Document:

May 5, 2005

	
Mr. Norman Axelrod 

c/o Linens ’n Things, Inc.

6 Brighton Road 

Clifton, NJ 07015 

Re:     Split Dollar Agreement/ Defined Contribution SERP

	
Dear Norman:

     Pursuant to your Employment Agreement dated as of October 11, 2000 and as amended through November 29, 2004 (“Employment Agreement”), the Company has at all times been required by the
terms of the Employment Agreement to maintain (i) your Supplemental Executive Retirement Plan effective as of July 1, 1999 (“SERP”) and (ii) your Split Dollar Agreement dated as of December 20, 1999 (“Split Dollar Agreement”).
Under the terms of your Employment Agreement the Company also has agreed to “satisfy its obligations to Executive under the SERP and the Split Dollar Agreement.” In addition, under the Split Dollar Agreement the Company agreed to continue
to make all premium payments under the Split Dollar Agreement “on or before the due date of each premium payment” for the applicable life insurance policy which is the subject of the Split Dollar Agreement (policy no. N056077170).

     Due to the limitations imposed by the Sarbanes-Oxley Act, the Company has not been able to make any of the required premium payments under the Split Dollar Agreement beginning with the premium
payment due in 2003 and, as a result, the policies on your life existing under the Split Dollar Agreement are currently frozen. 

     Section 8 of your Employment Agreement, as amended in 2004, acknowledged the restriction imposed by the Sarbanes-Oxley Act on the Company continuing to make its required premium payments under
the Split Dollar Agreement, beginning with the premium payment due on or about July 2003, and also acknowledged that, as a result of such limitation, the Company was pursuing an arrangement which was to provide “equivalent economic value”
to you “reasonably acceptable to the parties, with the Company acknowledging its obligation to provide such equivalent economic value” to you. 

     The Company, with the assistance of AON, has now implemented an additional plan which is in the form of a defined contribution supplemental executive retirement plan (“DC-SERP”) and
which has been added to the existing supplemental retirement program. The goal was that the existing defined benefit supplemental executive retirement plan, which has been amended effective as of January 1, 2005 to, among other things, adjust the
Appendix B reduction amount table (as amended, the “SERP”), the frozen Split Dollar Agreement and the new DC-SERP now constitute the modified SERP program. 

Accordingly, the following is agreed to effective as of the January 1, 2005 effective date of the SERP: 

     1.     Section 8 of the Employment Agreement is amended to provide in its entirety as follows: 

	 	
           “8.      Supplemental Executive Retirement Plan; Split Dollar Agreement. 

The Company hereby ratifies and confirms the terms of Executive’s

Supplemental Executive Retirement Plan effective as of July 1, 1999 and as

amended through January 1, 2005 (“SERP”), Executive’s Split Dollar Agreement

with the Company dated as of December 20, 1999 (“Split Dollar Agreement”) and

Executive’s Defined Contribution Plan effective as of July 1, 2004 (“DC-SERP”),

each of which is incorporated herein by reference, and the Company hereby

agrees to satisfy its obligations to Executive under the SERP, the Split Dollar

Agreement and the DC-SERP, provided however, that due to limitations
imposed

by the Sarbanes-Oxley Act of 2002, the Company has been legally unable to

continue to make its required annual premium payment under the Split Dollar

Agreement beginning with the premium payment due in or about July 2003 and

provided further, that the Company is now making annual premium payments

(beginning July 2004 and continuing each year up to and including the scheduled

annual premium payment for 2009) in the amount of $2,611,161 on the life

insurance policies owned and maintained by the Company in connection with the

DC-SERP (policy nos. I0045640 and N056205610).” 

     2.     Section 3(a) of the Employment Agreement is amended by replacing the phrase “(but not the SERP (as defined herein) and not the Split Dollar Agreement (as defined herein) or its
equivalent pursuant to Section 8)” with “(including the SERP (as defined herein), the Split Dollar Agreement (as defined herein) and the DC-SERP (as hereinafter defined), provided that for purposes of the SERP Executive will, upon electing
to go into such non-officer position, not accrue additional service credit and the Company will continue to make its annual premium payments under the DC-SERP in accordance with Section 8)”. 

     3.     Section 7(a) of the Employment Agreement is amended by replacing the phrase “its equivalent in accordance with Section 8” with “the DC-SERP (in accordance with Section 3(a)
above)”. 

        4.     Section 11(a)(viii) of the Employment Agreement, in connection with a Termination Due to Death, is amended by adding the phrase “and the DC-SERP” after “SERP and the Split Dollar Agreement”. 

        5.     Section 11(b)(iii)(D) of the Employment Agreement, in connection with a Termination by the Company for Cause, is amended by adding the phrase “and the DC-SERP” after “SERP and the Split Dollar Agreement”. 

        6.     Section 11(c)(xi) of the Employment Agreement, in connection with a Termination Without Cause or Constructive Termination Without Cause Prior to a Change in Control, is amended by replacing it with the following: 

	
 	
“(xi) 24 months of additional service credit for purposes of determining the 

amount Executive’s accrued benefits under the SERP, and immediate vesting of 

any such benefits; and for purposes of Appendix B of the SERP age at termination 

of employment will be the actual age upon such cessation of employment;” 

Section 11(c)(xii) is deleted in its entirety; and Section 11(c)(xiii) of the Employment Agreement is amended by replacing the phrase “(or its equivalent under Section 8)” with “and the DC-SERP”. 

        7.     Section 11(e)(xi) of the Employment Agreement, in connection with a Termination Without Cause, Constructive Termination Without Cause or Voluntary Termination Following a Change in Control, is amended by replacing it with the following: 

	
 	
““(xi) 36 months of additional service credit for purposes of determining the amount Executive’s accrued benefits under the SERP, and immediate vesting of any such benefits; and for purposes of Appendix B of
the SERP age at termination of employment will be the actual age upon such cessation of employment;” 

 

Section 11(e)(xii) is deleted in its entirety; and Section 11(e)(xiii) of the Employment Agreement is amended by replacing the phrase “(or its equivalent)” with “and the DC-SERP”. 

     8.     Section 11(f)(ix) of the Employment Agreement, in connection with Retirement, is amended by replacing the phrase “(or its equivalent)” with “and the DC-SERP”. 

     9.     The “Defined Terms” in the Split Dollar Agreement will be deemed to reference the provisions in the Employment Agreement as follows: Approved Early Retirement and Normal Retirement
are now references to “Retirement”; and constructive termination includes a termination by Employee in the sixty day period beginning six months following a Change in Control as set forth in his Employment Agreement; and Employment
Agreement is intended to reference your Employment Agreement dated October 11, 2000 as amended through the date hereof, and the references to Sections 10 and 12 of your prior Employment Agreement are now references to Sections 11 and 14 of the
Employment Agreement. 

        Please confirm your acknowledgement and agreement with the above by executing a copy of this letter and delivering it to the Company.

	
 	
 	
Very truly yours, 

	
 	
 	
 	
 	
 
	
 	
 	
LINENS 'N THINGS, INC.
	
 	
 	
 
	
 
	
 	
By: 

	
 	
/s/
Brian D. Silva 

	
	
	

	
 
	
 	
 
	
 	
 	
Brian D. Silva 

	
 
	
 	
 
	
 	
 	
Senior Vice President of Human
	
 
	
 	
 
	
 	
 	
Services, Administration and 

	
 
	
 	
 
	
 	
 	
Corporate Secretary 

	
NORMAN AXELROD 
	
 	
 

	
 	
 	
 
	
/s/ Norman Axelrod	
 	
 
	

	
Dated: June 21, 2005exhibit101

    PURCHASE
      AND SALE AGREEMENT 

    

    BETWEEN

    

    MARLYS
      A.
      KOEHLER-BERRY AS TRUSTEE OF THE KOEHLER FAMILY TRUST

     UNDER
      INSTRUMENT DATED SEPTEMBER 17, 1986 AND AMENDED SEPTEMBER 18,

    1991
      (“KOEHLER-BERRY”)

    

    AND

    

    LOG
      CABIN, INC., A NEVADA CORPORATION (“LOG CABIN”)

    

    AS
      SELLER

    

    AND

    

    AWI
      GAMING, INC.

    

    AS
      BUYER

    

    

    

    WESTERN
      TITLE COMPANY, INC

    (Title
      Company)

    

    

    Escrow
      No. 150476-TME

    

    

    FOR

    

     

    STURGEON’S
      INN & CASINO, 1420 CORNELL AVENUE, LOVELOCK, NEVADA 89419

    

    

    
      
        
        

      

      
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    PURCHASE
      AND SALE AGREEMENT

    WESTERN
      TITLE COMPANY

     

    ESCROW
      NO. 150476-TME 

     

    TABLE
      OF CONTENTS

     

    

      
        	
                1.

              	
                DEFINITIONS

                 

              	
                3

              
	
                2.

              	
                PURCHASE
                  PRICES

                 

              	
                10

              
	
                3.

              	
                ESCROW;
                  CLOSING

                 

              	
                11

              
	
                4.

              	
                REPRESENTATIONS
                  AND WARRANTIES

                 

              	
                13

              
	
                5.

              	
                OBLIGATIONS
                  OF THE PARTIES

                 

              	
                18

              
	
                6.

              	
                TITLE
                  TO REAL PROPERTY

                 

              	
                19

              
	
                7.

              	
                CONDITIONS
                  PRECEDENT/CONSCURRENT TO CLOSING; CLOSING
                  DATE

                 

              	
                19

              
	
                8.

              	
                PRORATIONS
                  AND ADJUSTMENTS

                 

              	
                20

              
	
                9.

              	
                COSTS
                  AND EXPENSES

                 

              	
                22

              
	
                10.

              	
                DELIVERY
                  OF POSSESSION

                 

              	
                22

              
	
                11.

              	
                GENERAL
                  INDEMNIFICATION

                 

              	
                22

              
	
                12.

              	
                CONDEMNATION
                  AND DESTRUCTION

                 

              	
                24

              
	
                13.

              	
                REMEDIES

                 

              	
                25

              
	
                14.

              	
                NOTICE

                 

              	
                27

              
	
                15.

              	
                MISCELLANEOUS

              	
                27

              

      

    

     

     

    

     

     

     

    
      
        
        

      

      
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    PURCHASE
      AND SALE AGREEMENT

    

    THIS
      PURCHASE AND SALE AGREEMENT (this “Agreement”) is dated as of June ___, 2005,
      and is entered into among AWI Gaming, Inc., a Nevada corporation (“Buyer”), and
      Marlys A. Koehler-Berry as Trustee of the Koehler Family Trust under instrument
      dated September 17, 1986 and amended September 18, 1991 (“Koehler-Berry”), Log
      Cabin, Inc., a Nevada corporation (“Log Cabin”), (Koehler-Berry and Log Cabin
      hereinafter “Seller”).

    

    PRELIMINARY
      STATEMENTS

    

    
      	A.  	
              Koehler-Berry
                is the owner of Sturgeons Casino (the “Casino”), currently being run as a
                sole proprietorship and is also the owner of one hundred percent
                of the
                issued and outstanding stock of Log Cabin, which owns and operates
                the
                restaurant and motel attached to the Casino (the Casino and Log Cabin’s
                restaurant and motel are collectively referred to herein as the
                “Business”). The Business is located at 1420
                Cornell Avenue, Lovelock, Nevada
                89419.

            

    

    

    
      	B.  	
              Seller
                desires to sell certain of the assets utilized in the Business and
                Buyer
                desires to purchase such assets, in each case pursuant to the terms
                and
                conditions of this Agreement.

            

    

    

    AGREEMENT

    

    The
      Buyer
      and Seller agree as follows:

    

    1.  Definitions.
      For the
      purposes of this Agreement, the following terms shall have the following
      meanings:

    

    1.1.  “Accounts
      Receivable” means all accounts receivable of the Business, including receivables
      from Room Revenues, Other Revenues, and Leases.

    

    1.2.  “American
      Wagering, Inc.” or “AWI” means American Wagering, Inc., a Nevada corporation,
      and the parent company of AWI Gaming, Inc.

    

    1.3.  “AWI
      Gaming, Inc.” means AWI Gaming, Inc., a Nevada corporation.

    

    1.4.  “Appurtenances”
      means all rights, privileges, and easements appurtenant to the Real
      Property.

    

    1.5.  “Assignment
      and Assumption of Agreement” means the Assignment and Assumption Agreement, to
      be duly executed and delivered by Buyer and Seller in accordance with this
      Agreement. The Assignment and Assumption Agreement shall be in the form set
      forth on Exhibit “A.”

    

    1.6.  “Assignment
      of Intellectual Property” means the Assignment of Intellectual Property, to be
      executed and delivered by Seller in accordance with Section 3.2 of this
      Agreement, 

     

     

    

    
      
        
        

      

      
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      assigning
        to Buyer all of Seller’s right, titles, interest in and to the Intangible
        Property. The Assignment of Intellectual Property shall be in the form of,
        and
        upon the terms contained in Exhibit “B.”

    

     

    1.7.  “Associated
      Equipment” means all associated equipment as defined by Nevada Revised Statutes
§ 463/0136 as may be amended.

    

    1.8.  “Bill
      of
      Sale” means the Bill of Sale, to be duly executed and delivered by Seller in
      accordance with this Agreement, conveying the Personal Property to Buyer. The
      Bill of Sale shall be in the form set forth on Exhibit “C.”

    

    1.9.  “Board
      Approval” means all requisite approvals of the Board of Directors of
      AWI.

    

    1.10.  “Buyer
      Indemnities” has the meaning ascribed to it in Article 11 of this
      Agreement.

    

    1.11.  “Casino”
      means the interest in the Business and the ownership of the Improvements
      compromising that portion of the Real Property containing a casino and
      bar/lounge.

    

    1.12.  “Casino
      Property” means collectively the Gaming Devices, the Associated Equipment and
      any and all property related to the ownership and operation of the Gaming
      Devices and Associated Equipment located in the Casino.

