the Effective Date:

(a)           Tenant has the full right, power and
lawful authority to enter into and to carry out the terms and provisions of the
Lease, including, without limitation, the lease from Landlord of the Leased
Assets, no Approval of any Governmental Authority or any other third Person is
required in connection therewith and this Lease constitutes the legal, valid
and binding Lease of Tenant, enforceable in accordance with its terms, except
to the extent that enforcement may be affected by laws relating to bankruptcy,
reorganization, insolvency and creditors’ rights and by the availability of
injunctive relief, specific performance and other equitable remedies;

(b)           Neither the execution and delivery of
this Lease, nor the consummation of the transactions contemplated hereby, will
conflict with or result in a violation or breach of any term or provision of,
or constitute a default under (i) any order, judgment, writ, injunction,
decree, license, permit, statute, rule or regulation of any court,
governmental, regulatory or public body; or (ii) any license, franchise,
permit, indenture, mortgage, deed of trust, lease, contract, instrument,
commitment or other Lease or arrangement to which Tenant is a party or by which
it or Tenant’s Property, as applicable, is bound; and

(c)           No representation or warranty by
Tenant contained in this Lease contains any untrue statement of a material fact
or omit to state a material fact necessary in order to make the statement and
facts contained therein not misleading.

(d)           Tenant has all gaming licenses
required under Nevada Gaming Laws and liquor licenses required by Applicable
Law to operate the Premises as provided in Section 5.1 of this Lease.

16.           DAMAGE;
DESTRUCTION; CONDEMNATION.

16.1         Continuation
of Rent.  Should the Leased Assets be
damaged or destroyed to the extent that such damage or destruction
substantially interferes with the operations of the Hotel Casino and was not
caused by the fault or negligence of Tenant, or its Affiliates, agents,
employees, servants, contractors, licensees, customers or business invitees,
either Landlord or Tenant shall have the option to terminate this Lease by
notifying the other party of such election in writing within thirty (30)
calendar days after such damage or destruction; provided, however, if Tenant
notifies Landlord in writing within thirty (30) calendar days of such damage or
destruction of Tenant’s election to restore or repair the Leased Assets and
proceeds to and does 

 12
 

restore or repair the Leased Assets with all
reasonable diligence, at its sole expense, to the condition in which they were
immediately prior to such destruction or damages, the Lease shall not
terminate, but shall continue in full force and effect.  During any period of reconstruction, Tenant’s
obligations under this Lease shall continue, but rent shall be abated to the
extent (and only in a proportionate amount) that the Premises are non-usable.

16.2         Partial
Condemnation.  If a partial portion
of the Premises shall be taken by condemnation, then a just portion of the Rent
shall be abated according to the nature and extent of the taking, appropriation
and/or injuries sustained by the Premises, including the portion required by
Tenant to make such restoration or repairs necessitated by the taking, from the
time of such taking, appropriation or injury until restoration.  Except for such abatement, Tenant shall not
participate in any other respect in any part of the condemnation award that may
be made.  Nothing herein contained,
however, shall preclude Tenant from asserting as against the condemning
authority its claim for injury or damages occasioned by such condemnation to
Tenant’s Property or the operations of the Hotel Casino provided the same does
not decrease Landlord’s condemnation award.

16.3         Full
Condemnation.  If the entire portion
of the Premises shall be taken by condemnation, or a partial portion of the
Premises shall be taken by condemnation and the portion remaining is not
reasonably susceptible to the operations of the Hotel Casino, either Landlord
or Tenant shall have the option to terminate this Lease by notifying the other
Person of such election in writing within thirty (30) calendar days after such
taking and Tenant shall not participate in any other respect in any part of the
condemnation award that may be made. 
Nothing herein contained, however, shall preclude Tenant from asserting
as against the condemning authority its claim for injury or damages occasioned
by such condemnation to the Tenant’s Property or the operations of the Hotel
Casino provided the same does not decrease Landlord’s condemnation award.

17.           RIGHT
OF ACCESS.

17.1         Right
of Re-Entry.  Subject to Nevada
Gaming Laws, Landlord and its authorized agents and representatives shall be
entitled to enter the Premises at any reasonable time for the purpose of
(a) observing, posting or keeping posted thereon notices provided for
hereunder, and such other notices as Landlord may deem necessary or appropriate
for protection of Landlord, its interest or the Leased Assets; (b) inspecting
the Leased Assets or any portion thereof; and (c) inspecting the Leased
Assets relative to concerns over use, storage or disposal of Hazardous
Materials.  Entry into the Premises
obtained by Landlord by any such means shall not be deemed to be forcible or
unlawful entry into, or a detainer of, the Premises, or an eviction of Tenant
from the Premises or any portion thereof.

18.           EXPENDITURES
BY LANDLORD.

18.1         Expenditures.  Whenever
under any provision of this Lease, Tenant shall be obligated to make any
payment or expenditure, or to do any act or thing, or to incur any liability
whatsoever, and Tenant fails, refuses or neglects to perform as herein
required, Landlord shall be entitled, but shall not be obligated, to make any
such payment 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 Tenant.

 13
 

19.           ESTOPPEL
CERTIFICATE.

19.1         Estoppel
Certificate.  Tenant agrees that
within thirty (30) calendar days of any demand therefor by Landlord, Tenant
will execute and deliver to Landlord and/or Landlord’s designee a recordable
certificate stating that this Lease is in full force and effect, such defenses
or offsets as are claimed by Tenant, if any, the date to which all rentals have
been paid, and such other information as reasonably and customarily contained
in a commercial estoppel certificate concerning the Lease, the Premises and
Tenant as Landlord or the Lender or said designee may request.  In the event that Tenant fails to execute
and/or deliver any such certificate or offset statement to Landlord within said
thirty (30) calendar days, (i) Tenant shall be deemed to have represented and
warranted that the Lease is in full force and effect and that Landlord is not
in default under the Lease, and (ii) Tenant shall be deemed in violation of
this Lease and Landlord shall have the rights and remedies for Events of
Default pursuant to the terms hereof.

20.           DEFAULT;
REMEDIES.

20.1         Tenant’s
Default.  The occurrence of any one
or more of the following events shall be an “Event of Default” under this
Lease:

(a)           Tenant shall default in the payment
of any sum of money required to be paid hereunder and such default continues
for ten (10) Business Days after written notice thereof from Landlord to Tenant;

(b)           Tenant shall default in the
performance of any other term, covenant or condition of this Lease on the part
of Tenant to be kept and performed and such default continues for thirty (30)
calendar days after written notice thereof from Landlord to Tenant; provided,
however, that if the default complained of in such notice is of such a nature
that the same can be rectified or cured, but cannot with reasonable diligence
be done within said thirty (30) calendar-day period, then such default shall be
deemed to be rectified or cured if Tenant shall, within said thirty (30)
calendar-day period, commence to rectify and cure the same and shall thereafter
complete such rectification and cure with all due diligence;

(c)           Tenant shall vacate or abandon the
Leased Assets during the Term and not otherwise be current in its rental and
other obligations under this Lease;

(d)           There is filed any petition in
bankruptcy by or against Tenant, which petition is not dismissed within ninety
(90) days of its filing, or there is appointed a receiver or trustee to take
possession of Tenant or of all or substantially all of the assets of Tenant, or
there is a general assignment by Tenant for the benefit of creditors, or any
action is taken by or against Tenant under any state or federal insolvency or
bankruptcy act, or any similar law now or hereafter in effect, including,
without limitation, the filing of execution or attachment against Tenant and
such levy continues in effect for a period of sixty (60) calendar days;

(e)           Tenant shall do, or permit to be
done, any act which creates a mechanic’s lien or claim thereof against the
Leased Assets or the Property and fails to timely discharge same;

 14
 

(f)            Tenant shall fail to maintain all
necessary approvals, permits and waivers under the Nevada Gaming Laws to
operate the Hotel Casino; or

(g)           Tenant shall fail to furnish Landlord
with proof of any insurance policy required to be maintained by Tenant, and
such default shall continue for twenty (20) calendar days after written notice
from Landlord.

20.2         Remedies.  Upon the occurrence of an Event of Default,
in addition to any other rights or remedies provided for herein or available at
law or in equity, Landlord, at its sole option, shall have the following
rights:

(a)           The right to declare the Term ended
and, subject to Nevada Gaming Laws, to re-enter the Premises and take
possession thereof, and to terminate all of the rights of Tenant in and to the
Leased Assets; or

(b)           The right, whether or not the
Premises or any part thereof be relet, until the end of what would have been
the Term in the absence of such Event of Default, to hold Tenant liable to
Landlord and pay to Landlord monthly an amount equal to the amount due as Rent,
less the net proceeds for said month, if any, of any reletting after deducting
all of Landlord’s expenses in connection with such reletting, including,
without limitation, all repossession costs, brokerage commissions, legal
expenses, court costs, reasonable attorneys’ fees, and expenses of preparation
for such reletting (all said costs are cumulative and shall be applied against
proceeds of reletting until paid in full).