    

    1.13.  “Closing”
      means the consummation of the conveyances of the Property, and the other
      transactions contemplated under this Agreement, all of which shall occur on
      or
      before the Closing Date.

    

    1.14.  “Closing
      Certificates” means: (a) a certificate of Seller stating that the warranties and
      representations of Seller contained in this Agreement are true and correct
      as of
      the Closing Date, except as set forth in such certificate; and (b) a certificate
      of Buyer stating that the warranties and representations of Buyer contained
      in
      this Agreement are true and correct as of the Closing date, except as set forth
      in such certificate.

    

    1.15.  “Closing
      Date” means the date upon which the Closing occurs which shall be no later than
      the last day of the month following Gaming Approval by the Nevada Gaming
      Commission unless an earlier date is mutually agreed upon by the parties
      hereto.

    

    1.16.  “Code”
      means the United States Internal Revenue Code of 1986, as amended.

    

    1.17.  “Compliance
      Committee” means the Compliance Committee of AWI.

    

    1.18.  “Compliance
      Committee Approval” means all requisite approvals of the Compliance Committee
      which shall be obtained no later than thirty (30) days after execution of this
      Agreement.

    

    1.19.  “Deposit”
      means the sum of One Hundred Thousand Dollars ($100,000) in immediately
      available funds. One half of the Deposit, Fifty Thousand Dollars ($50,000),
      was

     

     

    
      
        
        

      

      
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    delivered
      to Escrow Holder on or about April 28, 2005. The remaining half of the Deposit
      shall be delivered to Escrow Holder within two business days after the execution
      and delivery of this Agreement by Seller for the benefit of Seller unless
      Deposit is returned to Buyer pursuant to Section 2.1of this Agreement or applied
      against of the Purchase Price at Closing.

     

    1.20.  “Environmental
      Law” means any present federal, state and local laws, statutes, ordinances,
      rules, regulations, orders, injunctions and decrees of any Governmental
      Authority, or common law relating to Hazardous Materials and/or the protection
      of human health or the environment by reason of a release or a threatened
      release of Hazardous Materials or relating to liability for or costs of
      remediation or prevention of releases. “Environmental Law” includes, but is not
      limited to, the following statutes, as amended, any successor thereto, and
      any
      regulations, rulings, orders or decrees promulgated pursuant thereto, and any
      state or local statutes, ordinances, rules, regulations, rulings, orders
      injunctions and decrees of any Governmental Authority: the Comprehensive
      Environmental Response, Compensation and Liability Act, 42 U.S.C. §§ 9601 et.
      seq.; the Emergency Planning and Community Right-to-Know Act, 42 U.S.C. § 11001
      et. seq.; the Hazardous Materials Transportation Act,
      49 U.S.C. § 5101 et. seq.; the Resource Conservation and Recovery
      Act (including but not limited to Subtitle I relating to underground storage
      tank systems), 42 U.S.C. §§ 6901 et seq.; the Clean Water Act, 33 U.S.C. §§ 1251
      et. seq.; the Clear Air Act, 42 U.S.C. §§ 7401 et seq.; the Toxic Substances
      Control Act, 15 U.S.C. § 2601 et. seq.; the Safe Drinking Water Act, 42 U.S.C.
§§ 7401 et. seq.; the Occupational Safety and Health Act, 29 U.S.C. § 651 et.
      seq.; the Federal Insecticide, Fungicide and Rodenticide Act, 7 U.S.C. § 136 et.
      seq.; the Endangered Species Act, 16 U.S.C. §§ 1531 et seq. and the National
      Environmental Policy Act, 42 U.S.C. § 4321 et seq. “Environmental
      Law” also includes, but is not limited to, any present federal, state and local
      laws, statutes, ordinances, regulations, orders, injunctions and decrees of
      any
      Governmental Authority and common law conditioning transfer of property upon
      a
      negative declaration or other approval of any Governmental Authority of the
      environmental condition of the property; requiring notification or disclosure
      of
      releases or other environmental condition of the Real Property to any
      Governmental Authority or other person or entity, whether or not in connection
      with transfer of title to or interest in property; imposing conditions or
      requirements relating to Hazardous Materials in connection with permits or
      other
      authorizations required by any Governmental Authority; relating to the handling
      and disposal of Hazardous Materials; relating to nuisance, trespass or other
      causes of action related to Hazardous Materials; and relating to wrongful death,
      personal injury, or property or other damage in connection with the physical
      condition or use of the Real Property by reason of the presence of the Hazardous
      Materials in, on, under or above the Real Property.

    

    1.21.  “Equipment
      Leases” means the leases of equipment used in the operation of the Property,
      which are set forth on Exhibit “D,” and all of which shall be current as of the
      Closing.

    

    1.22.  “ERISA”
      means the Employment Retirement Income Security Act of 1974, as amended from
      time to time, and the regulations promulgated thereunder.

    

    1.23.  “Escrow”
      means the escrow established with Escrow Holder for the consummation of the
      purchase and sale of the Property in accordance with this
      Agreement.

     

     

    
      
        
        

      

      
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    1.24.  “Escrow
      Holder” means Western Title Company, Inc. located at 500 Damonte Ranch Parkway,
      Suite 657, Reno, Nevada 89521.

    

    1.25.  “Excluded
      Property” means the Casino cash, cash equivalents, Inventory, all prepaid
      utility deposits, any insurance claims, intercompany loans of which the Seller
      is a creditor, the corporate charter of Seller, qualifications to conduct
      business, arrangements with resident agents, taxpayer and other indemnification
      numbers, seals, minute books, stock transfer books, stock certificates and
      other
      documents relating to the organization, maintenance, and existence of Seller
      as
      a corporation, the House Bank, House Funds, and Rebates or Refunds.

    

    1.26.  “Fixtures”
      means all fixtures (other than the Casino Property) placed on, attached to,
      or
      located at and used in connection with the operation of, the Real Property
      or
      the Business.

    

    1.27.  “Gaming
      Approval” means all requisite licenses, findings of suitability and other
      required approvals of the Gaming Authority required to: (i) allow Buyer to
      purchase and operate the Business, including the Property and the Casino, and
      (ii) allow the Seller to transfer the Business, including the Property and
      the
      Casino.

    

    1.28.  “Gaming
      Authority” means collectively the Nevada Gaming Control Board, the Nevada Gaming
      Commission, the Pershing Liquor and Gaming Licensing Board and any other entity
      having jurisdiction over the gaming and liquor operations located on the
      Property.

    

    1.29.  “Gaming
      Devices” means collectively the gaming devices as defined by Nevada Revised
      Statutes § 463.0155 as may be amended.

    

    1.30.  “Gaming
      Regulations” means the Nevada Gaming Control Act contained within Chapter 463 of
      the Nevada Revised Statutes, as the same may be amended, and any regulations
      promulgated thereunder.

    

    1.31.  “Governmental
      Regulations” means, with the exception of the Gaming Regulations, any local,
      state, and federal laws, ordinances, rules, requirements, resolutions, policy
      statements and regulations (including, without limitation, those relating to
      land use, subdivisions, zoning, environmental, labor relations, notification
      of
      sale to employees, Hazardous Materials, occupational health and safety, water,
      earthquake hazard reduction and building fire codes) bearing on the
      construction, development, alteration, rehabilitation, maintenance, use,
      operation, or sale of the Property.

    

    1.32.  “Grant,
      Bargain, Sale and Deed” means the Grant, Bargain, Sale, and Deed, to be duly
      executed and delivered by Seller in accordance with this Agreement, conveying
      the Real Property to Buyer. The Grant, Bargain, Sale and Deed shall be in the
      form set forth on Exhibit “1.”

    

    1.33.  “Hazardous
      Materials” means (i) any toxic substance or hazardous waste, substance, solid
      waste or related material, or any pollutant or contaminant; (ii) radon gas,
      asbestos in any form which is or could become friable, urea formaldehyde foam
      insulation, transformers or other equipment containing dielectric fluid having
      levels of polychlorinated biphenyls in excess of 

     

     

    
      
        
        

      

      
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    applicable
      standards established by any Governmental Authority, any petroleum product
      or
      additive, any petroleum-based substances or any similar terms described or
      defined in any Environmental Law applicable to regulating below or above ground
      tanks and associated piping systems used in connection with the storage,
      dispensing and general use of petroleum and petroleum-based substances, or
      any
      Toxic Mold; (iii) any substances, gas, material or chemical which is now or
      hereafter defined as or included in the definition of “hazardous substances”,
“toxic substances”, “hazardous materials”, hazardous wastes”“regulated
      substances”, or words of similar import under any Environmental Law; and (iv)
      any other chemical, material, gas or substance the exposure to or release of
      which is prohibited, limited or regulated by any Governmental Authority that
      asserts or may assert jurisdiction over the Real Property or the operations
      or
      activity at the Real Property, or any chemical, material, gas or substance
      that
      does or is reasonably likely to pose a hazard to the health and/or safety of
      the
      occupants of the Real Property or the owners and/or occupants of property
      adjacent to or surrounding the Real Property.

    

    1.34.  “House
      Bank” means cash on hand including, without limitation, all chips and tokens at
      the Casino as of the Transfer Time, including cash or cash equivalents in slot
      hoppers, drop boxes, the cashier’s cage, and the hard and soft count
      rooms.

    

    1.35.  “House
      Funds” means cash on hand at the Business as of the Transfer Time.

    

    1.36.  “Improvements”
      means the Casino, Restaurant, Motel, and all other improvements situated on
      the
      Real Property.

    

    1.37.  “Intellectual
      Property” means the intellectual property owned by Seller or licensed to Seller
      and used in connection with the Business or its operation including, but not
      limited to, trade names, logos, derivations, slogans, and other marks, telephone
      numbers, and TWX numbers owned or used by or licensed to Seller and the
      associated Business.

    

    1.38.  “Inventory”
      means all food, smallwares, paper and other restaurant supplies, wine, beer,
      other alcoholic and non-alcoholic beverages, bath towels, bed linens, sundries
      and other motel supplies, etc., on hand at the Real Property as of the Transfer
      Time.

     

    1.39.  “Licenses
      and Permits” means, with the exception of any gaming or liquor licenses or
      approvals and subject to transferability, all of Seller’s rights, title,
      interest, privileges, benefits and remedies in, to and under all authorizations,
      approvals, permits licenses, agreements, variances, tentative maps, final maps,
      plans and specifications, and land use entitlements held by Seller and/or
      relating to the construction, reconstruction, occupancy, and operation or use
      of
      any part of the Real Property or Personal Property (e.g., all building permits,
      certificates or occupancy, and business licenses), in each case set forth in
      Exhibit “F.”

    

    1.40.  “Litigation
      Expenses” means any court filing fee, court cost, arbitration fee or cost,
      witness fee, and each other fee and cost of investigating and defending or
      asserting any claim for indemnification under this Agreement, including, without
      limitation, in each case, attorney’s fees, and other professionals’ fees, and
      disbursements.

     

     

    
      
        
        

      

      
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    1.41.  “Motor
      Vehicle Certificates of Ownership” means the Certificates of Ownership issued by
      the Department of Motor Vehicles for the State of Nevada, to be duly executed,
      properly endorsed and delivered by Seller in accordance with the terms of this
      Agreement, conveying legal title of the Motor Vehicles to Buyer in accordance
      with the rules and regulations for the Department of Motor Vehicles for the
      State of Nevada, in each case set forth in Exhibit “G.”

    

    1.42.  “Notices
      to Vendors” means notices from Seller to all vendors under Service Contracts
      being assigned by Seller to, and assumed by, Buyer at the Closing or other
      vendors providing goods or services to the Business at the Time of Closing
      whereby such vendors are notified that the operation of the Business has been
      transferred to Buyer.

    

    1.43.  “Other
      Revenues” means all revenues earned from the operation of the Property, other
      than gaming revenues and Room Revenues, including, without limitation, revenues
      from the sale of food, the sale of alcoholic and non-alcoholic beverages, rental
      meeting and banquet rooms, telephone sales, pay television sales, valet and
      parking services, gift shop revenue, and other similar revenues, together with
      any sales tax or other taxes thereon.

    

    1.44.  “Owner’s
      Title Policy” means the standard form of ALTA Extended Coverage owner’s title
      policy issued by the Title Company (together with such reinsurance carriers
      as
      Buyer may require) for property located in the State of Nevada to be issued
      for
      the benefit of Buyer, which Title Policy shall be: (a) without charges in excess
      of regular premiums; and (b) shall show only Permitted Exceptions.

    

    1.45.  “Performing
      Accounts Receivable” means any Account Receivable that is scheduled to become
      due and payable to Seller within ninety (90) days old after the Transfer Time.
      

    

    1.46.  “Permitted
      Exceptions” shall have the same meaning as defined in Article 6 of this
      Agreement.

    

    1.47.  “Personal
      Property” means all personal property of Seller located on or in or used in
      connection with the Real Property (other than the Excluded Property) and the
      Business, including, but not limited to, all Casino Property, equipment under
      the Equipment Leases, printing and Stationary, advertising and promotional
      literature, Motor Vehicles, all consumables, upholstery material, computer
      equipment, reservation terminals, cash registers, office supplies, office
      equipment (including, without limitation, facsimile machines, copiers and
      telephones, external internet connections, or wired fidelity connections) office
      furniture, motel room furniture and fixtures including: televisions, minibars,
      carpets and rugs, all furniture, furnishings, motel equipment, beds, bureaus,
      couches, chinaware, glassware, silverware, ornaments, kitchen utensils, bars,
      bar fixtures, safes, stoves, ranges, refrigerators, radios, electrical
      equipment, lamps, mirrors, heating and lighting fixtures and equipment, linens,
      blankets, steam and hot water boilers, engines, generators, ice machines,
      cooling systems, air conditioning machines, fire prevention and extinguishing
      apparatus, pipes, radiators, bathtubs, plumbing fixtures, gas and electric
      fixtures, and all similar and related articles located in the bedrooms, sitting
      rooms, 

     

     

    
      
        
        

      

      
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    bathrooms,
      boudoirs, halls, closets, kitchens, dining rooms, bar rooms, offices, lobbies,
      basements and cellars, vaults and other portions of the Real
      Property.

    

    1.48.  “Preliminary
      Title Report” means the first amended preliminary report dated as of May 2,
      2005, as Order No. 00018718-099 issued by the Escrow Holder.

    

    1.49.  “Property”
      means the Real Property, the Personal Property, the Service Contracts, and
      the
      Intellectual Property of the Business.

    

    1.50.  “Purchase
      Price” means the sum of U.S. One Million Eight Hundred Thousand Dollars
      ($1,800,000).

    

    1.51.  “Real
      Property” means the Real Property, the Improvements, the Fixtures, and
      Appurtenances, the legal description of which is set forth in Exhibit
“E”.

    

    1.52.  “Rebates
      or Refunds” means all refunds, rebates, reimbursements or other similar payments
      made to the Seller after the Closing Date in connection with or as a result
      of:
      (a) taxes previously paid by Seller with respect to the Property or any portion
      thereof, except for income taxes paid by seller as a result of income earned
      from the operation of the Property, (b) fees paid by Seller to any governmental
      agency with jurisdiction over the Property or any portion thereof or with
      respect to the development or operation of the Property or any portion thereof;
      (c) any other amounts paid by or on behalf of the Seller to third parties in
      connection with the ownership, maintenance, and/or operation of the Property,
      including, but not limited to, any deposits paid by or on behalf of Seller
      to
      utility companies, governmental entities and any other third parties servicing
      the Property; or (d) any other reason related to the Property. Such Rebates
      or
      Refunds shall remain Seller’s property after the Closing Date.

    

    1.53.  “Reservation
      Agreements” means all guest, banquet room and meeting room and restaurant
      reservation agreements executed by Seller and all deposits made thereunder
      for
      periods after the Closing.

    

    1.54.  “Room
      Revenues” means all revenues from the rental of motel guest rooms (but excluding
      any items included in the definition of Other Revenues), together with any
      sales
      or other taxes collected by the Seller.

    

    1.55.  “Seller’s
      Payables” means the accounts payable with respect which seller agrees to be
      fully responsible for the payment at the Closing Date.

    

    1.56.  “Service
      Contracts” means the maintenance contracts, warranties, guarantees, management
      contracts and bonds, and any other similar obligations, commitments or
      arrangements, together with all supplements, amendments and modifications
      thereto relating to the construction, development, marketing, operation,
      maintenance or enjoyment of the Property (other than the Casino
      Property).

     

     

    
      
        
        

      

      
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    1.57.  “Survey”
      means an ALTA “as built” survey of the Real Property to be prepared at Seller
      and Buyer’s shared expense (each to pay one half of the cost) by a licensed
      surveyor or civil engineer who is selected by Buyer.

     

    1.58.  “Title
      Company” means Western Title, which is interchangeable with Escrow Holder and/or
      its agent in the State of Nevada.

    

    1.59.  “Transfer
      Documents” means the Bill of Sale, the Assignment and Assumption Agreement, the
      Assignment of Intellectual Property, and Motor Vehicle Certificates of
      Ownership.

    

    1.60.  “Transfer
      Time” means 12:01 a.m. PST on the Closing Date.

    

    1.61.  “Transferor’s
      Certificate” means the certificate, to be duly executed by Seller under penalty
      of perjury and delivered by Seller in accordance with this Agreement certifying
      that Seller is not a “foreign person” in accordance with the provisions of
      Section 1445 of the Code and any similar provisions of applicable state
      law.

    

    1.62.  “WARN
      Act” means the Worker Adjustment and Retraining Notification Act (29 U.S.C. 2102
      et seq.).

    

    1.63.  “Warranties”
      means all third party warranties and guarantees relating to the
      Property.

    

    1.64.  Use
      of Defined Terms.
      Any
      defined term used in the plural shall refer to all members of the relevant
      class, and any defined term used in the singular shall refer to any one or
      more
      of the members of the relevant class.

    

    1.65.  Exhibits
      and Schedules.
      All
      Exhibits and Schedules to this Agreement, either as originally existing or
      as
      the same may from time to time be supplemented, modified, or amended are
      incorporated herein by this reference.

    

    1.66.  Miscellaneous
      Terms.
      The
      term “or” is disjunctive; the term “and” is conjunctive; the term “shall” is
      mandatory; the term “may” is permissive. Masculine terms shall also apply to
      female; feminine terms shall also apply to male. The term “including” is by way
      of example and not limitation.

    

    2.  Purchase
Price.
      Seller
      agrees to sell to Buyer, and Buyer agrees to purchase from Seller, the Property,
      in accordance with the terms, and subject to the conditions, of this Agreement.
      The Purchase Price for the Property will be paid as follows:

    

    2.1.  Deposit.
      Upon Seller’s acceptance of the Letter of Intent, Buyer immediately deposited
      with the Escrow Holder Fifty Thousand Dollars ($50,000), which may be refundable
      until June 12, 2005. Within two (2) business days after the execution and
      delivery of this Agreement, Buyer shall deliver to the Escrow Holder and
      additional Fifty Thousand Dollars

     

    
      
        
        

      

      
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     ($50,000),
      at which time the full Deposit of One Hundred Thousand Dollars ($100,000) shall
      become nonrefundable. 

    

    2.2.  Balance
      of the Purchase Price.
      On
      the Closing Date, Buyer shall pay One Million Eight Hundred Thousand Dollars
      ($1,800,00.00) to Seller: the $100,000 nonrefundable Deposit plus an additional
      One Million Seven Hundred Thousand Dollars ($1,700,000). 

    

    2.3.  Allocation
      of the Purchase Price.
      The Purchase Price shall be allocated among the various components of the
      Property pursuant to Schedule 2.3 of this Agreement.

     

    3.  Escrow;
      Closing.

    

    3.1.  Escrow
      Instructions.
      Within forty-eight (48) hours following the mutual execution and delivery of
      this Agreement, the parties shall deposit a fully executed counterpart of this
      Agreement with the Escrow Holder in order to consummate the purchase and sale
      in
      accordance with the terms of this Agreement. This Agreement shall constitute
      joint escrow instructions to the Escrow Holder; except that the parties shall
      execute such additional instructions as may be reasonably requested by the
      Escrow Holder not inconsistent with the provisions of this Agreement. The
      Closing will take place at 10: 00 a.m. (PST) on the Closing Date at the offices
      of Western Title Company, Inc. located
      at 500 Damonte Ranch Parkway, Suite 657, Reno, Nevada 89521.

    

    3.2.  By
      Seller.
      At the
      Closing, Seller shall deliver, or cause to be delivered to Escrow Holder, the
      following items (if applicable) duly executed, and where appropriate,
      acknowledged by Seller:

    

    3.2.1.  A
      counterpart original of the Assignment of Intellectual Property;

    

    3.2.2.  The
      Bill
      of Sale;

    

    3.2.3.  A
      counterpart original of the Assignment and Assumption Agreement;

    

    3.2.4.  The
      Motor
      Vehicle Certificates of Ownership;

    

    3.2.5.  An
      executed Preliminary Schedule of Adjustments;

    

    3.2.6.  The
      Notices to Vendors;

    

    3.2.7.  The
      Transferor’s Certificate;

    

    3.2.8.  The
      Seller’s Closing Certificate; and

    

    3.2.9.  The
      Grant, Bargain, Sale and Deed

    

    
      
        
        

      

      
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    3.2.10.  Such
      resolutions, authorizations, certificates of good standing and/or other
      corporate documents relating to Seller as are reasonably required by Buyer
      in
      connection with the transactions contemplated under this Agreement;

    

    3.2.11.  Keys
      to
      all doors on any structures and improvements situated on the Property, which
      keys shall be properly tagged for identification; and 

    

    3.2.12.  Possession
      of the Personal Property.

    

    3.3.  By
      Buyer.
      At the
      Closing, Buyer will deliver or cause to be delivered to Escrow Holder the
      following items, duly executed and, where appropriate, acknowledged by
      Buyer;

    

    3.3.1.  The
      net
      balance of the Purchase Price, to be paid in accordance with this Agreement,
      and
      after taking into account the Deposit and the adjustments and cost allocations
      in accordance with this Agreement;

    

    3.3.2.  Such
      corporate resolutions, certificates of good standing and/or other corporate
      and
      partnership documents relating to Buyer as are reasonably required by Seller
      in
      connection with the transactions contemplated under this Agreement;

    

    3.3.3.  Buyer’s
      Closing Certificate;

    

    3.3.4.  A
      counterpart original of the Assignment of the Intellectual
      Property;

    

    3.3.5.  The
      Bill
      of Sale;

    

    3.3.6.  A
      counterpart original of the Assignment and Assumption Agreement;

    

    3.4.  By
      Buyer and Seller.
      Buyer
      and Seller will each deposit into Escrow such other duly executed and, where
      appropriate, acknowledged instruments consistent with this Agreement as are
      reasonably required to effectuate the transactions contemplated under this
      Agreement.

    

    3.5.  Close
      of Escrow.
      When
      (i) each party has deposited in Escrow all of the funds and documents required
      to be deposited in Escrow by it pursuant to Articles 2 and 3 or any other
      provision of this Agreement; (ii) each of the parties has approved or waived
      each of the conditions in its favor set forth in this Agreement; and (iii)
      Escrow Holder is otherwise in a position to close Escrow, Escrow Holder shall
      close Escrow by:

    

    3.5.1.  Recording
      in the Official Records of Pershing County, Nevada, the documents deposited
      in
      Escrow, which are in recordable form;

    

    3.5.2.  Subject
      to Article 2, delivering to Seller the Purchase Price, as adjusted, for Seller’s
      share of prorations and Closing costs;

    

    3.5.3.  Delivering
      to Seller a counterpart original of the Assignment and Assumption Agreement,
      a
      counterpart original of the Assignment of Intellectual Property, the Motor
      

     

    
      
        
        

      

      
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    Vehicle
      Certificates of Ownership, the written certificates required under this
      Agreement, and any other documents (or copies thereof) delivered into Escrow
      by
      Seller.

    

    3.6.  Deliveries
      Outside of Escrow.
      At
      least two (2) business days before the Closing Date, Seller shall deliver to
      Buyer drafts of the following, the finals of which shall be delivered at
      Closing:

    

    3.6.1.  Revised
      and updated schedules and exhibits as required pursuant to this Agreement,
      prepared as of the Closing Date, certified to be true, correct, and complete
      as
      of the date of preparation;

    

    3.6.2.  At
      Closing, Seller shall deliver to Buyer the following outside of
      Escrow:

    

    3.6.2.1.  All
      keys
      and entrance cards to all doors on any structures and improvements situated
      on
      the Property, and keys to all Personal Property located on the Real Property,
      which keys shall be properly tagged for identification, together with an
      accounting for all such keys (other than keys in possession of motel guests)
      in
      the possession of others;

    

    3.6.2.2.  An
      itemized list of Excluded Property set forth in Schedule 3.6.2.2; whereupon
      Buyer and Seller shall negotiate a separate purchase price for the individual
      items of Excluded Property. Although Buyer will not purchase or assume any
      liability for Seller’s chip and token liability (a House Bank item and an item
      of Excluded Property), Buyer will act as Seller’s place of redemption for the
      chip and token liability. Buyer will redeem Seller’s chip and token liability
      and submit an invoice to Seller for reimbursement.

    

    3.6.2.3.  All
      current real estate and personal property tax bills for the Property in Seller’s
      possession or under its control;

    

    3.6.2.4.  A
      complete list of the Reservation Agreements in effect as of the Closing Date,
      in
      reasonable detail so as to enable Buyer to honor Seller’s commitments in that
      regard;

    

    3.6.2.5.  A
      list of
      all safe deposit boxes in use as of the Closing Date, an inventory of the
      contents of such safe deposit boxes prepared and signed by the Business guest
      and an employee of Seller, and notices of the Business guests of the transfer
      of
      control of the same safe deposit boxes;

    

    3.6.2.6.  Baggage,
      laundry, and other personal property of Business guests checked in or left
      in
      the care of the Seller by transient Business guests (other than property in
      motel rooms or safe deposit boxes), together with a list thereof prepared and
      signed by an employer of Seller; and

    

    3.6.2.7.  Possession
      of the Property subject to any Permitted Encumbrances.

    

    4.  Representations
and
      Warranties.

     

     

    
      
        
        

      

      
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    4.1.  Seller’s
      Representations and Warranties.
      Seller
      makes the following representations and warranties to Buyer, upon which
      warranties and representations Buyer has relied and will continue to rely,
      all
      of which are true as of the date of this Agreement and will be true and correct
      as of the Closing:

    

    4.1.1.  Organization
      of Trust. Koehler-Berry
      has the full power and authority to enter into and carry out this Agreement
      and
      the transactions contemplated by this Agreement. This Agreement and each of
      the
      other documents described in this Agreement have been duly authorized by
      Koehler-Berry, which executed and delivered to Buyer, will constitute legal,
      valid, and binding obligations enforceable against Koehler-Berry in accordance
      with the terms of such documents subject to applicable laws relating to or
      affecting the rights of creditors generally and subject to enforceability under
      general equity principles.

    

    4.1.2.  Organization
      of Log Cabin.
      Log
      Cabin is duly organized, validly existing and in good standing under the laws
      of
      the State of Nevada and is duly qualified to do business in the State of Nevada.
      The execution and delivery of this Agreement and the other documents
      contemplated by this Agreement by Seller, and the performance by Seller of
      the
      obligations under this Agreement and the other documents contemplated in this
      Agreement: (i) are within the power of Seller; (ii) have been duly authorized
      by
      all requisite corporate action on the part of Seller; and (iii) will not violate
      any provision of law, any order of any court or agency of government, the
      charter documents of Seller, or any indenture, agreement, or any other
      instrument to which Seller is a party. This Agreement and each of the other
      documents described in this Agreement, which executed and delivered to Buyer,
      will constitute legal, valid, and binding obligations enforceable against Seller
      in accordance with the terms of such documents subject to applicable laws
      relating to or affecting the rights of creditors generally and subject to
      enforceability of general equity principles.