20.3         Additional
Re-Entry Rights.  Subject to Nevada
Gaming Laws, pursuant to said rights of re-entry above, Landlord shall have the
right to remove all Persons from the Premises and the right, but not the
obligations, to remove all Tenant’s Property therefrom, and the right, but not
the obligation, to enforce any rights Landlord may have against said Tenant’s
Property or store the same in any public or private warehouse or elsewhere at
the cost and for the account of Tenant or the owner or owners thereof.  Notwithstanding anything contained herein to
the contrary, Landlord shall not be deemed to have terminated this Lease or the
liability of Tenant to pay any Rent or other sum of money thereafter to accrue
hereunder, or Tenant’s liability for damages under any of the provisions
hereof, by any such re-entry, or by any action in unlawful detainer or
otherwise to obtain possession of the Leased Assets, unless Landlord shall have
specifically, with reference to this Section 20.3, notified Tenant in writing
that it has so elected to terminate this Lease. Tenant covenants and agrees
that the service by Landlord of any notice pursuant to the unlawful detainer
statutes of the State of Nevada and the surrender of possession pursuant to
such notice shall not (unless Landlord elects to the contrary at the time of,
or at any time subsequent to, the service of such notice to Tenant) be deemed
to be a termination of this Lease, or the termination of any liability
hereunder of Tenant to Landlord.

20.4         Waiver
by Landlord.  The waiver by Landlord
of any particular Event of Default or breach of any of the terms, covenants or
conditions hereof on the part of Tenant to be kept and performed shall not be a
waiver of any preceding or subsequent Event of Default or breach of the same or
any other term, covenant or condition contained herein.  Landlord’s failure to insist upon strict
performance of any of the terms, conditions or covenants herein shall not be
deemed to be a waiver of any rights or remedies of Landlord.  The subsequent acceptance of Rent by Landlord

 15
 

shall not be construed to be a waiver of any preceding
breach by Tenant of any term, covenant or condition of this Lease other than
the failure of Tenant to pay the particular Rent or other payment or portion
thereof so accepted, regardless of Landlord’s knowledge of such preceding
breach at the time of acceptance of such rental or other payment.  No payment by Tenant or receipt by Landlord
of a lesser amount than the Rent shall be deemed to be other than on account of
the earliest Rent due and payable hereunder, nor shall any endorsement or
statement on any check or any letter accompanying any check or payment as Rent
be deemed an accord and satisfaction, and Landlord may accept any such check or
payment without prejudice to Landlord’s right to recover the balance of such
Rent or pursue any other remedy provided in this Lease or in law or
equity.  This Section 20.4 may not be waived.

20.5         Quiet
Possession.  Tenant, upon paying the
Rent, and upon Tenant’s performance of all of the terms, covenants and
conditions of this Lease on its part to be kept and performed, may quietly
have, hold and enjoy the Leased Assets during the Term without any disturbance
from Landlord or from any other Person claiming through Landlord.

20.6         Default
by Landlord.  It is agreed that in
the event Landlord fails or refuses to perform any of the provisions, covenants
or conditions of this Lease on Landlord’s part to be kept or performed, that
Tenant, prior to exercising any right or remedy Tenant may have against
Landlord on account of such default, shall give written notice to Landlord of
such default, specifying in said notice the default with which Landlord is
charged and Landlord shall not be deemed in default if the same is cured within
thirty (30) calendar days of receipt of said notice.  Notwithstanding any other provisions hereof,
Tenant agrees that if the default complained of in the notice provided for by
this Section 20.6 is of such a nature that the same can be rectified or cured
by Landlord, but cannot with reasonable diligence be rectified or cured by
Landlord within said thirty (30) calendar-day period, then such default shall
be deemed to be rectified or cured if Landlord within a thirty (30)
calendar-day period shall commence the rectification and curing thereof and
shall continue thereafter with all due diligence to cause such rectification
and curing to proceed.

For so long as the Loan
is outstanding, Tenant shall promptly notify Lender of any default by Landlord
hereunder and of any act or omission of Landlord which would give Tenant the
right to cancel or terminate this Lease or to claim a partial or total
eviction, which continues beyond any applicable cure period.  In the event of a default Landlord hereunder
which would give Tenant the right, immediately or after the lapse of a period
of time, to cancel or terminate this Lease or to abate or offset against the
payment of rent or to claim a partial or total eviction, or in the event of any
other act or omission of Landlord which would give Tenant the right to cancel
or terminate this Lease or to abate or offset against the payment of rent or to
claim a partial or total eviction, Tenant shall not exercise such right (a)
until Tenant has given written notice of such default, act or omission to
Lender and (b) unless Lender has failed, within thirty (30) days, unless this
Lease provides for a longer cure period in which case such longer cure period
shall apply, after Lender receives such notice to cure or remedy the default,
act or omission or, if such default, act or omission is not reasonably capable
of being remedied by Lender within such thirty (30) day or longer cure period,
as applicable, until a reasonable period for remedying such default, act or
omission not to exceed the greater of (i) ninety (90) days or (ii) the period
to which Landlord would be entitled under the Lease, after similar notice, to
effect such remedy, shall have elapsed following the giving of notice to
Lender, provided that Lender 

 16
 

shall with due diligence give Tenant written notice of
its intention to, and shall commence and continue to, remedy such default, act
or omission.  Nothing contained herein,
however, shall be construed or operate to obligate or require Lender to remedy
such default, act or omission.  To the
extent Lender incurs any expenses or other costs in curing or remedying such
default, act or omission, including, without limitation, attorneys’ fees and
disbursements, Lender shall be subrogated to Tenant’s rights against Landlord.

21.           FORCE
MAJEURE.

21.1         Force
Majeure.  Whenever a day is appointed
herein on which, or a period of time is appointed in which, either party hereto
is required to do or complete any act, matter or thing, the time for the doing
or completion thereof shall be extended by a period of time equal to the number
of calendar days on or during which such party is prevented from or is
unreasonably interfered with, the doing or completion of such act, matter or
thing because of labor disputes, civil commotion, war, warlike operation,
sabotage, governmental regulations or control, fire or other casualty,
inability to obtain any materials, or to obtain fuel or energy, weather or
other acts of God, or other causes beyond such party’s reasonable control
(financial inability excepted); provided, however, that nothing contained
herein shall excuse Tenant from the prompt payment of any Rent, except as may
be specifically provided in this Lease.

22.           GENERAL.

22.1         Limitation
of Claims.  Tenant understands and
agrees that any claims by Tenant against Landlord with respect to this Lease
shall be limited to the assets of the beneficial owner of the Leased
Assets.  Tenant expressly waives any and
all rights to proceed against the individual partners or against the officers,
directors or stockholders of any corporate partner of such beneficial owner,
except to the extent of their interests therein.

22.2         Notices.  All notices required or permitted to be given
hereunder shall be in writing and may be delivered by hand, facsimile,
nationally recognized private courier or overnight delivery service, or by
United States mail.  Notices delivered by
mail shall be deemed given three (3) Business Days after being deposited in the
United States mail, postage prepaid, registered or certified mail.  Notices delivered by hand shall be deemed
given upon receipt.  Notices delivered by
facsimile, nationally recognized private courier or overnight delivery shall be
deemed given on the first business day following transmission (in the case of
facsimiles) or deposit with the relevant courier or service; provided, however,
that a notice delivered by facsimile shall only be effective if such notice is
also delivered by hand, or deposited in the United States mail, postage
prepaid, registered or certified mail, on or before two (2) Business Days after
its transmission by facsimile.  All
notices shall be addressed as follows:

If to Landlord:                       PH
Fee Owner LLC

3667
Las Vegas Boulevard, South

Las
Vegas, Nevada 89109

Attention:  General Counsel

Facsimile:  (702) -

 17
 

If to Tenant:                          OpBiz,
L.L.C.

3667
Las Vegas Boulevard, South

Las
Vegas, Nevada 89109

Attention:  General Counsel

Facsimile:  (702) -

22.3         Entire
Agreement.  This Lease constitutes the
entire agreement between the parties here­to pertaining to the subject matter
hereof and supersedes all prior agreements, understandings, negotiations, and
discussions, whether oral or written.

22.4         Severability.  If any part of this Lease is determined to be
void, invalid or unenforceable, such void, invalid, or unenforceable portion
shall be deemed to be separate and severable from the other portions of this
Lease, and the other portions shall be given full force and effect, as though
the void, invalid or unenforceable portions or provisions were never a part of
the Lease.

22.5         Amendment
and Modification.  No supplement,
modification, waiver or termination of this Lease shall be binding unless
executed in writing by the party to be bound. 
No waiver of any of the provisions of this Lease shall be deemed or
shall constitute a waiver of any other provisions, whether or not similar, nor
shall such waiver constitute a continuing waiver unless otherwise expressly
provided.

22.6         Headings.  Article, Section, Subsection or clause
headings are not to be considered part of this Lease and are included solely
for convenience and reference and shall not be held to define, construe, govern
or limit the meaning of any term or provision of this Lease.  References in this Lease to an Article,
Section, Subsection or clause, or any similar reference, shall be reference to
an Article, Section, Subsection or clause of this Lease unless otherwise stated
or the context otherwise requires.

22.7         Successors.  All of the terms, provi­sions and obligations
of this Lease shall be binding upon and shall inure to the benefit of the
parties hereto and their respective heirs, representatives, successors and
assigns.

22.8         Governing
Law; Jurisdiction.  This Lease has
been prepared, executed and delivered in, and shall be interpreted under, the
internal laws of the State of Nevada, without giving effect to its conflict of
law provisions.   Each of the parties
hereto irrevocably and unconditionally waives any objection to the laying of
venue of any action, suit or proceeding arising out of this Lease or the
transactions contemplated hereby in (a) the courts of Clark County, State of
Nevada, or (b) the United States District Court for the District of Nevada, and
hereby further irrevocably and unconditionally waives and agrees not to plead
or claim in any such court that any such action, suit or proceeding brought in
any such court has been brought in an inconvenient forum.

22.9         Waiver
of Jury Trial; Counterclaims.  The
parties shall and do hereby waive trial by jury in any action, proceeding or
counterclaim brought by either of the parties hereto against 

 18
 

the other on any matters whatsoever arising out of or
in any way connected with this Lease, the relationship of Landlord and Tenant,
Tenant’s use or occupancy of the Leased Assets, and/or any claim of injury or
damage.  In the event Landlord commences
any proceedings for non-payment of any Rent, Tenant will not interpose any
counterclaim of whatever nature or description in any such proceedings.  This shall not, however, be construed as a
waiver of the Tenant’s right to assert such claims in any separate action or
actions brought by Tenant.

22.10       Attorneys’
Fees.  In the event any party incurs
legal fees or other costs to enforce any of the terms of this Lease, to resolve
any dispute with respect to its provisions, or to obtain damages for breach
thereof, whether by prosecution or defense, the nonprevailing party to such
action shall pay the prevailing party’s reasonable expenses, including, without
limitation, reasonable attorneys’ fees and costs, incurred in such action.

22.11       Interpretation.  This Lease is to be deemed to have been
prepared jointly by the parties hereto, and if any inconsistency or ambiguity
exists herein, it shall not be interpreted against either party but according
to the application of rules of the interpretation of contracts, if such an
uncertainty or ambiguity exists.  Each
party has had the availability of legal counsel during the joint preparation of
this Lease.  In the interpretation of
this Lease, the singular may be read as the plural, and vice versa,
the neuter gender as the masculine or feminine, and vice versa,
and the future tense as the past or present, and vice versa,
all interchangeably as the context may require in order to fully effectuate the
intent of the parties and the transactions contemplated herein.  Syntax shall yield to the substance of the
terms and provisions hereof.

22.12       Third
Parties.  Nothing in this Lease,
expressed or implied, is intended to confer upon any Person other than the
parties hereto any rights or remedies under or by reason of this Lease.

22.13       Expenses.  Each party shall bear its own expenses
incurred by it in connection with the negotiation, execution and delivery of
this Lease, including without limitation, the fees and expenses of each party’s
legal counsel and accountants.

22.14       Waiver
of Rights.  Without limiting the
provisions of Section 20.5, failure to insist on compliance with any of the
terms, covenants, or conditions hereof shall not be deemed a waiver of such
terms, covenants, or conditions, nor shall any waiver or relinquishment of any
right or power hereunder at any one time or more times be deemed a waiver or
relinquishment of such rights or powers at any other time or times.

22.15       Further
Assurances.  Each party will, from
time to time after the execution of this Lease, execute and deliver such
instruments, documents and assurances and take such further acts as the other
party may reasonably request to carry out the purpose and intent of this Lease
without undue delay.  Any party who fails
to comply with this Section 22.15 shall reimburse the other party for any
direct expenses, including attorneys’ fees and court costs, which, as a result
of this failure, become reasonably necessary for carrying out this Lease.

22.16       Counterparts.  This Lease may be executed in counterparts,
each of which so executed shall be deemed an original, and both of which shall
together constitute one and the same agreement.

 

 19

 

IN WITNESS WHEREOF, the parties have executed this
Lease as of the Effective Date.

	
  

  	
  “LANDLORD”

  
	
   

  	
   

  	
   

  
	
   

  	
  PH FEE OWNER,
  LLC,

  
	
   

  	
  a Delaware
  limited liability company

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Its:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  “TENANT”

  
	
   

  	
   

  	
   

  
	
   

  	
  OPBIZ, L.L.C.,

  
	
   

  	
  a Nevada limited liability company

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Its:

  	
   

  
				

 

GLOSSARY

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

“Affiliates” means any Person that directly, or
indirectly through one or more intermediaries, controls or is controlled by or
is under common control with the Person specified.  For purposes of this definition, control of a
Person means the power, direct or indirect, to direct or cause the direction of
the management and policies of such Person whether by contract or otherwise
and, in any event and without limitation of the previous sentence, any Person
owning ten percent (10%) or more of the voting securities of another Person
shall be deemed to control that Person.

“Applicable Laws” means, without limitation,
any and all foreign, federal, state and local laws, statutes, rules,
regulations, codes, ordinances, plans, orders, judgments, decrees, writs,
injunctions, notices, decisions or demand letters issued, entered or
promulgated pursuant to any foreign, federal, state or local law, and includes,
without limitation, Nevada Gaming Laws.

 “Business
Days” means Monday through Friday other than those days on which banks and
governmental institutions in the State of Nevada are typically closed.

“Casino” shall have the meaning provided in
Section 6.1.

“Commencement Date” shall have the meaning
provided in Section 2.1.

“Debt” shall mean the indebtedness described in
the Loan Agreement.

“Effective Date” shall have the meaning
provided in the Introduction hereto.

“FF&E” shall mean furniture, non-fixed
fixtures, equipment placed in the Premises by Tenant.

“Gaming Equipment” means any and all gaming
devices (as defined in NRS § 463.0155), gaming device parts inventory and
other related gaming equipment and supplies used in connection with the
operation of a casino, including, without limitation, slot machines, gaming
tables, cards, dice, chips, tokens, player tracking systems, cashless wagering
systems (as defined in NRS § 463.014) and associated equipment (as defined
in NRS § 463.0136), which are located at the Premises as of the Effective
Date and used or usable exclusively in present or future Gaming Operations or
ordered for future Gaming Operations as of the Commencement Date.

“Gaming Operations” shall mean the operation of
slot machines and live games at the Premises.

“Governmental Authority” means any Federal,
state, municipal or local government, governmental authority, regulatory or
administrative agency, governmental commission, department, board, bureau,
instrumentality, body, court, tribunal, arbitrator or arbitral body, including,
without limitation, the Nevada Gaming Authorities.

 1
 

“Hazardous Materials” means substances defined
as “hazardous substances” under the Comprehensive Environmental Response,
Compensation and Liability Act of 1980, 43 U.S.C. Section 9601 et. seq., or as “hazardous”, “toxic” or “pollutant”
substances or as “solid waste” under the Hazardous Materials Transportation
Act, 49 U.S.C. Section 1801 et. seq.,
as amended, and the Resource Conservation and Recovery Act, 42 U.S.C. Section
6901 et. seq., as amended, or as
otherwise defined under comparable state law.

“Hotel Casino” shall have the meaning provided
in Recital A.

“Landlord” shall have the meaning provided in
the Introduction hereto.

“Lease” shall have the meaning provided in the
Introduction hereto.

“Leased Assets” shall have the meaning provided
in Recital A.

“Liquor Sales” shall have the meaning provided
in Section 6.6.

“Loan Agreement” shall mean that certain Loan
Agreement of even date herewith between Landlord and Tenant, collectively as
borrower, and Column Financial, Inc., as lender.

“Nevada Gaming Authorities” means collectively,
the Nevada Gaming Commission, the Nevada State Gaming Control Board, and all
other state and local regulatory and licensing bodies with authority over
gaming activities and devices in the State of Nevada.

“Nevada Gaming Laws” means all laws pursuant to
which any Nevada Gaming Authority possesses regulatory, licensing or permit
authority over gaming or the distribution of gaming devices and associated
equipment, codified in NRS Chapter 463 and the regulations of the Nevada Gaming
Commission promulgated thereunder.

“NRS” means the Nevada Revised Statutes,
currently in effect and as amended from time to time.

“Person” means any natural person, corporation,
limited liability company, general partnership, limited partnership,
proprietorship, other business organization, trust, union, or association.

“Premises” shall have the meaning provided in
Recital A.

“Property” shall have the meaning provided in
Recital A.

“Redemption Regulation” shall have the meaning
provided in Section 6.5.

“Rent” shall have the meaning provided in
Section 3.1.

“Tenant” shall have the meaning provided in the
Introduction hereto.

“Tenant’s Property” shall mean any personal
property installed or placed in or on the Premises by Tenant.

 2
 

“Term” shall have the meaning provided in
Section 2.2.