    

    4.1.3.  Non-foreign
      Person.
      Seller
      is not a “foreign person” as that term is defined in Section 1445(f) of the Code
      and in the applicable provisions of state statute, if any, and the regulations
      issued thereunder, as amended, or any successor thereto, as set forth in
      Schedule 4.1.3.

    

    4.1.4.  Personal
      Property Owner.
      Seller
      is the sole owner of the Personal Property free of any adverse claim of any
      kind
      whatsoever, except as set forth in Schedule 4.1.4.

    

    4.1.5.  Seller
      shall deliver all equipment used to operate the Property in good working
      condition in accordance with Seller’s normal course of business at the Transfer
      Time.

    

    4.1.6.  No
      Prior Transfers - Property.
      Except
      as otherwise set forth in this Agreement, Seller has not transferred, by sale,
      assignment or otherwise, to any person, partnership, corporation, limited
      liability company, general partnership, limited partnership, proprietorship,
      other business organization, truest, union, or association, all or any portion
      of any right title, or interest which it may have in and to the
      Property.

    

    4.1.7.  Agreements.

     

     

    
      
        
        

      

      
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    4.1.7.1.  There
      are
      no contracts for deed, land contracts, oral or written agreements, or other
      executory agreements whatsoever outside of the ordinary course of business
      for
      the assignment or transfer of any portion(s) of the Property in effect or in
      existence with respect to the Property, except those set forth on the
      Preliminary Title Report.

    

    4.1.7.2.  Except
      as
      set forth on Schedule 4.1.7.2, there are no management, service, maintenance,
      advertising, advance booking, employment or brokerage agreements, obligations,
      commitments or arrangements, written or oral, with respect to the Property,
      except for the Service Contracts and the Reservation Agreements.

    

    4.1.7.3.  Other
      than the consents and approvals required pursuant to the Compliance Committee
      Approval, no consents to transfer the Property or any part thereof are needed
      on
      the part of Seller. 

    

    4.1.8.  No
      Litigation.
      Except
      as disclosed in Schedule 4.1.8 attached to this Agreement, there (a) is no
      actual or, to the best of Seller’s knowledge, threatened suit, action, legal,
      administrative, arbitration, or other proceeding, or governmental investigation
      involving or affecting the Property, and (b) are no judgments, decrees, or
      orders against Seller.

    

    4.1.9.  Notice
      of Violations.
      Seller
      has (a) not received written notice of any outstanding violations of any
      Governmental Regulations, and (b) no knowledge of any condition which
      constitutes, or may constitute, a material violation of any Governmental
      Regulation.

    

    4.1.10.   Hazardous
      Substances.
      To the
      best of Seller’s knowledge or in the Phase I and Phase II Environmental Reports,
      (a) neither Seller nor any third parties have disposed of, generated, handled,
      manufactured, stored, used, transported, or discharged any Hazardous Material
      in
      or about the Real Property, nor are there (b) any violations under or actions
      taken with respect to violations under any Governmental Regulations, or (c)
      any
      underground storage tanks located on or under the Real Property.

    

    4.1.11.  Compliance
      with Agreements.
      The
      execution and deliver of, and performance under, this Agreement has not and
      will
      not constitute a breach or default under any other agreement, law, or court
      order to which Seller is a party or may be bound or affected or which may
      materially adversely affect the Property, or the use, occupancy, or operation
      of
      the Property. Seller is not in default under any agreement or commitment to
      which it is a party, the effect of which default could materially adversely
      affect the performance by Seller of its obligations under this Agreement. No
      default exists on the part of Seller under any covenant, restriction, or
      agreement, which would materially adversely affect the Property, except as
      disclosed on Schedule 4.1.11 attached to this Agreement.

    

    4.1.12.  Utilities.
      All
      utility services necessary for the occupancy and use of the Property, including
      telephone services, cable television, gas, electric power, storm sewers,
      sanitary sewer, and water facilities, are available to the Property, adequate
      to
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    the
      Property and not subject to any conditions, other than normal charges to the
      utility supplier, which would limit the use of such utilities.

    

    4.1.13.  Labor
      Issues; Compensation Plans.

    

    4.1.13.1.  There
      are
      no strikes, pickets, leafleting, walkouts, sit-ins, boycotts, or similar actions
      pending or threatened against Seller by its employees or any labor
      unions.

    

    4.1.13.2.  Seller
      shall be responsible for accrued compensation and benefits, including, without
      limitation, pension plan benefits, savings, and retirement plan benefits,
      vacation pay, sick pay, and salaries of each employee of the Business up to
      and
      including the Closing Date, as required under applicable law. On the Closing
      Date, Seller shall terminate all employees.

    

    4.1.13.3.  Tax
      Returns.
      Except
      as otherwise provided on Schedule 4.1.13.3 attached to this Agreement, Seller
      has filed or has otherwise received an extension to file with the appropriate
      governmental agencies all required tax returns and tax reports with respect
      to
      the Property and the operation of the Business. All taxes with respect to the
      Property due and payable for all periods before Closing shall be paid before
      Closing or within a reasonable period thereafter.

    

    4.1.13.4.  Insolvency.
      There
      are no attachments, execution proceedings, assignments for the benefit of
      creditors, insolvency, bankruptcy, reorganization, or other proceedings pending
      or to Seller’s knowledge, threatened against Seller, nor are any such
      proceedings contemplated by Seller.

    

    4.1.13.5.  Governmental
      Actions.
      To the
      best of Seller’s knowledge, there are no plans, studies, or efforts by any
      governmental authorities or agencies or by any other persons or entities that
      in
      any way could materially adversely affect the use of the Property or any portion
      thereof.

    

    4.1.13.6.  Zoning.
      To the
      best of Seller’s knowledge, there are no other pending or threatened zoning
      changes or variances which would materially adversely affect the Real
      Property.

    

    4.1.13.7.  Moratoria.
      To the
      best of Seller’s knowledge, there is no intended or proposed federal, state, or
      local statute, ordinance, order, requirement, law, or regulation (including,
      but
      not to, zoning changes or moratoria) or any plan, study or effort which may
      materially adversely affect the use or development of the Property; except
      that
      the Property would not be eligible to receive a State of Nevada non-restricted
      gaming license if non-restricted gaming operations were to cease at the Property
      for a period of eighteen (18) months.

    

    4.1.13.8.  Property
      Tax Assessments.
      Except
      for the Seller’s Payables and those matters set forth in the Owner’s Title
      Policy for any special improvement 

     

    
      
        
        

      

      
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    district
      applicable to the Property, to Seller’s knowledge there are no special
      assessments or charges which have been levied against the Property or which
      have
      resulted or will result in the creation of a lien or otherwise against the
      Property from work, activities or improvements done to the Property by Seller
      or
      any intended public improvement.

    

    4.1.13.9.  Condemnation
      Proceedings.
      Seller
      has received no notice of any condemnation or eminent domain proceeding pending
      or threatened against the Property or any part thereof.

    

    4.1.13.10.  Continuing
      Representation.
      No
      representation, warranty, or statement of Seller in this Agreement or in any
      document, certificate, schedule, or other matter furnished or to be furnished
      to
      Buyer pursuant thereto or in connection with the transaction contemplated in
      this Agreement contains or will contain any untrue statement of a material
      fact
      or omits or will omit to state a material fact necessary to make the statements
      or facts contained herein and therein not misleading.

    

    4.1.13.11.  Exhibits.
      All
      exhibits to this Agreement are true, correct, and complete as of the date of
      this Agreement and shall be correct and complete as of the Closing
      Date.

    

    4.1.13.12.  Brokers.
      There
      are no brokers’ commissions or finder’s fees payable in connection with the
      transaction contemplated by this Agreement.

    

    4.2.  Buyer’s
      Representations and Warranties.
      Buyer
      makes the following representations and warranties to Seller upon which
      warranties and representations Seller has relied and will continue to rely,
      all
      of which are true and correct as of the date of this Agreement and will be
      true
      and correct as of the Closing:

    

    4.2.1.  Organization.
      Buyer
      is duly organized, validly existing, and in good standing under the laws of
      the
      State of Nevada. The execution and delivery of this Agreement and the other
      documents contemplated pursuant to this Agreement by Buyer, and the performance
      by Buyer of the obligations under this Agreement and the other documents
      contemplated in this Agreement: (i) are within the power of Buyer; (ii) have
      been duly authorized by all requisite action on the part of Buyer and all of
      its
      constituent members; and (iii) will not violate any provision of law, any order
      of any court or agency of government, the charter documents of Buyer, or any
      indenture, agreement, or any other instrument to which Buyer is a party. This
      Agreement and each of the other documents described in this Agreement, when
      executed and delivered to Buyer, will constitute legal, valid, and binding
      obligations enforceable against Buyer in accordance with the terms of such
      documents.

    

    4.2.2.  Compliance
      with Agreements.
      The
      execution and delivery of, and performance under, this Agreement has not and
      will not constitute a breach or default under any other agreement, law or court
      order to which Buyer is a party.

    

    
      
        
        

      

      
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    4.2.3.  Insolvency.
      There
      are no attachments, execution proceedings, assignment for the benefit of
      creditors, insolvency, bankruptcy, reorganization, or other proceedings pending
      or threatened against Buyer nor are any such proceedings contemplated by
      Buyer.

    

    4.2.4.  Brokers.
      There
      are no brokers’ commissions or finder’s fees payable in connection with the
      transaction contemplated by this Agreement.

    

    5.  Obligations
of
      the Parties.

    

    5.1.  Seller’s
      Obligations.
      Seller
      hereby covenants to Buyer, upon which covenants Buyer has relied and will
      continue to rely, that for the period from the date of this Agreement through
      and including the Closing Date:

    

    5.1.1.  Accounts
      Payable and Vendors.
      There
      will be no accounts payable of vendors providing, supplying goods or services
      to, or involving or affecting the Property as of the Closing Date, except for
      Seller’s Payables.

    

    5.1.2.  Further
      Liens and Encumbrances.
      Seller
      will not subject the Property to any additional liens, encumbrances, covenants,
      conditions, easements, rights of way or similar matters outside of the ordinary
      course of business after the date of this Agreement. Seller will not hereafter
      modify, extend, renew, replace, or otherwise change any of the terms, covenants,
      or conditions of any such documents, or enter into any new agreements affecting
      the Property without the prior written consent of Buyer, which consent shall
      not
      be unreasonably withheld.

    

    5.1.3.  Leases;
      Other Contracts.
      Seller
      will not hereafter modify, extend, renew, replace, or otherwise change any
      of
      the Service Contracts, or existing contracts, or enter into new leases,
      Reservation Agreements or other contracts affecting the property except: (a)
      in
      the ordinary course of business; or (b) with the prior written consent of Buyer
      (which consent shall not be unreasonably withheld).

    

    5.1.4.  Seller’s
      Execution, Delivery, and Performance.
      Seller
      and Buyer will execute all documents and take all steps deemed necessary or
      desirable by the other party to give effect to the terms and conditions of
      this
      Agreement.

    

    5.1.5.  Prepayments.
      Seller
      shall continue to operate the Business in the normal course of business and
      accept any deposits made with respect to reservations for guest rooms, meeting
      rooms, restaurants, and banquet facilities for dates after the Closing Date,
      and
      the same shall be placed in the appropriate account or accounts maintained
      by
      Seller and used in the operation of the Business, which accounts shall be
      transferred to Buyer on the Closing Date.

    

    5.1.6.  Debt
      Service.
      Seller
      will make all regular payments of interest and principal on any and all
      indebtedness affecting the Property.

    

    
      
        
        

      

      
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    5.1.7.  Compliance
      with Laws.
      Seller
      shall comply with all Governmental Regulations.

    

    5.1.8.  Insurance.
      Seller
      shall: (a) provide Buyer with a list of each type and amount of insurance
      coverage in effect with respect to the Property; and (b) maintain in full force
      and effect all such policies of insurance through and including the Closing
      Date.

    

    5.2.  Buyer’s
      Obligations.

    

    5.2.1.  Applications
      for Licenses and Permits.
      Buyer
      shall submit all required gaming applications within thirty (30) days after
      the
      execution of this Agreement. Buyer shall also promptly submit any and all
      applications for assignment of any other applicable licenses and permits or
      issuance of new licenses and permits.

    

    5.2.2.  Gaming
      Licenses.
      From
      and after the Closing Date, Buyer shall not take any action or fail to act
      when
      required to do so (including, without limitation, the filing of any application
      requested by the Gaming Authorities and the full and complete cooperation in
      the
      investigation of the same by the Gaming Authorities) in any way that may
      threaten or jeopardize any gaming or liquor license held by Buyer or any
      detrimental change of the gaming status of the Property.

    

    5.2.3.  Employees.
      Buyer
      shall hire substantially all of Seller’s employers on the Closing
      Date.

    

    5.2.4.  Reservations.
      Buyer
      will honor, for its account, all Reservation Agreements provided to Buyer
      pursuant to Section 3.6 of this Agreement for dates after the Closing
      Date.

    

    6.  Title
      to Real Property.
      At
      Closing, a fee simple title interest in and to the Real Property will be
      conveyed to Buyer by Seller, subject only to items one (1) through nine (9)
      and
      fifteen (15) set forth on the Preliminary Title Report and the following items
      (collectively, the “Permitted Exceptions”):

    

    6.1.  Matters
      of title respecting the Real Property approved or deemed approved by Buyer
      in
      accordance with this Agreement; and

    

    6.2.  Matters
      affecting the condition of title to the Real Property created by or with written
      consent of Buyer.

    

    6.3.  If
      there
      is an encroachment reflected in the ALTA policy, Buyer shall not be obligated
      to
      accept the Property unless the parties mutually agree to work together to
      rectify the situation to the Buyer’s approval.