“Timeshare Operations Space” shall mean an area
of the Premises, not in excess of twenty-five thousand (25,000) square feet,
used or to be used by Landlord and/or Landlord’s subsidiary, TSP Owner LLC,
and/or its affiliates, in connection with the ownership, development, operation
and sales of the Timeshare Project (as defined in the Loan Agreement).

 3

 

EXHIBIT A

DESCRIPTION OF THE
PREMISESExhibit  10.59

 

GUARANTY AGREEMENT 

GUARANTY AGREEMENT, dated
as of November 30, 2006 (as amended, restated, replaced, supplemented or
otherwise modified from time to time, this “Guaranty”), by TROPHY HUNTER
INVESTMENTS, LTD., a Florida limited partnership (together with its successors
and permitted assigns, “BH I Guarantor”), having an address at c/o Bay
Harbour Management, L.C., 885 Third Avenue, New York, NY 10022, Attn: Douglas
Teitelbaum, BAY HARBOUR 90-1 Ltd., a Florida limited partnership (together with
its successors and permitted assigns, “BH II Guarantor”), having an
address at c/o Bay Harbour Management, L.C., 885 Third Avenue, New York, NY
10022, Attn: Douglas Teitelbaum and BAY HARBOUR MASTER, LTD., a Cayman Islands
exempt company, (together with its successors and permitted assigns, “BH III
Guarantor” and collectively with BHI guarantor and BH II Guarantor, “Guarantor”),
having an address at c/o Bay Harbour Management, L.C., 885 Third Avenue, New
York, NY 10022, Attn: Douglas Teitelbaum for the benefit of COLUMN FINANCIAL,
INC., a Delaware corporation, having an address at 11 Madison Avenue, 9th Floor, New
York, New York 10010 (together with its successors and assigns, collectively “Lender”).

RECITALS

WHEREAS, pursuant to that
certain Note, dated as of the date hereof (as the same may be amended,
restated, replaced supplemented or otherwise modified from time to time, the “Note”),
executed by PH Fee Owner LLC, a Delaware limited liability company (together
with its successors and assigns, “Fee Owner”), and OpBiz, L.L.C., a
Nevada limited liability company (together with its successors and assigns, “OpBiz”
and, together with Fee Owner, individually or collectively as the context
indicates, “Borrower”), and payable to the order of Lender in the original
principal amount of up to $820,000,000 or so much thereof as is advanced,
Borrower is indebted, and may from time to time be further indebted, to Lender
with respect to a loan (the “Loan”) made pursuant to that certain Loan
Agreement, dated as of the date hereof (as amended, restated, replaced,
supplemented, or otherwise modified from time to time, the “Loan Agreement”),
between Borrower and Lender, which Loan is secured by, inter alia, that certain Deed of Trust,
Security Agreement, Assignment of Leases and Rents, Financing Statement and
Fixture Filing, dated as of the date hereof, made by Borrower to First American
Title Insurance Company, a New York corporation, as trustee, for the benefit of
Lender, as beneficiary (as amended, restated, replaced, supplemented, or
otherwise modified from time to time, collectively, the “Security Instrument”),
and further evidenced, secured or governed by other instruments and documents
executed in connection with the Loan (together with the Note, the Loan
Agreement and the Security Instrument, collectively, the “Loan Documents”).

WHEREAS, Lender is not
willing to make the Loan to Borrower unless Guarantor unconditionally
guarantees payment and performance to Lender of the Guaranteed Obligations (as
herein defined).

WHEREAS, Guarantor is the
owner of a direct or indirect interest in Borrower and will directly benefit
from Lender’s making the Loan to Borrower.

NOW, THEREFORE, as an
inducement to Lender to make the Loan to Borrower, and for other good and
valuable consideration, the receipt and legal sufficiency of which are hereby
acknowledged, the parties do hereby agree as follows:

ARTICLE I
 NATURE AND SCOPE OF GUARANTY

1.1.          Guaranty of Obligation.  Subject to Section 1.2, Guarantor
hereby irrevocably, absolutely and unconditionally guarantees to Lender and its
successors and assigns the payment and performance of the Guaranteed
Obligations as and when the same shall be due and payable, whether by lapse of
time, by acceleration of maturity or otherwise. 
Guarantor hereby irrevocably and unconditionally covenants and agrees
that it is liable for the Guaranteed Obligations as a primary obligor and not
merely as a surety.

1.2.          Maximum Aggregate Liability.  As used herein, the term “Guaranteed
Obligations” means all the obligations and liabilities of Borrower under Sections 9.4(b)
and (c) of the Loan Agreement.  The
maximum aggregate liability with respect to the Guaranteed Obligations (other
than the obligations and liabilities of Borrower under Section 9.4(b)(ix)
or Section 9.4(c)(ii)(A) of the Loan Agreement) and other than
Enforcement Costs (as defined below) shall not exceed (a) $15 million for each
individual BH Guarantor and (b) $30 million in the aggregate for all
Guarantors; provided that, with respect to each BH Guarantor, the foregoing
restrictions on liability shall not apply to any Guaranteed Obligations that
arise from (i) events, acts, or circumstances that are actually committed by,
or voluntarily or willfully brought about by such BH Guarantor, to the full
extent of such Guaranteed Obligations; or (ii) events, acts, or circumstances
(regardless of the cause of same) that provide actual benefit (in cash, cash
equivalent, or other quantifiable amount) to such BH Guarantor, to the full
extent of the actual benefit received by such BH Guarantor.  Notwithstanding the foregoing, during any
period in which Borrower obtains and maintains environmental insurance for the
Property which has a term of not less than five (5) years from the date hereof
and a two (2) year tail coverage in amounts not less than $50,000,000 for third
party liability and $25,000,000 for first party clean-up coverage from a
carrier with not less than an “A” rating and otherwise acceptable to Lender in
its reasonable discretion, including, without limitation, naming Lender as an
additional insured thereunder, and such environmental insurance policy is in
full force and effect, then during such period Guarantor shall have no
obligations or liability to Lender hereunder with respect to Borrower’s failure
to comply with Section 9.4(b)(iii) of the Loan Agreement.  For the purposes hereof, Lender hereby
acknowledges and confirms that: (i) that certain Primary Environmental Site
Liability Policy, Policy # 37310075, issued by Chubb Custom Insurance Company,
and (ii) that certain Excess Environmental Liability Policy, Policy # PLS
2104680, issued by American International Specialty (collectively, the “Environmental
Policies”) were delivered to Lender and are in effect on the date hereof
and are acceptable to Lender so long as each of the Environmental Policies
remains in full force and effect. 
Notwithstanding the foregoing, it is hereby expressly agreed that the
obtaining and maintaining of any such environmental insurance for the Property
shall not in any way reduce, amend, modify or otherwise affect any of the
obligations and liabilities of Borrower under any of the  Loan Documents.

1.3.          Nature of Guaranty. 
This Guaranty is an irrevocable, absolute, continuing guaranty of
payment and not a guaranty of collection. 
This Guaranty may not be revoked by 

 2
 

Guarantor and shall continue to be effective
with respect to any Guaranteed Obligations arising or created after any
attempted revocation by Guarantor and after (if Guarantor is a natural person)
Guarantor’s death (in which event this Guaranty shall be binding upon Guarantor’s
estate and Guarantor’s legal representatives and heirs).  The fact that at any time or from time to
time the Guaranteed Obligations may be increased or reduced shall not release
or discharge the obligation of Guarantor to Lender with respect to the
Guaranteed Obligations.  This Guaranty
may be enforced by Lender and any subsequent holder of the Note and shall not
be discharged by the assignment or negotiation of all or part of the Note.

1.4.          Guaranteed Obligations Not Reduced by Offset.  The Guaranteed Obligations and the
liabilities and obligations of Guarantor to Lender hereunder, shall not be
reduced, discharged or released because or by reason of any existing or future
offset, claim or defense of Borrower (other than the defense of payment of such
Guaranteed Obligations by Borrower), or any other party, against Lender or
against payment of the Guaranteed Obligations, whether such offset, claim or
defense arises in connection with the Guaranteed Obligations (or the
transactions creating the Guaranteed Obligations) or otherwise.

1.5.          Payment By Guarantor.  If all or any part of the Guaranteed
Obligations shall not be punctually paid when due, Guarantor shall, immediately
upon demand by Lender, and without presentment, protest, notice of protest,
notice of non-payment, notice of intention to accelerate the maturity, notice
of acceleration of the maturity, or any other notice whatsoever, pay in lawful
money of the United States of America, the amount due on the Guaranteed
Obligations to Lender at Lender’s address as set forth herein.  Such demand(s) may be made at any time
coincident with or after the time for payment of all or part of the Guaranteed
Obligations, and may be made from time to time with respect to the same or
different items of Guaranteed Obligations. 
Such demand shall be made, given and received in accordance with the
notice provisions hereof.

1.6.          No Duty To Pursue Others.  It shall not be necessary for Lender (and
Guarantor hereby waives any rights which Guarantor may have to require Lender),
in order to enforce the obligations of Guarantor hereunder, first to (a)
institute suit or exhaust its remedies against Borrower or others liable on the
Loan or the Guaranteed Obligations or any other person, (b) enforce Lender’s
rights against any collateral which shall ever have been given to secure the
Loan, (c) enforce Lender’s rights against any other guarantors of the
Guaranteed Obligations, (d) join Borrower or any others liable on the Guaranteed
Obligations in any action seeking to enforce this Guaranty, (e) exhaust any
remedies available to Lender against any collateral which shall ever have been
given to secure the Loan, or (f) resort to any other means of obtaining payment
of the Guaranteed Obligations.

1.7.          Waivers. 
Guarantor agrees to the provisions of this Guaranty, and hereby waives
notice of (a) any loans or advances made by Lender to Borrower, (b) acceptance
of this Guaranty, (c) any amendment or extension of the Note, the Loan Agreement
or of any other Loan Documents, (d) the execution and delivery by Borrower and
Lender of any other loan or credit agreement or of Borrower’s execution and
delivery of any promissory notes or other documents arising under the Loan
Documents or in connection with the Property, (e) the occurrence of any breach
by Borrower or an Event of Default, (f) Lender’s transfer or disposition of the
Guaranteed Obligations, or any part thereof, (g) sale or foreclosure (or
posting or advertising for sale or foreclosure) of any collateral for the
Guaranteed Obligations, (h) protest, 

 3
 

proof of non-payment or default by Borrower,
and (i) generally, all demands and notices of every kind in connection with
this Guaranty, the Loan Documents, any documents or agreements evidencing,
securing or relating to any of the Guaranteed Obligations.

1.8.          Payment of Expenses. 
In the event that Guarantor should breach or fail to timely perform any
provisions of this Guaranty, Guarantor shall, immediately upon demand by
Lender, pay Lender all costs and expenses (including court costs and reasonable
attorneys’ fees) incurred by Lender in the enforcement hereof or the
preservation of Lender’s rights hereunder (the foregoing, collectively “Enforcement
Costs”).

1.9.          Effect of Bankruptcy.  In the event that, pursuant to any insolvency,
bankruptcy, reorganization, receivership or other debtor relief law, or any
judgment, order or decision thereunder, Lender must rescind or restore any
payment, or any part thereof, received by Lender in satisfaction of the
Guaranteed Obligations, as set forth herein, any prior release or discharge
from the terms of this Guaranty given to Guarantor by Lender shall be without
effect, and this Guaranty shall remain in full force and effect. It is the
intention of Borrower and Guarantor that Guarantor’s obligations hereunder
shall not be discharged except by Guarantor’s performance of such obligations
and then only to the extent of such performance.

1.10.        Waiver of Subrogation, Reimbursement and Contribution.  Notwithstanding anything to the contrary
contained in this Guaranty, Guarantor hereby unconditionally and irrevocably
waives, releases and abrogates any and all rights it may now or hereafter have
under any agreement, at law or in equity (including, without limitation, any
law subrogating Guarantor to the rights of Lender), to assert any claim against
or seek contribution, indemnification or any other form of reimbursement from
Borrower or any other party liable for payment of any or all of the Guaranteed
Obligations for any payment made by Guarantor under or in connection with this
Guaranty.

1.11.        Borrower.  The
term “Borrower” as used herein shall include any Person constituting Borrower
and any new or successor corporation, association, partnership (general or
limited), limited liability company, joint venture, trust or other individual
or organization formed as a result of any merger, reorganization, sale,
transfer, devise, gift or bequest of any Person constituting Borrower or any
interest in any Person constituting Borrower.

ARTICLE
II

EVENTS AND CIRCUMSTANCES NOT REDUCING

OR DISCHARGING GUARANTOR’S OBLIGATIONS

Guarantor hereby consents
and agrees to each of the following, and agrees that Guarantor’s obligations
under this Guaranty shall not be released, diminished, impaired, reduced or
adversely affected by any of the following, and waives any common law,
equitable, statutory or other rights (including without limitation rights to
notice) which Guarantor might otherwise have as a result of or in connection with
any of the following:

2.1.          Modifications. 
Any renewal, extension, increase, modification, alteration or
rearrangement of all or any part of the Guaranteed Obligations, the Note, the
Loan Agreement, the other Loan Documents, or any other document, instrument,
contract or understanding 

 4
 

between Borrower and Lender pertaining to the
Guaranteed Obligations or any failure of Lender to notify Guarantor of any such
action.

2.2.          Adjustment. 
Any adjustment, indulgence, forbearance or compromise that might be
granted or given by Lender to Borrower, Guarantor or any other party liable for
payment of any or all of the Guaranteed Obligations.

2.3.          Condition of Borrower or Guarantor.  The insolvency, bankruptcy, arrangement,
adjustment, composition, liquidation, disability, dissolution or lack of power
of Borrower, or Guarantor or any other party at any time liable for the payment
of all or part of the Guaranteed Obligations; or any dissolution of Borrower or
Guarantor or any sale, lease or transfer of any or all of the assets of
Borrower or Guarantor or any changes in the direct or indirect shareholders,
partners or members of Borrower or Guarantor; or any reorganization of Borrower
or Guarantor.

2.4.          Invalidity of Guaranteed Obligations.  The invalidity, illegality or
unenforceability of all or any part of the Guaranteed Obligations, or any
document or agreement executed in connection with the Guaranteed Obligations,
for any reason whatsoever, including without limitation the fact that (a) the
Guaranteed Obligations, or any part thereof, exceeds the amount permitted by
law, (b) the act of creating the Guaranteed Obligations or any part thereof is ultra
vires, (c) the officers or representatives executing the Note, the Loan
Agreement or the other Loan Documents or otherwise creating the Guaranteed
Obligations acted in excess of their authority, (d) the Guaranteed Obligations
violate applicable usury laws, (e) the Borrower has valid defenses, claims or
offsets (whether at law, in equity or by agreement) which render the Guaranteed
Obligations wholly or partially uncollectible from Borrower, (f) the creation,
performance or repayment of the Guaranteed Obligations (or the execution,
delivery and performance of any document or instrument representing part of the
Guaranteed Obligations or executed in connection with the Guaranteed
Obligations, or given to secure the repayment of the Guaranteed Obligations) is
illegal, uncollectible or unenforceable, or (g) the Note, the Loan Agreement or
any of the other Loan Documents have been forged or otherwise are irregular or
not genuine or authentic, it being agreed that Guarantor shall remain liable
hereunder regardless of whether Borrower or any other Person be found not
liable on the Guaranteed Obligations or any part thereof for any reason.

2.5.          Release of Obligors. 
Any full or partial release of the liability of Borrower on the
Guaranteed Obligations, or any part thereof, or of any co-guarantors, or any
other Person now or hereafter liable, whether directly or indirectly, jointly,
severally, or jointly and severally, to pay, perform, guarantee or assure the
payment of the Guaranteed Obligations, or any part thereof, it being
recognized, acknowledged and agreed by Guarantor that Guarantor may be required
to pay the Guaranteed Obligations in full without assistance or support of any
other party, and Guarantor has not been induced to enter into this Guaranty on
the basis of a contemplation, belief, understanding or agreement that other
Persons will be liable to pay or perform the Guaranteed Obligations, or that
Lender will look to other Persons to pay or perform the Guaranteed Obligations.

2.6.          Other Collateral. 
The taking or accepting of any other security, collateral or guaranty,
or other assurance of payment, for all or any part of the Guaranteed
Obligations.

 5
 

2.7.          Release of Collateral.  Any release, surrender, exchange,
subordination, deterioration, waste, loss or impairment of any collateral,
property or security at any time existing in connection with, or assuring or
securing payment of, all or any part of the Guaranteed Obligations.

2.8.          Care and Diligence. 
The failure of Lender or any other party to exercise diligence or
reasonable care in the preservation, protection, enforcement, sale or other
handling or treatment of all or any part of any collateral, property or
security, including but not limited to any neglect, delay, omission, failure or
refusal of Lender (except to extent of Lender’s gross negligence or willful
misconduct) (a) to take or prosecute any action for the collection of any of
the Guaranteed Obligations or (b) to foreclose, or initiate any action to
foreclose, or, once commenced, prosecute to completion any action to foreclose
upon any security therefor, or (c) to take or prosecute any action in connection
with any instrument or agreement evidencing or securing all or any part of the
Guaranteed Obligations.

2.9.          Unenforceability.  The fact that any collateral, security,
security interest or lien contemplated or intended to be given, created or
granted as security for the repayment of the Guaranteed Obligations, or any
part thereof, shall not be properly perfected or created, or shall prove to be
unenforceable or subordinate to any other security interest or lien, it being
recognized and agreed by Guarantor that Guarantor is not entering into this
Guaranty in reliance on, or in contemplation of the benefits of, the validity,
enforceability, collectability or value of any of the collateral for the
Guaranteed Obligations.

2.10.        Offset.  Any
existing or future right of offset, claim or defense of Borrower against
Lender, or any other Person, or against payment of the Guaranteed Obligations,
whether such right of offset, claim or defense (other than the defense of
payment in full) arises in connection with the Guaranteed Obligations (or the
transactions creating the Guaranteed Obligations) or otherwise.