    

    7.  Conditions
Precedent/Concurrent
      to Closing; Closing
      Date.

    

    
      
        
        

      

      
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    7.1.  Buyer’s
      Conditions.
      Buyer
      shall not be required to close the transaction provided for under this Agreement
      unless and until Buyer deems that each and every one of the following conditions
      has been fulfilled, unless Buyer waives in writing the fulfillment of a
      condition:

    

    7.1.1.  Representations,
      Warranties, and Covenants of Seller.
      Seller
      shall have duly and timely performed each material covenant to be performed
      by
      Seller under this Agreement and the representations and warranties of Seller
      set
      forth in this Agreement shall be true and correct as of the Closing in all
      material respects.

    

    7.1.2.  Seller’s
      Deliveries.
      Seller
      shall have duly and timely delivered to Buyer all of the items described in
      Section 3.2 of this Agreement.

    

    7.1.3.  Exhibits
      and Schedules.
      On the
      Closing Date, Seller shall have updated each of the Exhibits and Schedules
      attached hereto so that the same are true and complete in all material respects
      as of the Closing Date.

    

    7.2.  Seller’s
      Conditions.
      Seller
      shall not be required to close the transaction provided for under this Agreement
      unless and until Seller deems that each of the following conditions has been
      fulfilled, unless Seller waives in writing the fulfillment of a
      condition:

    

    7.2.1.  Representations,
      Warranties, and Covenants of Buyer.
      Buyer
      shall have duly and timely performed each and every covenant to be performed
      by
      Buyer under this Agreement and the representations and warranties of Buyer
      set
      forth in this Agreement shall be true and correct as of the Closing in all
      material respects.

    

    7.2.2.  Buyer’s
      Deliveries.
      Buyer
      shall have duly and timely delivered to Seller all of the items described in
      Section 3.3 of this Agreement.

    

    8.  Prorations
and
      Adjustments.
      Buyer
      is acquiring all of Seller’s right, title, and interest in and to the Property
      as of the Transfer Time and, accordingly, there shall be no prorations between
      the parties, except as expressly provided herein.

    

    8.1.  Room
      Revenues; Other Revenues.
      Buyer
      shall be entitled to all Room Revenues and Other Revenues arising on the date
      immediately subsequent to Closing Date.

    

    8.2.  Utilities.
      Prior
      to the Closing Date, Seller shall notify all utility companies servicing the
      Property of the anticipated change in ownership of the Property and request
      that
      all billings after the Transfer Time be made to Buyer at the Business address.
      Utility meters will be read, to the extent that the utility company will do
      so,
      during the daylight hours on the Closing Date, with the charges to that time
      paid by Seller and charges thereafter paid by Buyer. Charges for utilities
      which
      are unmetered, or charges for the meters which have not been read on the Closing
      Date, will be prorated between Buyer and Seller as of the Transfer Time based
      upon utility billings for any such charges to the other party, and such party
      shall pay its pro rata share of such charges to the party requesting payment
      within seven (7) days from the date of any such request. All utility deposits
      made by Seller shall be assigned to Buyer and the amount of such deposits shall
      be credited to Seller at the Closing.

    

    
      
        
        

      

      
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    8.3.  Accounts
      Payable and Expenses.
      All
      accounts payable and expenses related to operation of the Property which have
      accrued before the Transfer Time shall be paid by Seller and Seller shall
      defend, indemnify, and hold Buyer harmless from and against any claims, demands,
      liabilities, liens, costs, expenses, penalties, damages, and losses (including,
      but not limited to, attorneys’ fees and costs) suffered by Buyer as a direct or
      an indirect result of the non-payment of such accrued accounts payable and
      accrued expenses. All accounts payable and expenses (including all assigned
      and
      assumed agreements hereunder) arising after the Transfer Time which are included
      by or at the direction of Buyer will be Buyer’s responsibility. In addition,
      Seller shall pay the Seller’s Payables as soon as practicable after Closing. The
      indemnity provided in this Section shall survive the Closing Date for a period
      of one (1) year.

    

    8.4.  Taxes.
      Seller
      shall pay general real estate and ad valorem personal property taxes for all
      periods before the Transfer Time and all special taxes or assessments becoming,
      with respect to the Property, due and payable before the Transfer Time and
      any
      such taxes for the period in which the Closing Date falls shall be appropriately
      porarated as of the Closing Date.

    

    8.5.  Accounts
      Receivable.
      Buyer
      shall not acquire the Accounts Receivable from Seller and there shall be no
      adjustments or prorations for Accounts Receivable that are owed to Seller before
      the Closing Date. In addition, Seller shall provide Buyer with a list of
      Performing Accounts Receivable that Seller would otherwise receive after the
      Closing Date. Once Buyer and Seller mutually agree to the amount of Performing
      Accounts Receivable to which Seller is entitled to receive after the Closing,
      excluding those Performing Accounts Receivable attributable to bad checks,
      credit card charge backs, and debts older than ninety (90) days, Buyer shall
      purchase the performing Accounts Receivable minus fifteen percent (15%) for
      the
      risk and cost of collection. Should Buyer receive funds on a Performing Account
      Receivable after Closing that (i) rightfully belong to Seller, and (ii) was
      not
      previously purchased by Buyer at a discount, Buyer shall promptly remit such
      funds to Seller. However, Buyer shall acquire the Accounts Receivable from
      Seller for Room Revenue or Other Revenue Agreements entered into before the
      Closing but performed after the Closing.

    

    8.6.  Method
      of Proration.
      All
      prorations will be made as of the Closing Date based on a 365-day
      year.

    

    8.7.  Preliminary
      Schedules of Adjustments.
      All
      prorations and credits shall be based on a “Preliminary Schedule of Adjustments”
      prepared in good faith by Seller and approved in writing by Buyer, using the
      latest bills or estimates made by Seller from information available. If any
      supplemental billing is issued or new information learned with respect to any
      of
      the foregoing prorations or credits, the same shall be adjusted and prorated
      between Seller and Buyer as soon as reasonably possible after the Closing.
      In
      any event, to the fullest extent possible, Seller and Buyer shall jointly
      prepare a final schedule of adjustments within thirty (30) days after Closing
      and either party owing the other sum of money shall pay such sum within ten
      (10)
      days after such final schedule is prepared. The provisions of this Section
      8.7
      shall survive the Closing Date for a period of one (1) year.

     

    
 

    
      
        
        

      

      
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    8.8.  Personal
      Property Inventory.
      Buyer
      and Seller shall prepare an inventory (the “Original Inventory”) of Personal
      Property as soon as reasonably practicable following the execution and delivery
      of this Agreement by Buyer and Seller. Three (3) days before the Closing, Buyer
      and Seller shall perform a new inventory (the “New Inventory”) of Personal
      Property. To the extent any of the items of Personal Property specified in
      the
      Original Inventory are not set forth in the New Inventory (and such
      disappearance is not due to any act of omission of Buyer or any of its
      affiliates or agents), the Purchase Price shall be adjusted to reflect the
      reduction of Personal Property set forth in the New Inventory. For purposes
      of
      calculating such adjustments, the parties shall assign values to the Personal
      Property equal to the actual cost (less depreciation) of such items or, if
      such
      actual cost/depreciation data is not available, then the value shall be based
      on
      the parties’ mutual good faith estimate of the current fair market value of the
      particular item(s) of Personal Property.

    

    9.  Costs
and
      Expenses.
      The
      Closing costs shall be allocated as follows:

    

    9.1.  Seller.
      Seller
      shall pay the ALTA
      Form B extended coverage title policy including appropriate insurance, zoning
      and nonimputation endorsements, documentary stamps and intangibles taxes,
      transfer taxes, one-half (1/2) of any fees charged by the Escrow Holder,
      one-half (1/2) of a Phase I environmental audit, one-half (1/2) of the cost
      of
      the Survey, and Seller’s
      share of prorations.

    

    9.2.  Buyer.
      Buyer shall pay the cost of any title endorsements, its own inspection and
      recording costs, one-half (1/2) of any fees charged by the Escrow Holder,
      one-half (1/2) of a Phase I environmental audit, one-half (1/2) of the cost
      of
      the Survey, and Buyer’s
      share of prorations.

    

    9.3.   Other
      Closing Costs.
      Buyer
      and Seller
      will each pay their own legal and professional fees and fees of other
      consultants incurred by Buyer and Seller, respectively. All other closing costs
      and expenses will be allocated between Buyer and Seller in accordance with
      the
      customary practice in Pershing County, Nevada. 

    

    10.  Delivery
of
      Possession.
      Simultaneously with the delivery of the fully executed Transfer Documents,
      Seller shall deliver possession and enjoyment of the Property to Buyer subject
      only to the encumbrances set forth in the Permitted Exceptions.

    

    11.  General
Indemnification.

    

    11.1.  By
      Seller.
      Seller
      will defend, indemnify and hold Buyer and its respective officers, directors,
      agents, members, shareholders, representatives, employees, attorneys,
      affiliates, beneficiaries, subsidiaries, successors and assigns (collectively,
      the “Buyer Indemnitees”) harmless from and against:

    

    11.1.1.  All
      claims, demands, liabilities, liens, costs, expenses, penalties, damages and
      losses (including, but not limited to, reasonable attorneys’ fees and costs) of
      every kind of nature incurred or accrued before the Closing Date with respect
      to
      the Property resulting from Seller’s acts or omissions;

    
 

    
      
        
        

      

      
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    11.1.2.  All
      liabilities and obligations arising from any breach of warranties,
      representation, covenants, and agreements of Seller or its agents contained
      in
      this Agreement. The payment of the balance of the Deposit pursuant to Section
      1.19 shall mean than Buyer has satisfactorily completed its due diligence
      (reserving only a final walk-through inspection of the Personal Property prior
      to close). At close Buyer accepts the Real Property and personal property “as
      is” without warranty except for the express warranties set forth in section 4
      hereof.

    

    11.1.3.  The
      foregoing indemnification by Seller shall survive the Closing Date for a period
      of one (1) year.

    

    11.2.  By
      Buyer.
      Buyer
      will defend, indemnify, and hold Seller and each of its officers, directors,
      agents, shareholders, representatives, employees, attorneys, affiliates,
      beneficiaries, subsidies, successors, and assigns (collectively, the “Seller
      Indemnitees”) harmless from and against:

    

    11.2.1.  All
      claims, demands, liabilities, liens, costs, expenses, penalties, damages, and
      losses (including, but not limited to, reasonable attorneys’ fees and costs) of
      every kind and nature incurred or accrued subsequent to the Closing Date with
      respect to the Property resulting from Buyer’s acts or omissions;
      and

    

    11.2.2.  All
      liabilities and obligations arising from any breach of the warranties,
      representations, covenants, and agreements of Buyer or its agents contained
      in
      this Agreement, without limitation, any WARN Act liability or liability arising
      from or out of the operation of the Business.

    

    11.2.3.  The
      foregoing indemnification by Buyer shall survive the Closing Date for a period
      of one (1) year.

    

    11.3.  Third
      Party Claims 

    

    11.3.1.  Notice
      of Third Party Claim.
      

    

    11.3.1.1.  If
      any
      third party makes any claim or brings any action, suit, or proceeding against
      the indemnitee (a “Third Party Claim”), it is a condition precedent to the
      indemnitor’s obligation to indemnify against that Third Party Claim that the
      indemnitee notify the indemnitor

    

    11.3.1.1.1.  in
      writing, and in reasonable detail, of the Third Party Claim; and

    

    11.3.1.1.2.  reasonably
      promptly, but in no event later than twenty (20) business days after the
      indemnitee’s receipt of written notice of the Third Party Claim.

    

    
      
        
        

      

      
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    11.3.1.2.  If
      the
      indemnitee fails to give proper notice, the indemnitor is still obligated to
      indemnify the indemnitee, except that the indemnitor is not liable for any
      Litigation Expenses the indemnitee incurs during the period in which the
      indemnitee failed to give proper notice.

    

    11.3.2.  The
      Indemnitor’s Assumption of the Defense.
      If the
      indemnitor wishes to assume the defense of the Third Party Claim, it shall
      do so
      by sending notice of the assumption to the indemnitee. The indemnitor’s
      assumption of the defense acknowledges its obligation to indemnify. Promptly
      after sending the notice, the indemnitor shall choose and employ independent
      legal counsel of reputable standing. After sending the notice, the indemnitor
      is
      entitled to contest, pay, settle, or compromise the Third Party Claim as it
      may
      determine.

    

    11.3.3.  The
      Indemnitee’s Right to Undertake the Defense.
      Despite
      the provisions of subsection 11.3.2, the indemnitee is entitled to 

    

    11.3.3.1.  participate
      in the defense of a Third Party Claim; and

    

    11.3.3.2.  defend
      a
      Third Party Claim with counsel of its own choosing and without the participation
      of the indemnitor if

    

    11.3.3.2.1.  the
      indemnitor fails or refuses to defend the Third Party Claim on or before the
      twentieth (20th)
      business day after the indemnitee’s receipt of written notice of the Third Party
      Claim; or 

    

    11.3.3.2.2.  representation
      of the indemnitor and the indemnity by the same counsel would, in the opinion
      of
      that counsel, constitute a conflict of interest.

    

    11.3.4.  Litigation
      Expenses.
      The
      indemnitor shall pay for the Litigation Expenses incurred by the indemnitee
      to
      and including the date of the indemnitor assumes the defense of the Third Party
      Claim. Upon the indemnitor’s assumption of the defense of the Third Party Claim,
      the indemnitor’s obligation ceases for any Litigation Expenses the indemnitee
      subsequently incurs in connection with the defense of the Third Party Claim.
      Despite the previous sentence, the indemnitor is liable for the indemnitee’s
      Litigation Expenses, if

    

    11.3.4.1.  the
      indemnitee has employed counsel in accordance with the provisions of subsection
      11.3.3.2; or 

    

    11.3.4.2.  the
      indemnitor has authorized in writing the employment of counsel and stated in
      that authorization the dollar amount of Litigation Expenses for which the
      indemnitor is obligated.