2.11.        Merger.  The
reorganization, merger or consolidation of Borrower into or with any other
Person.

2.12.        Preference.  Any
payment by Borrower to Lender is held to constitute a preference under
bankruptcy laws, or for any reason Lender is required to refund such payment or
pay such amount to Borrower or someone else.

2.13.        Other Actions Taken or Omitted.  Any other action taken or omitted to be taken
with respect to the Loan Documents, the Guaranteed Obligations, or the security
and collateral therefor, whether or not such action or omission prejudices
Guarantor or increases the likelihood that Guarantor will be required to pay
the Guaranteed Obligations pursuant to the terms hereof, it is the unambiguous
and unequivocal intention of Guarantor that Guarantor shall be obligated to pay
the Guaranteed Obligations when due, notwithstanding any occurrence,
circumstance, event, action, or omission whatsoever, whether contemplated or
uncontemplated, and whether or not otherwise or particularly described herein,
which obligation shall be deemed satisfied only upon the full and final payment
and satisfaction of the Guaranteed Obligations.

 6
 

ARTICLE III
 REPRESENTATIONS AND WARRANTIES

To induce Lender to enter into the Loan Agreement and the other Loan
Documents and extend credit to Borrower, each of BH I Guarantor and BH II
Guarantor represents and warrants to Lender as follows:

3.1.          Benefit.  Guarantor is the owner of a direct or
indirect interest in Borrower, and has received, or will receive, benefit from
the Lender’s making the Loan to Borrower.

3.2.          Familiarity and
Reliance.  Guarantor is familiar with
the financial condition of the Borrower and is familiar with the value of any
and all collateral intended to be created as security for the payment of the
Note or Guaranteed Obligations; however, Guarantor is not relying on such
financial condition or the collateral as an inducement to enter into this
Guaranty.

3.3.          No Representation
by Lender.  Neither Lender nor any
other party has made any representation, warranty or statement to Guarantor in
order to induce Guarantor to execute this Guaranty.

3.4.          Authority.  BH I Guarantor is a limited partnership
organized under the laws of the State of Florida. BH II Guarantor is a limited
partnership organized under the laws of the State of Florida.  BH III Guarantor is a company organized under
the laws of the Cayman Islands. 
Guarantor has the power, authority and legal right (A) to own and
operate its properties and assets, (B) to carry on the business now being
conducted and proposed to be conducted by it, (C) to execute, deliver and
perform its obligations under the Loan Documents to which it is a party
(including, without limitation, this Guaranty) and (D) to engage in the
transactions contemplated by the Loan Documents to which it is a party
(including, without limitation, this Guaranty). 
All Loan Documents to which Guarantor is a party (including, without
limitation, this Guaranty) have been duly authorized, executed and delivered on
behalf of Guarantor.  Guarantor possesses
all material rights, licenses, permits, consents and authorizations,
governmental or otherwise, necessary to entitle it to transact the businesses
in which it is now engaged and to execute, deliver, perform, and comply with
this Guaranty, and consummate the transactions contemplated hereby.

3.5.          Legality.  To Guarantor’s knowledge, the execution,
delivery and performance by Guarantor of this Guaranty and the
consummation of the transactions contemplated hereunder do not and will not
contravene or conflict with any law, statute or regulation whatsoever to which
Guarantor is subject or constitute a default (or an event which with notice or
lapse of time or both would constitute a default) under, or result in the
breach of, any indenture, the Mortgage, charge, lien, or any contract,
agreement or other instrument to which Guarantor is a party.  This Guaranty is Guarantor’s legal and
binding obligation and is enforceable in accordance with its terms, except as
limited by bankruptcy, insolvency or other laws of general application relating
to the enforcement of creditors’ rights.

3.6.          Litigation.

There is no action, suit, proceeding or investigation pending or, to
Guarantor’s knowledge, threatened against Guarantor in any court or by or
before any other Governmental 

 7
 

Authority, or labor controversy affecting Guarantor or
any of Guarantor’s properties, businesses, assets or revenues, which would
reasonably be expected to materially and adversely affect the performance of
Guarantor’s obligations and duties under this Guaranty or impair Guarantor’s
ability to fully fulfill and perform Guarantor’s obligations under this
Guaranty and the other Loan Documents to which Guarantor is a party.

3.7.          Financial and other Information.
To Guarantor’s knowledge, all financial data and other financial information
that has been delivered to Lender with respect to the Guarantor (i) are
true, complete and correct in all material respects, (ii) accurately
represent the financial condition of the Guarantor as of the date of such
reports, and (iii) to the extent prepared or audited by an independent
certified public accounting firm, have been prepared in accordance with GAAP  throughout the periods covered, except as
disclosed therein.  To Guarantor’s
knowledge, Guarantor does not have any material contingent liabilities,
liabilities for taxes, unusual forward or long-term commitments or
unrealized or anticipated losses from any unfavorable commitments that are
known to Guarantor and reasonably likely to have a Material Adverse Effect,
except as referred to or reflected in said financial statements.  Since the date of such financial statements,
there has been no material adverse change in the financial condition, operation
or business of Guarantor from that set forth in said financial statements.

3.8.          Tax Filings.  Guarantor has filed (or has obtained
effective extensions for filing) all federal, state and local tax returns
required to be filed and has paid or made adequate provision for the payment of
all federal, state and local taxes, charges and assessments payable by
Guarantor.  Guarantor believes its tax
returns properly reflect Guarantor’s income and taxes for the periods covered
thereby, subject only to reasonable adjustments required by the Internal
Revenue Service or other applicable tax authority upon audit.

3.9.          Offset. The Loan Documents are
not subject to any right of rescission, set-off, counterclaim or defense
by Guarantor, including the defense of usury, nor would the operation of any of
the terms of the Loan Documents, or the exercise of any right thereunder,
render the Loan Documents unenforceable (subject to principles of equity and
bankruptcy, insolvency and other laws generally affecting creditors’ rights and
the enforcement of debtors’ obligations), and Guarantor has not asserted any
right of rescission, set-off, counterclaim or defense with respect
thereto.

3.10.        Embargoed Person.  At all times throughout the term of the Loan,
including after giving effect to any Transfer permitted pursuant to the Loan
Documents, (a) none of the funds or other assets of Guarantor constitute
property of, or are beneficially owned, directly or indirectly, by any person,
entity or government subject to trade restrictions under U.S. law, including,
but not limited to, the International Emergency Economic Powers Act, 50 U.S.C.
§§ 1701 et seq., The Trading with the Enemy Act, 50 U.S.C. App. 1 et seq.,
and any Executive Orders or regulations promulgated thereunder with the result
that the investment in Guarantor (whether directly or indirectly), is
prohibited by law or the Loan made by Lender is in violation of law (“Embargoed
Person”); (b) no Embargoed Person has any interest of any nature
whatsoever in Guarantor, with the result that the investment in Guarantor, as
applicable (whether directly or indirectly), is prohibited by law or the Loan
is in violation of law; and (c) none of the funds of Guarantor have been
derived from any unlawful activity with the result that the investment in
Guarantor (whether directly or indirectly) is prohibited by law or the Loan is
in violation of law.

 8
 

3.11.        Survival.  All
representations and warranties made by Guarantor herein shall survive the
execution hereof.

ARTICLE IV

COVENANTS

4.1.          Corporate Existence. BH I
Guarantor shall maintain and preserve BH I Guarantor’s existence and
qualification as a limited partnership organized under the laws of the State of
Florida.  BH II Guarantor shall maintain
and preserve BH II Guarantor’s existence and qualification as a limited
partnership organized under the laws of the State of Florida.  BH III Guarantor shall maintain and preserve
BH III Guarantor’s corporate existence and qualification as a company organized
under the laws of the Cayman Islands.

4.2.          Financial Reporting.

(a)       Each Guarantor shall keep and maintain or
will cause to be kept and maintained proper and accurate books and records, in
accordance with the accounting principles used to generate the financial
information delivered to Lender in connection with its underwriting of the
Loan, consistently applied, reflecting the financial affairs of such
Guarantor.  Lender shall have the right
from time to time during normal business hours upon reasonable notice to such
Guarantor to examine such books and records at the office of such Guarantor or
other Person maintaining such books and records and to make such copies or
extracts thereof as Lender shall desire.

(b)       As soon as available and in any event
within 120 days after the end of each Fiscal Year of each Guarantor, such
Guarantor shall deliver a copy of the annual audit report for such Fiscal Year
for such Guarantor and its subsidiaries, including therein a consolidated
balance sheet of such Guarantor and its subsidiaries as of the end of such
Fiscal Year and consolidated statements of earnings and cash flow of such
Guarantor and its subsidiaries for such Fiscal Year, in each case, certified
(without any Impermissible Qualification) by Grant Thornton LLP or another
independent public accountant regularly used by such Guarantor, together with a
certificate from such accountants containing a computation of, and showing
compliance with, the financial covenant contained in Section 4.7.  “Impermissible Qualification” means,
relative to the opinion or certification of any independent public accountant
as to any financial statement of any person or entity, any qualification or
exception to such opinion or certification (i) which is of a “going concern” or
similar nature, (ii) which relates to the limited scope of examination of
matters relevant to such financial statement, or (iii) which relates to the
treatment or classification of any item in such financial statement and which,
as a condition to its removal, would require an adjustment to such item the
effect of which would be to cause such person or entity to be in default of any
of its obligations under this Guaranty.  “Fiscal
Year” means any period of twelve consecutive calendar months ending on
December 31.

(c)       Each Guarantor shall deliver such other
information respecting the condition or operations, financial or otherwise, of
such Guarantor or any of its subsidiaries as Lender may from time to time
reasonably request in writing but in no event more than twice during any
calendar year.

 9
 

4.3.          Dissolution. 
No Guarantor shall liquidate, wind-up or dissolve (or suffer any
liquidation or dissolution).

4.4.          Litigation.  Each Guarantor shall give prompt notice to
Lender of any litigation or governmental proceedings pending or threatened against
such Guarantor of which such Guarantor has notice and which would reasonably be
expected to materially adversely affect such Guarantor’s ability to perform its
obligations hereunder.

4.5.          Notice
of Default.  Each Guarantor shall
promptly advise Lender of any material adverse change in such Guarantor’s
condition, financial or otherwise, or of the occurrence of any event of which
such Guarantor has knowledge which would reasonably be expected to materially
adversely effect Guarantor’s ability to perform its obligations hereunder.

4.6.          Certification.  Each Guarantor at any time and from time to
time, within ten (10) Business Days following the request by Lender, shall
execute and deliver to Lender a statement certifying that this Guaranty is
unmodified and in full force and effect (or if modified, that the same is in
full force and effect as modified and stating such modifications) or, if
applicable, that this Guaranty is no longer in full force and effect.

4.7.          Net Worth.  Each Guarantor covenants and agrees with
Lender that, until the Loan has been indefeasibly paid and performed in full,
such Guarantor at all times after the date hereof will not permit its Net Worth
as of the last day of any Fiscal Quarter to be less than $17,500,000.  “Net Worth” means, at any time, the
excess of the total assets of any Guarantor and its subsidiaries at such time,
over the total liabilities of such Guarantor and its subsidiaries at such time,
in each case, as determined on a consolidated basis in accordance with Generally
Accepted Accounting Principles (“GAAP”).

ARTICLE
V

SUBORDINATION OF CERTAIN INDEBTEDNESS

5.1.          Subordination of All Guarantor
Claims.  As used herein, the term “Guarantor
Claims” shall mean all debts and liabilities of Borrower to Guarantor,
whether such debts and liabilities now exist or are hereafter incurred or
arise, or whether the obligations of Borrower thereon be direct, contingent,
primary, secondary, several, joint and several, or otherwise, and irrespective
of whether such debts or liabilities be evidenced by note, contract, open
account, or otherwise, and irrespective of the Person in whose favor such debts
or liabilities may, at their inception, have been, or may hereafter be created,
or the manner in which they have been or may hereafter be acquired by
Guarantor.  The Guarantor Claims shall
include without limitation all rights and claims of Guarantor against Borrower
(arising as a result of subrogation or otherwise) as a result of Guarantor’s
payment of all or a portion of the Guaranteed Obligations.  Upon the occurrence and during the
continuance of an Event of Default, Guarantor shall not receive or collect,
directly or indirectly, from Borrower or any other party any amount upon the
Guarantor Claims until payment in full of the Debt.

5.2.          Claims in Bankruptcy.  In the event of receivership, bankruptcy,
reorganization, arrangement, debtor’s relief, or other insolvency proceedings
involving Guarantor as debtor, Lender shall have the right to prove its claim
in any such proceeding so as to establish its rights 

 10
 

hereunder and receive directly
from the receiver, trustee or other court custodian dividends and payments
which would otherwise be payable upon Guarantor Claims.  Guarantor hereby assigns such dividends and
payments to Lender.  Should Lender
receive, for application against the Guaranteed Obligations, any such dividend
or payment which is otherwise payable to Guarantor, and which, as between
Borrower and Guarantor, shall constitute a credit against the Guarantor Claims,
then upon payment to Lender in full of the Guaranteed Obligations, Guarantor
shall become subrogated to the rights of Lender to the extent that such
payments to Lender on the Guarantor Claims have contributed toward the
liquidation of the Guaranteed Obligations, and such subrogation shall be with
respect to that proportion of the Guaranteed Obligations which would have been
unpaid if Lender had not received dividends or payments upon the Guarantor
Claims.

5.3.          Payments Held in Trust.  In the event that, notwithstanding anything
to the contrary in this Guaranty, Guarantor should receive any funds, payment,
claim or distribution which is prohibited by this Guaranty, Guarantor agrees to
hold in trust for Lender an amount equal to the amount of all funds, payments,
claims or distributions so received, and agrees that it shall have absolutely
no dominion over the amount of such funds, payments, claims or distributions so
received except to pay them promptly to Lender, and Guarantor covenants
promptly to pay the same to Lender for application to the Debt.

5.4.          Liens Subordinate.  Guarantor agrees that any liens, security
interests, judgment liens, charges or other encumbrances upon Borrower’s assets
securing payment of the Guarantor Claims shall be and remain inferior and
subordinate to any liens, security interests, judgment liens, charges or other
encumbrances upon Borrower’s assets securing payment of the Debt, regardless of
whether such encumbrances in favor of Guarantor or Lender presently exist or
are hereafter created or attach.  Without
the prior written consent of Lender, Guarantor shall not (a) exercise or
enforce any creditor’s right it may have against Borrower or (b) foreclose,
repossess, sequester or otherwise take steps or institute any action or
proceedings (judicial or otherwise, including without limitation the
commencement of, or joinder in, any liquidation, bankruptcy, rearrangement,
debtor’s relief or insolvency proceeding) to enforce any liens, mortgages,
deeds of trust, security interests, collateral rights, judgments or other
encumbrances on assets of Borrower held by Guarantor.

ARTICLE
VI

MISCELLANEOUS

6.1.          Waiver.  No failure to exercise, and no delay in
exercising, on the part of Lender, any right hereunder shall operate as a
waiver thereof, nor shall any single or partial exercise thereof preclude any
other or further exercise thereof or the exercise of any other right.  The rights of Lender hereunder shall be in
addition to all other rights provided by law. 
No modification or waiver of any provision of this Guaranty, nor consent
to departure therefrom, shall be effective unless in writing and no such
consent or waiver shall extend beyond the particular case and purpose
involved.  No notice or demand given in
any case shall constitute a waiver of the right to take other action in the
same, similar or other instances without such notice or demand.   No notice or demand given in any case shall
constitute a waiver of the right to take other action in the same, similar or
other instances without such notice or demand. 
Pursuant to 

 11
 

Nevada Revised Statutes (“NRS”)
Section 40.495(2), Guarantor hereby waives the provisions of NRS Section
40.430.

6.2.          Notices.  All notices, consents, approvals and requests
required or permitted hereunder shall be given in writing and shall be
effective for all purposes if (i) hand delivered, (ii) sent by certified or
registered United States mail, postage prepaid, return receipt requested, (iii)
sent by expedited prepaid delivery service, either commercial or United States
Postal Service, with proof of attempted delivery, or (iv) sent by facsimile
(with answer back acknowledged), in each case addressed as follows (or at such
other address and person as shall be designated from time to time by any party
hereto, as the case may be, in a notice to the other parties hereto in the
manner provided for in this Section 6.2):

If to Lender:                                                                               Column
Financial, Inc.

11 Madison Avenue, 9th Floor

New York, New York 10010

Attention:  Michael May

Facsimile No.:  (212) 352-8106

with a copy to:                                                                 Column
Financial, Inc.

One Madison Avenue

New York, New York 10010

Legal and Compliance Department

Attention:  Casey McCutcheon, Esq. 

Facsimile No.:  (917) 326-8433

and a copy to:                                                                    Fried,
Frank, Harris, Shriver & Jacobson LLP 

One New York Plaza 

New York, New York 10004 

Attention:  Jonathan L. Mechanic, Esq.

Facsimile No.:  (212) 859-4000

If to BH I
Guarantor:                                    c/o
Bay Harbour Management, L.C.,

885
Third Avenue

New
York, NY 10022

Attention:
Douglas Teitelbaum

Fax: 
212-371-7497

with a copy to:                                                                 Proskauer
Rose LLP

1585 Broadway

New York, NY 10036

Attention:  Christopher Wells, Esq.

Facsimile No.: 
212-969-2900

If to BH II
Guarantor:                                c/o
Bay Harbour Management, L.C.,

885
Third Avenue

New
York, NY 10022

Attention: Douglas
Teitelbaum

Fax: 
212-371-7497

 12
 

with a copy to:                                                                 Proskauer
Rose LLP

1585 Broadway

New York, NY  10036

Attention:  Christopher Wells, Esq.