    

    12.  Condemnation
and
      Destruction.

     

    
 

    
      
        
        

      

      
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    12.1.  Eminent
      Domain or Taking.
      If
      proceedings under a power of eminent domain relating to the Property or any
      part
      thereof are commenced before the Closing Date, Seller shall promptly inform
      Buyer in writing.

    

    12.1.1.  If
      such
      proceeding involves the taking of title to all or any material interest in
      the
      Property (as determined by Buyer in its reasonable discretion), Buyer may elect
      to terminate this Agreement by written notice to Seller within thirty (30)
      days
      of Seller’s written notice to Buyer, in which case the Deposit and any interest
      thereon will be returned to Buyer and neither party shall have any further
      obligation to or rights against the other except any rights or obligations
      of
      either which are expressly stated to survive termination of this
      Agreement.

    

    12.1.2.  If
      the
      proceedings do not involve the taking of title to all or a material interest
      in
      the Property (as determined by Buyer in its reasonable discretion) or if Buyer
      does not elect to terminate this Agreement, this transaction will be consummated
      as described in this Agreement and any award of settlement payable with respect
      to such proceeding will be paid or assigned to Buyer upon Closing.

    

    12.2.  Damage
      and Destruction.
      Except
      as provided in this paragraph, before the Close of Escrow, the entire risk
      of
      loss or damage by earthquake, flood, hurricane, landslide, fire, or other
      casualty is borne and assumed by Seller. If, before the Closing Date, any part
      of the Property is damaged or destroyed by earthquake, flood, landslide, fire,
      or other casualty, Seller will promptly inform Buyer of such fact in writing
      and
      advise Buyer as to the extent of the damage.

    

    12.2.1.  If
      such
      damage or destruction is material (as determined by Buyer in its sole and
      absolute discretion), Buyer has the option to refuse to Close and terminate
      this
      Agreement upon written notice to Seller given not later than fifteen (15) days
      after the receipt of Seller’s written notice to Buyer advising of such damage or
      destruction.

    

    12.2.2.  If
      this
      Agreement is terminated under this Section 12.2.2, Buyer will be entitled to
      the
      return of the Deposit, together with any interest thereon.

    

    12.2.3.  If
      Buyer
      does not timely exercise its option to terminate this Agreement, or if the
      casualty is not material (as determined by Buyer in its sole and absolute
      discretion), Seller will assign to Buyer all of Seller’s right, title, and
      interest in and to any insurance proceeds under Seller’s insurance policies
      relating to such damage or destruction, and shall reduce the Purchase Price
      by
      the amount of the deductible and Seller’s co-insurance, if any, under such
      policy and this transaction will close pursuant to the terms of this
      Agreement.

    

    13.  Remedies.

    

    13.1.  Buyer’s
      Remedies Generally.
      IN THE
      EVENT THE CLOSING FAILS TO OCCUR BECAUSE OF THE CONDITIONS PRECEDENT SET FORTH
      IN SECTION 7.1 OF THIS AGREEMENT ARE NOT SATISFIED OR WAIVED, THEN BUYER SHALL
      HAVE THE RIGHT TO TERMINATE THIS AGREEMENT UPON WRITTEN NOTICE TO SELLER. UPON
      SUCH TERMINATION, BUYER’S SOLE RECOURSE SHALL BE TO REQUIRE 

     

     

    
      
        
        

      

      
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    SELLER
      TO
      RETURN, OR CAUSE THE TITLE COMPANY TO RETURN, TO BUYER ALL DOCUMENTS AND FUNDS
      THERETOFORE DEPOSITED OR PAID BY BUYER, INCLUDING, WITH OUT LIMITATION, THE
      DEPOSIT.

    

    13.2.  Seller’s
      Remedies Generally.
      IN THE
      EVENT THE CLOSING FAILS TO OCCUR BECAUSE (I) BUYER, THROUGH NO FAULT OF SELLER,
      CHOOSES NOT TO CLOSE OR (II) THE CONDITIONS PRECEDENT SET FORTH IN SECTION
      7.2
      OF THIS AGREEMENT ARE NOT SATISFIED OR WAIVED, THEN SELLER, AS ITS SOLE AND
      EXCLUSIVE REMEDY, MAY TERMINATE THIS AGREEMENT BY NOTIFYING BUYER THEREOF AND
      RECEIVE OR RETAIN THE DEPOSIT AS LIQUIDATED DAMAGES. THE PARTIES AGREE THAT
      SELLER WILL SUFFER DAMAGES IN THE EVENT OF BUYER’S DEFAULT ON ITS OBLIGATIONS
      UNDER THIS AGREEMENT. ALTHOUGH THE AMOUNT OF SUCH DAMAGES IS DIFFICULT OR
      IMPOSSIBLE TO DETERMINE, THE PARTIES AGREE THAT THE AMOUNT OF THE DEPOSIT IS
      A
      REASONABLE ESTIMATE OF SELLER’S LOSS IN THE EVENT OF BUYER’S DEFAULT. THUS,
      SELLER SHALL ACCEPT AND RETAIN THE DEPOSIT AS LIQUIDATED DAMAGES, BUT NOT AS
      A
      PENALTY. SUCH LIQUIDATED DAMAGES SHALL CONSTITUTE SELLER’S SOLE AND EXCLUSIVE
      REMEDY.

    

    13.3.  SELLER
      AND BUYER ACKNOWLEDGE THAT THEY HAVE READ AND UNDERSTAND THE PROVISIONS OF
      THE
      FOREGOING SECTIONS 13.1 AND 13.2 AND BY THEIR SIGNATURES IMMEDIATELY BELOW
      AGREE
      TO BE BOUND BY ITS TERMS.

    

    

    
      	
              BUYER:

               

              AWI
                Gaming, Inc., a Nevada corporation

               

               

               

               

               

               

               

               

              By:/s/ 
                Bruce
                Dewing                                    
                

              Name: 
                Bruce Dewing

              Title:   
                President 

               

            	
              SELLER:

               

              Marlys
                A. Koehler-Berry as Trustee of the Koehler Family Trust under instrument
                dated September 17, 1986 and amended September 18, 1991 (“Koehler-Berry”),
                and Log Cabin, Inc., a Nevada corporation

               

               

               

               

               

               

              By:/s/  
                Marlys a.
                Koehler-Berry                           
                

              Name: 
                 Marlys A. Koehler-Berry

              Title:
                _________________________________

            

    

     

     

    
      
        
        

      

      
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    14.  Notice.
      All
      notices, requests, demands, or documents, which are required or permitted to
      be
      given or served hereunder shall be in writing and (a) delivered personally;
      (b)
      delivered by a national overnight courier (i.e., FedEx); or (c) transmitted
      by
      facsimile, addressed as follows:

    

    
      	
              If
                to Seller:

            	
              Marlys
                A. Koehler-Berry as Trustee of the Koehler Family Trust under instrument
                dated September 17, 1986 and amended September 18, 1991 (“Koehler-Berry”),
                and Log Cabin, Inc.

               

              Address:

              Facsimile
                No.:

              Attn:
                Marlys A. Koehler-Berry

            
	
              With
                a copy to:

            	
              John
                Hoffman, Esq.

              Hoffman,
                Test, Guinan & Collier

              429
                West Plumb Lane

              Reno,
                Nevada 89504

              Facsimile
                No.: (775)322-3841

            
	
               

              If
                to Buyer:

               

               

               

               

               

               

              With
                a copy to:

            	
               

              AWI
                Gaming, Inc.

              675
                Grier Drive

              Las
                Vegas, Nevada 89119

              Facsimile
                No.: (702)735-0142

              Attn:
                Bruce Dewing

               

               

              Terina
                Salerno, Esq.

              General
                Counsel

              American
                Wagering, Inc.

              675
                Grier Drive

              Las
                Vegas, Nevada 89119

              Facsimile
                No.: (702)897-8645

            
	 	 

    

     

    Notice
      shall be deemed to have been delivered only upon actual delivery to the intended
      addressee in the case of personal, courier, or facsimile deliver. The addresses
      for purposes of this paragraph may be changed by giving written notice of such
      change in the manner provided herein for giving notices. Unless such written
      notice is delivered, the latest information stated by written notice, or
      provided herein if no written notice of change has been delivered, shall be
      deemed to continue in effect for all purposes hereunder.

    

    15.  Miscellaneous.

     

     

    
      
        
        

      

      
        Page
          27
          of 31

        
          

        

      

      
        
        

      

    

    
 

    15.1.  Survival.
      Except
      as otherwise set forth in this Agreement, the representations, warranties,
      covenants, acknowledgments, arrangement and indemnities contained in this
      Agreement and Exhibits, or in any of the documents or agreements executed and/or
      delivered and/or exchanged pursuant to the terms of this Agreement, shall
      survive the Closing Date for a period of one (1) year and shall not be deemed
      to
      have merged or terminated upon the Closing Date.

    

    15.2.  Parties
      in Interest.
      As and
      when used herein, the terms “Seller” and “Buyer” mean and include, in this
      Agreement, their respective successor and assigns and shall be binding upon
      and
      inure to the benefit of, the above-named Seller and Buyer and their respective
      successors and permitted assigns.

    

    15.3.  Section
      Headings.
      The
      headings of sections are inserted only for convenience and shall in no way
      define, describe, or limit the scope or intent of any provision in this
      Agreement.

    

    15.4.  No
      Oral Modifications.
      This
      Agreement may not be amended or modified except in writing executed by all
      parties hereto.

    

    15.5.  Full
      Integration.
      Buyer
      and Seller each acknowledge that there are no other agreements or
      representations, either oral or written, express or implied, that are not
      embodied in this Agreement and this Agreement, the Exhibits attached to this
      Agreement, and the Transfer Documents represent a complete integration of all
      the prior and contemporaneous agreements, understandings and
      documents.

    

    15.6.  Binding
      Effect.
      This
      Agreement shall be binding upon and inure to the benefit of the parties hereto
      and their respective successors and assigns and no other party shall be a
      beneficiary hereunder.

    

    15.7.  Advice
      of Counsel.
      Buyer
      and Seller each acknowledge that: (a) it has not made any representation as
      to
      the Federal or State tax implication relating to the transactions contemplated
      herein; (b) it has thoroughly read and reviewed the terms and provisions of
      this
      Agreement and the Exhibits attached hereto and is familiar with the terms of
      this Agreement; (c) the terms and provisions contained in this Agreement are
      clearly understood by it and have been fully unconditional consented to by
      it;
      (d) it has had full benefit and advice of counsel of its own selection in regard
      to understanding the terms, meaning, and effect of this Agreement; (e) the
      execution of this Agreement and the Transfer Documents is done freely,
      voluntarily, with full knowledge and without duress; and (f) in executing this
      Agreement, it is relying on no other representations, either written or oral,
      express or implied, made to it by any other party to this Agreement, and the
      consideration received by it under this Agreement has been actual and
      adequate.

    

    15.8.  Attorneys’
      Fees.
      If an
      action is commenced by a party hereto resulting from a dispute with respect
      to
      the transactions contemplated herein, the prevailing party shall be entitled
      to
      recover its reasonable attorneys’ fees and costs from the other party in such
      action. As used herein, the term “attorneys’ fees” means attorneys’ fees,
      whether or not litigation ensues, and if litigation ensues, whether incurred
      at
      trial, on appeal, or discretionary review or otherwise.

    

    
      
        
        

      

      
        Page
          28
          of 31

        
          

        

      

      
        
        

      

    

     

     

    15.9.  Governing
      Law.
      This
      Agreement will be governed by, interpreted under, and construed and enforced
      in
      accordance with the laws of the State of Nevada, with venue in Las Vegas,
      Nevada. Each of the parties hereto acknowledges and agrees that the laws of
      the
      State of Nevada and the selection of venue in Washoe, Nevada were freely chosen
      by Buyer and Seller.

    

    15.10.  Confidentiality.
      Unless
      otherwise agreed to in writing by Seller and Buyer:

    

    15.10.1.  Each
      party will use reasonable efforts to keep confidential the specific economic
      terms of this Agreement with the exception of disclosures required in all public
      filings, AWI, Buyer’s agents, and representatives of the Gaming Authority, who
      need knowledge and information in order to effectuate the transaction
      contemplated herein.

    

    15.10.2.  Neither
      Buyer nor Seller shall willfully issue any public announcement or press release
      without first giving the other party a reasonable opportunity to comment on
      the
      timing and the terms of the announcement or release.

    

    15.10.3.  The
      provisions of this Section 15.10 shall not prevent Buyer and Seller or any
      affiliates of either of them from making such filings as may be required by
      applicable law, securities regulatory bodies or securities exchanges, provided
      that the test of the information has been delivered to Seller. The provisions
      of
      this paragraph will survive the termination of this Agreement, other than by
      Closing.

    

    15.11.  Captions.
      The
      captions contained in this Agreement are for convenience only and are not
      intended to limit or define the scope of effect of any provision of this
      Agreement.

    

    15.12.  Severability.
      The
      invalidity, illegality, or unenforceability of any provision of this Agreement
      shall not affect the enforceability of any other provision of this Agreement,
      all of which shall remain in full force and effect

    

    15.13.  Time
      of the Essence.
      Time is
      of the essence with respect to this Agreement and of the obligations required
      hereunder.

    

    15.14.  Non-waiver.
      No
      delay or failure by any party to exercise any right hereunder, and no partial
      or
      single exercise of any such right, shall constitute a waiver of that or any
      other right, unless otherwise expressly provided herein.

    

    15.15.  Facsimile.
      The
      parties hereto and their respective successors and assigns are hereby authorized
      to rely upon the signatures of each person and entity on this Agreement which
      are delivered by facsimile as constituting a duly authorized, irrevocable,
      actual, current deliver of this Agreement with original ink signatures of each
      person and entity.

    

    15.16.  Further
      Assurances.
      Buyer
      and Seller agree to execute all documents and instruments reasonably required
      in
      order to consummate the purchase and sale contemplated in this
      Agreement.

     

    
      
        
        

      

      
        Page
          29
          of 31

        
          

        

      

      
        
        

      

    

    
 

    15.17.  Counterparts.
      This
      Agreement may be executed in any number of counterparts and each such
      counterpart shall be deemed to be an original, but all of which, when taken
      together, shall constitute one Agreement.

    

    15.18.  Escrow
      Holder.
      In
      performing its duties hereunder, Escrow Holder shall not incur any liability
      to
      anyone for any damages, losses or expenses, except for its negligence or
      intentional misconduct, and it shall accordingly not incur any such liability
      with respect to (a) any action taken or omitted in good faith upon advice of
      its
      counsel or (b) to any action taken or omitted in reliance upon any instrument,
      including any written notice or instruction provided in this Agreement, not
      only
      as to its due execution and the validity and effectiveness of its provisions,
      but also as to the truth and accuracy of any information contained therein,
      that
      Escrow Holder shall in good faith believe to be genuine, to have been signed
      or
      presented by a proper person, and to conform to the provisions of this
      Agreement. Seller and Buyer hereby agree to indemnify and hold harmless Escrow
      Holder against any losses, claims, damages, liabilities, and expenses ,
      including reasonable costs for investigation and legal fees and disbursements,
      that may be imposed upon Escrow Holder or incurred by Escrow Holder in
      connection with its acceptance or performance of its duties hereunder, including
      any litigation arising out of this Agreement or involving the subject matter
      hereof, unless resulting from Escrow Holder’s negligence or intentional
      misconduct. If any dispute shall arise between Buyer and Seller sufficient
      in
      the discretion of Escrow Holder to justify doing so, Escrow Holder shall be
      entitled to tender into the registry or custody of the clerk of any state court
      of general jurisdiction located in Washoe County, Nevada or the clerk for the
      United States District Court for the District of Nevada in Washoe County,
      Nevada, any money, property, or documents in its hands relating to this
      Agreement, together with such pleadings as it shall deem appropriate, and
      thereupon be discharged from all further duties and liabilities under this
      Agreement. Seller and Buyer all bear all costs and expenses of any such legal
      proceedings equally.

    

    Buyer
      and
      Seller have executed this Agreement as of the date first written
      above.

    

    
      	 	 
	
              BUYER:

               

              AWI
                Gaming, Inc., a Nevada corporation

               

               

               

               

               

               

              By:/s/  
                Bruce
                Dewing                               
                

              Name:  
                Bruce Dewing

              Title:    
                President 

               

            	
              SELLER:

               

              Marlys
                A. Koehler-Berry as Trustee of the Koehler Family Trust under instrument
                dated September 17, 1986 and amended September 18, 1991 (“Koehler-Berry”),
                and Log Cabin, Inc., a Nevada corporation

               

               

               

               

               

               

              By: /s/ 
                Marlys A.
                Koehler-Berry                        

              Name:  
                Marlys A. Koehler-Berry

              Title:    
                Trustee and President

            
	 	 

    

     

     

     

    
      
        
        

      

      
        Page
          30
          of 31

        
          

        

      

      
        
        

      

    

    INTENTIONALLY

    

    LEFT
      

    

    BLANK

     

     

     

     

    
      
        
        

      

      
        Page
          31
          of 31

        
          

        

      

      
        
        

      

    

     

    ESCROW
      AGENT ACCEPTANCE

     

    Escrow
      Agent hereby acknowledges receipt of the foregoing Agreement
      and agrees that the provisions of the foregoing Agreement shall consitute its
      escrow instructions and that it will act as Escrow Agent in accordance with
      the
      terms and conditions thereof.

     

                                        WESTERN
      TITLE
      COMPANY, INC.

     

     

     

                                                                                            
      By:_____________________________

     

                                                                                             Its:______________________________

       

                                                                                             Escrow
      No. 150576-TME

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    EXHIBIT
      "1"

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    
      Exhibit
        “1”

      GRANT,
        BARGAIN SALE AND DEED

      

      When
        recorded, return to:

      

      Terina
        Salerno, Esq.

      General
        Counsel

      American
        Wagering, Inc.

      675
        Grier
        Drive

      Las
        Vegas, Nevada 89119

      

      GRANT,
        BARGAIN SALE AND DEED

      

      For
        the
        consideration of One Million Eight Hundred Thousand Dollars and other valuable
        consideration, the receipt whereof is hereby acknowledged, Marlys A.
        Koehler-Berry as Trustee of the Koehler Family Trust under instrument dated
        September 17, 1986 and amended September 18, 1991 (“Koehler-Berry”), and Log
        Cabin, Inc., a Nevada corporation (“Log Cabin”), (Koehler-Berry and Log Cabin
        hereinafter “Grantor”), does hereby grant, bargain, sell and convey to AWI
        Gaming, Inc., a Nevada corporation (“Grantee”), all that real property situated
        in the County of Clark, State of Nevada, which is described on Schedule A
        attached
        hereto and made a part hereof (the “Property”), together with any improvements,
        buildings, structures, and fixtures located thereon; all easements, if any,
        benefiting the Property; all rights, benefits, privileges, tenements,
        hereditaments and appurtenances pertaining to the Property, including any
        right,
        title and interest of Grantor in and to any property lying in or under the
        bed
        of any street, alley, road or right-of-way, open or proposed, abutting or
        adjacent to the Property; the strips, gaps or gores, if any, between the
        Property and abutting property; any water, water rights, oil, gas or other
        mineral interests in, on, under or above the Property; and any rights and
        interests to receive condemnation awards from any condemnation proceeding
        pertaining to the Property, sewer rights, water courses, wells, ditches and
        flumes located on or appurtenant to the Property.

       

      Subject
        to only those items listed on Schedule B
        attached
        hereto and made a part hereof.

       

      Grantor
        hereby binds itself and its successors to warrant and defend the title, as
        against all persons whomsoever, subject only to the matters above set
        forth.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the undersigned has executed this Grant, Bargain and Sale
        Deed
        as of the _____ day of ______________, 2005.

       

      GRANTOR:

      

      Marlys
        A.
        Koehler-Berry as Trustee of the Koehler Family Trust under instrument dated
        September 17, 1986 and amended September 18, 1991, and Log Cabin, Inc., a
        Nevada
        corporation 

      

      

      

      By:___________________________________

      Name:_________________________________

      Its:___________________________________

      

      

      

      

      

      STATE
        OF
        NEVADA       )

                                                  
        )
        ss.

      County
        of
        Clark                
        )

      

      On
        this
        _____ day of __________________, 2004, before me a Notary Public personally
        appeared ______________(name
        of signor above),
        the
        Manager of ____________(name of Seller) a _______________(type of entity),
        personally known to me (or proved to me on the basis of satisfactory evidence)
        to be the person whose name is subscribed to this instrument and acknowledged
        that he executed the same on behalf of the company.

       

      Notary
        Public

      My
        Commission Expires:

      

      _____________________

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    Schedule
      A to Exhibit 1 GRANT, BARGAIN SALE AND DEED

     

    Legal
      Description

     

    

     

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

     

    

     

     

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    Schedule
      B to Exhibit 1 GRANT SALE AND DEED

     

    Permitted
      Exceptions

     

     

     

     

     

     

     

     

     

     

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    EXHIBIT
      "A"

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    

      ASSIGNMENT
        AND ASSUMPTION AGREEMENT

      

      THIS
        ASSINGMENT AND ASSUMPTION AGREEMENT (this “Agreement”) is dated as of
        ______________________, 2005, among Marlys A. Koehler-Berry as Trustee of
        the
        Koehler Family Trust under instrument dated September 17, 1986 and amended
        September 18, 1991 (“Koehler-Berry”), Log Cabin, Inc., a Nevada corporation
        (“Log Cabin”), (Koehler-Berry and Log Cabin hereinafter “Assignor”) and AWI
        Gaming, Inc., a Nevada corporation (“Assignee”).

      

      Assignor
        and Assignee are parties to that certain Purchase Agreement dated as of June
        _____, 2005 (the “Purchase Agreement”). Capitalized terms not defined in this
        instrument shall have the meanings given to them in the Purchase Agreement.
        Under the terms and conditions of the Purchase Agreement, Assignor has agreed
        to
        assign all right, title and interest of Assignor in the contracts attached
        hereto as Schedule 1 and made a part hereof (the “Contracts”) and Assignee has
        agreed to assume all of Assignor’s obligations arising under the
        Contracts.

      

      There
        parties agree that Assignor gives, grants, bargains, sells, assigns, transfers,
        conveys, delivers, sets over and confirms unto Assignee all of Assignor’s right,
        title and interest, legal and equitable, in and to the Contracts and Assignees
        assumes and agrees to perform and discharge when due any obligation and
        liabilities of Assignor arising under the Contracts from and after the date
        of
        this Agreement.

      

      TO
        HAVE
        TO HOLD the contracts unto Assignee, its successors and assigns, to its and
        their own proper use.

      

      A.  Assignor,
        for itself and its successors and assigns, covenants that at any time and
        from
        title to time after the delivery of this instrument, at Assignee’s request and
        without further consideration, Assignor will do, execute, acknowledge and
        deliver, or will cause to be done, executed, acknowledged and delivered,
        such
        further acts, conveyances, transfers, assignments, powers of attorney and
        assurances as Assignee reasonably may request and as may be necessary to
        more
        effectively convey, transfer, and vest in Assignee any of the rights and
        benefits conferred to Assignor under the Contracts, or to better effectuate
        the
        intent and purposes thereof.

      

      B.  Nothing
        in this Agreement, express or implied, is intended or shall be construed
        to
        confer upon or give to any person, firm, or corporation other than Assignee
        and
        its successors and assigns, any remedy or claim under or by reason of this
        instrument or any term, covenant, or condition hereof, and all the terms,
        covenants and conditions shall be for the sole and exclusive benefit of Assignee
        and its successors and assigns.

      

      C.  This
        Agreement and related instruments of transfer or assignment delivered hereunder
        shall be construed in accordance with and governed for all purposes by the
        law
        and public policy of the State of Nevada.

      

      D.  This
        Agreement may be executed in any number of counterparts, each of which shall
        be
        an original but all of which together shall constitute one and the same
        instrument. Facsimile copies hereof and facsimile signatures hereon shall
        have
        the same force and effect of originals.

       

      
 

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      Assignor
        has caused this instrument to be duly executed by its authorized agent as
        of the
        date first written above.

      

      

      
        	
                ASSIGNOR:

                 

                Marlys
                  A. Koehler-Berry as Trustee of the Koehler Family Trust under instrument
                  dated September 17, 1986 and amended September 18, 1991 (“Koehler-Berry”),
                  and Log Cabin, Inc., a Nevada corporation

                 

                 

                 

                 

                 

                 

                By:
                  _______________________________

                Name:
                  Marlys A. Koehler-Berry

                Title:
                  _________________________________

              	
                ASSIGNEE:

                 

                AWI
                  Gaming, Inc., a Nevada corporation

                 

                 

                 

                 

                 

                 

                 

                 

                By:
                  ______________________________

                Name:
                  Bruce Dewing

                Title:
                  President 

                 

              
	 	 

      

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

     

    

      Exhibit
        “A”

      Schedule
        1

      

      Contracts

      

      

      	1.  	
              The
                CIT Group—Leased Credit card terminals.

            

      

      	2.  	
              Puget
                Sound Leasing—Leased Point of sale
                system.

            

      

      	3.  	
              Sierra
                Nevada Cash Register—Leased Phone modem
                software.

            

      

      	4.  	
              IOS
                Capital Lease—Leased Copy machine.

            

      

      	5.  	
              Ecotemp—Leased
                Dish machine.

            

      

      	6.  	
              Olympic
                Compactor—Leased Trash compactor.

            

      

      	7.  	
              Ramsey’s—Leased
                Voice mail system and license.

            

      

      	8.  	
              Vogue
                Linens—Leased uniforms and linens.

            

      

      	9.  	
              Nevada
                Logos—Leased Highway information signs.

            

      

      	10.  	
              Ecolab—Pest
                Control.

            

      

      	11.  	
              Desert
                Hills Electric—Video security system
                maintenance.

            

      

      	12.  	
              Muzak—Casino
                overhead music.

            

      

      	13.  	
              YESCO
                Outdoor—Highway billboard, I-80 near Battle Mountain,
                Nevada.

            

      

      	14.  	
              YESCO
                Outdoor—Highway billboard, U.S. 95 near Mcdermitt,
                Nevada.

            

      

      	15.  	
              YESCO
                Outdoor-Highway billboard (2), I-80 near Winnemucca,
                Nevada.

            

      

      	16.  	
              YESCO—Maintenance
                agreement for signage, set for a term of 60 monts at $1,664.48 per
                month.

            

      

      	17.  	
              The
                ATM store—ATM machine.

            

      

      	18.  	
              STOTT
                Outdoor—Highway billboard, Rye Patch,
                Nevada

            

      

      	19.  	
              SBC—Long
                Distance.

            

      

      	20.  	
              YESCO
                Outdoor—Highway billboard, I-80 Lovelock,
                Nevada

            

    

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    EXHIBIT
      "B"

     

    
      
         

      

      
         

        
          

        

      

      
         

      

     

    

      ASSIGNMENT
        OF INTELLECTUAL PROPERTY

      

      THIS
        ASSINGMENT OF INTELLECTUAL PROPERTY (this “Assignment”) is dated as of
        ______________________, 2005, among Marlys A. Koehler-Berry as Trustee of
        the
        Koehler Family Trust under instrument dated September 17, 1986 and amended
        September 18, 1991 (“Koehler-Berry”), Log Cabin, Inc., a Nevada corporation
        (“Log Cabin”), (Koehler-Berry and Log Cabin hereinafter “Assignor”) and AWI
        Gaming, Inc., a Nevada corporation (“Assignee”), under the terms of that certain
        Purchase Agreement dated as of June _____, 2005 (the “Purchase Agreement”),
        between Assignor and Assignee. Capitalized terms not defined in this instrument
        shall have the meanings given to them in the Purchase Agreement. 

      

      There
        parties agree that Assignor gives, grants, assigns, transfers, and conveys
        to
        Assignee all of Assignor’s right, title and interest in, to and under the
        Intellectual Property. 