Facsimile No.: 
212-969-2900

If to BH III
Guarantor:                            c/o
Bay Harbour Management, L.C.,

885
Third Avenue

New
York, NY 10022

Attention: Douglas
Teitelbaum

Fax: 
212-371-7497

with a copy to:                                                                 Proskauer
Rose LLP

1585 Broadway

New York, NY  10036

Attention:  Christopher Wells, Esq.

Facsimile No.: 
212-969-2900

A notice shall be
deemed to have been given, (i) in the case of hand delivery, at the time of
delivery, (ii) in the case of registered or certified mail, when delivered or
the first attempted delivery on a Business Day, 
(iii) in the case of expedited prepaid delivery, upon the first
attempted delivery on a Business Day, or (iv) in the case of facsimile, upon
sender’s receipt of a machine generated confirmation of successful transmission
after advice by telephone to recipient that a facsimile notice is forthcoming.

6.3.          Governing Law; Submission to Jurisdiction.  THIS GUARANTY SHALL BE DEEMED TO BE A
CONTRACT MADE UNDER AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK,
EXCEPT TO THE EXTENT THAT THE VALIDITY OR PERFECTION OF ANY SECURITY INTERESTS
HEREUNDER, OR THE REMEDIES HEREUNDER, IN RESPECT OF ANY PARTICULAR COLLATERAL
ARE GOVERNED BY THE LAWS OF A JURISDICTION OTHER THAN THE STATE OF NEW
YORK.  ANY LEGAL SUIT, ACTION OR
PROCEEDING AGAINST LENDER OR GUARANTOR ARISING OUT OF OR RELATING TO THIS
GUARANTY MAY, AT LENDER’S OPTION, BE INSTITUTED IN ANY FEDERAL OR STATE COURT
IN THE CITY OF NEW YORK, COUNTY OF NEW YORK, PURSUANT TO SECTION 5-1402 OF THE
NEW YORK GENERAL OBLIGATIONS LAW, AND GUARANTOR WAIVES ANY OBJECTIONS WHICH IT
MAY NOW OR HEREAFTER HAVE BASED ON VENUE AND/OR FORUM NON CONVENIENS OF ANY
SUCH SUIT, ACTION OR PROCEEDING, AND GUARANTOR AND HEREBY IRREVOCABLY SUBMITS
TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING.  GUARANTORS DO HEREBY DESIGNATE AND APPOINT:

 13
 

DOUGLAS
TEITELBAUM

C/O
BAY HARBOUR MANAGEMENT, L.C.,

885
THIRD AVENUE

NEW YORK, NY 10022

AS ITS AUTHORIZED AGENT
TO ACCEPT AND ACKNOWLEDGE ON ITS BEHALF SERVICE OF ANY AND ALL PROCESS WHICH
MAY BE SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING IN ANY FEDERAL OR STATE
COURT IN NEW YORK, NEW YORK, AND AGREES THAT SERVICE OF PROCESS UPON SAID AGENT
AT SAID ADDRESS AND WRITTEN NOTICE OF SAID SERVICE MAILED OR DELIVERED TO
GUARANTOR IN THE MANNER PROVIDED HEREIN SHALL BE DEEMED IN EVERY RESPECT
EFFECTIVE SERVICE OF PROCESS UPON GUARANTOR IN ANY SUCH SUIT, ACTION OR
PROCEEDING IN THE STATE OF NEW YORK.

6.4.          Invalid Provisions. 
If any provision of this Guaranty is held to be illegal, invalid, or
unenforceable under present or future laws effective during the term of this
Guaranty, such provision shall be fully severable and this Guaranty shall be
construed and enforced as if such illegal, invalid or unenforceable provision
had never comprised a part of this Guaranty, and the remaining provisions of
this Guaranty shall remain in full force and effect and shall not be affected
by the illegal, invalid or unenforceable provision or by its severance from
this Guaranty, unless such continued effectiveness of this Guaranty, as
modified, would be contrary to the basic understandings and intentions of the
parties as expressed herein.

6.5.          Amendments. 
This Guaranty may be amended only by an instrument in writing executed
by the party or an authorized representative of the party against whom such
amendment is sought to be enforced.

6.6.          No Assignment. 
Guarantor may not, without the prior written consent of Lender, assign
any of its rights, powers, duties or obligations hereunder.

6.7.          Successors and Assigns.  Subject to the provisions of Section 6.6,
this Guaranty shall be binding upon and inure to the benefit of the parties
hereto and their respective successors, assigns and legal representatives.

6.8.          Headings. 
Section headings are for convenience of reference only and shall in no
way affect the interpretation of this Guaranty.

6.9.          Recitals.  The
recital and introductory paragraphs hereof are a part hereof, form a basis for
this Guaranty and shall be considered prima facie evidence of the facts and
documents referred to therein.

6.10.        Rights and Remedies. 
If Guarantor becomes liable for any indebtedness owing by Borrower to
Lender, by endorsement or otherwise, other than under this Guaranty, such
liability shall not be in any manner impaired or affected hereby and the rights
of Lender hereunder shall be cumulative of any and all other rights that Lender
may ever have against Guarantor.  The 

 14
 

exercise by Lender of any right or remedy
hereunder or under any other instrument, or at law or in equity, shall not
preclude the concurrent or subsequent exercise of any other right or remedy.

6.11.        Other Defined Terms. 
Any capitalized term utilized herein shall have the meaning as specified
in the Loan Agreement, unless such term is otherwise specifically defined
herein.

6.12.        Entirety.  THIS
GUARANTY EMBODIES THE FINAL AND ENTIRE AGREEMENT OF GUARANTOR AND LENDER WITH
RESPECT TO GUARANTOR’S GUARANTY OF THE GUARANTEED OBLIGATIONS AND SUPERSEDES
ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS, AND UNDERSTANDINGS,
WHETHER WRITTEN OR ORAL, RELATING TO THE SUBJECT MATTER HEREOF.  THIS GUARANTY IS INTENDED BY GUARANTOR AND
LENDER AS A FINAL AND COMPLETE EXPRESSION OF THE TERMS OF THE GUARANTY, AND NO
COURSE OF DEALING BETWEEN GUARANTOR AND LENDER, NO COURSE OF PERFORMANCE, NO
TRADE PRACTICES, AND NO EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL
AGREEMENTS OR DISCUSSIONS OR OTHER EXTRINSIC EVIDENCE OF ANY NATURE SHALL BE
USED TO CONTRADICT, VARY, SUPPLEMENT OR MODIFY ANY TERM OF THIS GUARANTY
AGREEMENT.  THERE ARE NO ORAL AGREEMENTS
BETWEEN GUARANTOR AND LENDER.

6.13.        Waiver of Right To Trial By Jury.  GUARANTOR AND BY ACCEPTANCE HEREOF, LENDER
HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY
JURY, AND WAIVES ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH
RIGHT SHALL NOW OR HEREAFTER EXIST WITH REGARD TO THIS GUARANTY, THE NOTE, THE
LOAN AGREEMENT, THE MORTGAGE, OR THE OTHER LOAN DOCUMENTS, OR ANY CLAIM, COUNTERCLAIM
OR OTHER ACTION ARISING IN CONNECTION THEREWITH.  THIS WAIVER OF RIGHT TO TRIAL BY JURY IS
GIVEN KNOWINGLY AND VOLUNTARILY BY GUARANTOR, AND IS INTENDED TO ENCOMPASS
INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY
WOULD OTHERWISE ACCRUE.  EACH OF LENDER
AND GUARANTOR IS HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY
PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY GUARANTOR AND LENDER.

6.14.        Joint and Several Liability.  If Guarantor consists of more than one
Person, the obligations and liabilities of each such Person shall be joint and
several.

6.15.        USA Patriot Act Notice.  Lender hereby notifies Guarantor that
pursuant to the requirements of the USA Patriot Act (Title III of Pub. L.
107-56 (signed into law October 26, 2001)) (the “Patriot Act”), it
is required to obtain, verify and record information that identifies Guarantor,
which information includes the name and address of Guarantor and other
information that will allow Lender to identify Guarantor in accordance with the
Patriot Act.

 15
 

 

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 16

IN
WITNESS WHEREOF, Guarantor has caused this Guaranty to be duly executed and
delivered as of the date first above written.

	
  

  	
  GUARANTOR:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  BH I GUARANTOR:

  	
   

  
	
   

  	
   

  
	
   

  	
  TROPHY HUNTER INVESTMENTS, LTD., a Florida limited
  partnership

  
	
   

  	
   

  
	
   

  	
  By:

  	
  BAY HARBOUR HOLDINGS, LLC, its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
  Douglas Teitelbaum

  
	
   

  	
  Title:

  	
  Managing Member

  
					

 

	
  

  	
  BH II GUARANTOR:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  BAY HARBOUR 90-1, LTD., a
  Florida limited partnership

  
	
   

  	
   

  
	
   

  	
  By:

  	
  BAY HARBOUR HOLDINGS, LLC, its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
  Douglas Teitelbaum

  
	
   

  	
  Title:

  	
  Managing Member

  
					

 

[SIGNATURES
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  BH III GUARANTOR:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  BAY HARBOUR MASTER, LTD.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  
	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

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