      

      Assignor
        covenants that it will, at any time and from time to time upon written request
        thereof, execute and deliver to Assignee, its nominees, successors and/or
        assigns, any new or confirmatory instruments and do and perform any other
        acts
        which Assignee, its nominees, successors, and/or assigns, may reasonably
        request
        in order to fully assign and transfer to and vest in Assignee, its nominees,
        successors and/or assigns, and protect its and/or their rights, title and
        interest in and enjoyment of, all the assets of Assignor intended to be
        transferred and assigned hereby, or to enable Assignee, its nominees, successors
        and/or assigns, to realize upon or otherwise enjoy any such assets.

      

      Assignor
        agrees to indemnify, defend, protect, and hold harmless Assignee from and
        against any and all liability, loss, cost, damage, and expense (including,
        without limitation, attorneys’ and paralegals’ fees and costs) asserted against,
        incurred or suffered by Assignee relating to Assignor’s obligations with respect
        to the Intellectual Property arising before the date hereof. The provisions
        of
        Section 11.3 also shall apply.

      

      By
        its
        acceptance hereof, Assignee agrees to perform or cause to be performed
        Assignor’s obligations, if any, under the Intellectual Property from and after
        the date of this instrument, and agrees to indemnify, defend, protect, and
        hold
        Assignor harmless from and against any liability, loss, cost, damage, and
        expense (including, without limitation, attorneys’ and paralegals’ fees and
        costs) asserted against, incurred or suffered by Assignor relating thereto
        and
        arising after the date hereof. The provisions of Section 11.3 also shall
        apply.

      

      The
        provisions of this Assignment shall be binding upon and inure to the benefit
        of
        Assignor, Assignee, and their successors and permitted assigns.

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      Assignor
        has caused this instrument to be duly executed by its authorized agent as
        of the
        date first written above.

      

      

      
        	
                ASSIGNOR:

                 

                Marlys
                  A. Koehler-Berry as Trustee of the Koehler Family Trust under instrument
                  dated September 17, 1986 and amended September 18, 1991 (“Koehler-Berry”),
                  and Log Cabin, Inc., a Nevada corporation

                 

                 

                 

                 

                 

                 

                By:
                  _______________________________

                Name:
                  Marlys A. Koehler-Berry

                Title:
                  _________________________________

              	
                ASSIGNEE:

                 

                AWI
                  Gaming, Inc., a Nevada corporation

                 

                 

                 

                 

                 

                 

                 

                By:
                  ______________________________

                Name:
                  Bruce Dewing

                Title:
                  President 

                 

              
	 	 

      

      

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    EXHIBIT
      "C"

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    

      BILL
        OF SALE

      

      For
        good
        and valuable consideration, receipt and sufficiency of which is hereby
        acknowledged, the undersigned, Marlys A. Koehler-Berry as Trustee of the
        Koehler
        Family Trust under instrument dated September 17, 1986 and amended September
        18,
        1991 (“Koehler-Berry”), Log Cabin, Inc., a Nevada corporation (“Log Cabin”),
        (Koehler-Berry and Log Cabin hereinafter “Seller”), and AWI Gaming, Inc., a
        Nevada corporation (“Buyer”), under that certain Purchase Agreement dated
        ___________________________, 2005 (the “Purchase Agreement”), the Personal
        Property (as defined in the Purchase Agreement).

      

      Seller
        hereby represents and warrants that the assets transferred hereunder are
        owned
        by Seller free and clear of all mortgages, liens, encumbrances, claims of
        any
        nature whatsoever, except for the existing mortgages, liens, encumbrances,
        and
        claims disclosed in the Purchase Agreement, Seller will warrant and defend
        title
        to the same, and will indemnify, defend, protect and hold Buyer harmless
        against
        the claims and demands of any persons, firms, and entities arising therefrom
        or
        with respect thereto.

      

      Seller
        hereby covenants that it will, at any time and from time to time upon written
        request thereof, execute and deliver to Buyer any new or confirmatory
        instruments and do and perform any other acts which Buyer may reasonably
        request
        in order to fully assign and transfer to and vest in Buyer and protect its
        rights, title and interest in and enjoyment of, all of the assets of Seller
        intended to be transferred and assigned hereby, or to enable Buyer to realize
        upon or otherwise enjoy any such assets.

      

      All
        references to “Seller” and “Buyer” herein shall be deemed to include their
        respective heirs, representatives, nominees, successors and/or assigns, where
        the context permits.

      

      Dated:
        _______________________, 2005

      

      
        	 	 
	
                SELLER:

                 

                Marlys
                  A. Koehler-Berry as Trustee of the Koehler Family Trust under instrument
                  dated September 17, 1986 and amended September 18, 1991 (“Koehler-Berry”),
                  and Log Cabin, Inc., a Nevada corporation

                 

                 

                 

                 

                 

                 

                By:
                  _______________________________

                Name:
                  Marlys A. Koehler-Berry

                Title:
                  _________________________________

              	
                BUYER:

                 

                AWI
                  Gaming, Inc., a Nevada corporation

                 

                 

                 

                 

                 

                 

                 

                By:
                  ______________________________

                Name:
                  Bruce Dewing

                Title:
                  President 

                 

              

      

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    EXHIBIT
      "D"

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

       

      

        Exhibit
          “D”

        

        Equipment
          Leases

        

        	1.  	
                The
                  CIT Group—Leased Credit card terminals.

              

        

        	2.  	
                Puget
                  Sound Leasing—Leased Point of sale
                  system.

              

        

        	3.  	
                Sierra
                  Nevada Cash Register—Leased Phone modem
                  software.

              

        

        	4.  	
                IOS
                  Capital Lease—Leased Copy machine.

              

        

        	5.  	
                Ecotemp—Leased
                  Dish machine.

              

        

        	6.  	
                Olympic
                  Compactor—Leased Trash compactor.

              

        

        	7.  	
                Ramsey’s—Leased
                  Voice mail system and license.

              

        

        	8.  	
                Vogue
                  Linens—Leased uniforms and linens.

              

        

        	9.  	
                Nevada
                  Logos—Leased Highway information signs.

              

        

        	10.  	
                Ecolab—Pest
                  Control.

              

        

        	11.  	
                Muzak—Casino
                  overhead music.

              

        

        	12.  	
                The
                  Economic Development Office occupy the small building near the
                  Motel units
                  on an oral, month to month rent free
                  basis.

              

        

        	13.  	
                YESCO
                  Outdoor—Highway billboard, I-80 near Battle Mountain,
                  Nevada.

              

        

        	14.  	
                YESCO
                  Outdoor—Highway billboard, U.S. 95 near Mcdermitt,
                  Nevada.

              

        

        	15.  	
                YESCO
                  Outdoor-Highway billboard (2), I-80 near Winnemucca,
                  Nevada.

              

        

        	16.  	
                YESCO
                  Outdoor—Highway billboard, I-80 Lovelock,
                  Nevada

              

        

        	17.  	
                STOTT
                  Outdoor—Highway billboard, Rye Patch,
                  Nevada

              

        

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        
 

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

        EXHIBIT
          "E"

         

        
          
             

          

          
             

            
              

            

          

          
             

          

        

      

    

     

    Exhibit
      "E"

     

    Legal
      Description

     

    

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

       

       

      

       

       

       

       

       

       

      
        
           

        

        
           

          
            

          

        

        
           

        

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

        EXHIBIT
          "F"

         

         

        
          
             

          

          
             

            
              

            

          

          
             

          

        

      

    

     

    

      Exhibit
        “F”

      

      Licenses
        and Permits

      

      

      

      The
        following permits are believed by Seller to be non-transferable:

      

      	1.  	
              State
                and county gaming licenses.

            

      

      	2.  	
              Special
                Tax Stamp issued by the Bureau of Alcohol, Tobacco, and
                Firearms.

            

      

      	3.  	
              Nevada
                State Division of Health Food Establishment
                Permit.

            

      

      	4.  	
              Nevada
                State Division of Health Drinking Establishment
                Permit.

            

      

      	5.  	
              City
                of Lovelock Liquor License.

            

      

      	6.  	
              City
                of Lovelock License for the motel rooms at the main
                complex.

            

      

      	7.  	
              City
                of Lovelock License for the Restaurant.

            

      

      	8.  	
              Pershing
                County Fair and Recreation Board Annual Operators Room Tax
                License.

            

      

      	9.  	
              State
                of Nevada, Department of Taxation Business Licenses for all of the
                operations of Sturgeons.

            

      

      	10.  	
              Nevada
                State Division of Health Public Bathing Facility (pool)
                Permit.

            

      

      It
        is
        Seller’s belief that virtually none of the licenses and permits currently
        required and/or in use by Sturgeons will be transferable.

       

       

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    EXHIBIT
      "G"

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    

      Exhibit
        “G”

      

      Motor
        Vehicles

      

      1982
        Plymouth Voyager—VIN#2P5WB31TCK150034

       

       

       

       

       

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

      SCHEDULES

       

       

       

      
        
           

        

        
           

          
            

          

        

        
           

        

         

        

          Schedule
            2.3

          

          Allocation
            of Purchase Price

          

          

          Sturgeons
            Casino

          

          Gaming
            Equipment      $300,000

          

          

          Log
            Cabin, Inc.

          

          Land                                                                                          
            $300,000

          Buildings
            and
            Improvements                                                
            $900,000

          Furniture,
            Fixtures and
            Equipmen                                        
            $300,000

           

          Total                                                                                        $1,800,000

                                                                                                            ========

           

           

           

          
            
               

            

            
               

              
                

              

            

            
               

            

          

        

      

    

     

    

      Schedule
        3.6.22

      List
        of Excluded Property

      

      

      	1.  	
              A
                paint sprayer in the storage shed located at Sturgeons and certain
                hand
                tools owned by an employee of Sellers.

            

      

      	2.  	
              Music
                and other CB’s held in the D.J. booth in the Center Club, all which are
                owned by an employee of Sellers.

            

      

      	3.  	
              One
                cigarette machine which is owned by an employee of Sellers and is
                operated
                by coins only.

            

      

      	4.  	
              All
                beverage machines and coolers with logos such as “Coke.” These are not
                owned by Sellers.

            

      

      	5.  	
              Certain
                slot machines related to wide area progressive systems (system games)
                described in detail on Schedule 4.1.4.

            

      

      	6.  	
              Seller’s
                business records and tax returns.

            

      

      	7.  	
              Coffee
                makers and related equipment owned by the vendor who currently provides
                the coffee products to Sturgeons.

            

      

      	8.  	
              Cash
                on hand, cash in banks, accounts receivable (including amounts receivable
                on credit cards taken prior to the closing date) and notes
                receivable.

            

      

      	9.  	
              Food,
                beverage, and supplies inventories.

            

      

      	10.  	
              “Excluded
                Property” as defined in paragraph
                1.25.

            

    

     

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    

      Schedule
        4.13

      

      Transferor’s
        Certificate of Non-foreign Person

      

      AFFIDAVIT
        OF NON-FOREIGN PERSON

       

      Section
        1445 of the Internal Revenue Code provides that a transferee of a U. S. real
        property interest must withhold tax if the transferor is a foreign person.
        To
        inform the transferee that withholding of tax is not required upon the
        disposition of a U. S. real property interest by __________(Name
        of Seller),
        a
        _________________(type of entity) (“Transferor”), the undersigned hereby
        certifies the following on behalf of Transferor:

       

      1. Transferor
        is not a foreign corporation, foreign partnership, foreign trust, or foreign
        estate (as those terms are defined in the Internal Revenue Code and Income
        Tax
        Regulations);

       

      2. Transferor
        is not a disregarded entity as defined in Section
        1.1445-2(b)2(iii);

       

      3. Transferor’s
        U. S. employer identification number is ______________; and 

       

      4. Transferor’s
        office address is ____________ (address).

       

      Transferor
        understands that this certification may be disclosed to the Internal Revenue
        Service by transferee and that any false statement contained herein could
        be
        punished by fine, imprisonment, or both.

       

      Under
        penalties of perjury I declare that I have examined this certification and
        to
        the best of my knowledge and belief it is true, correct and complete, and
        I
        further declare that I have authority to sign this document on behalf of
        Transferor.

       

      Date:
        __________________, 2005.

      

      

      _______________,
        (Name)
        _______________________(Type of entity)

      

      

      By:_______________________________________

      Name:_____________________________________

      Its:_______________________________________

      

      

      

      [ACKNOWLEDGMENT
        ON FOLLOWING PAGE]

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      STATE
        OF
        NEVADA   )

                                              
        )
        ss.

      County
        of
        Washoe       )

      

      On
        this
        _____ day of __________________, 2004, before me a Notary Public personally
        appeared _____________(Name
        of signor),
        the
        Manager of _________(name of seller), a________(Type of entity), personally
        known to me (or proved to me on the basis of satisfactory evidence) to be
        the
        person whose name is subscribed to this instrument and acknowledged that
        she
        executed the same on behalf of the company.

       

       

      _________________________________________

      Notary
        Public

       

      My
        Commission Expires:

      

      _________________

     

     

     

    
      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

     

    

      Schedule
        4.1.4 

      

      Personal
        Property Owner

      

      

      	1.  	
              All
                property referenced on Exhibit D.

               

            

      	2.  	
              1
                Megabucks slot machine.

               

            

      	3.  	
              4
                Wheel of Fortune slot machines.

               

            

      	4.  	
              2
                Twighlite Zone slot machines.

            

    

     

     

     

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

       

      

        Schedule
          4.1.7.1

        

        Property
          Agreements

        

        None

      

       

       

       

       

       

       

       

      
        
           

        

        
           

          
            

          

        

        
           

        

         

        

          Schedule
            4.1.7.2

          Oral
            Agreements

          

          	1.  	
                  Children’s
                    Arcade Games and Pool Tables—These machines are provided by B & C Pool
                    under an oral agreement that provides that Sturgeons is to receive
                    50% of
                    arcade is also covered under this
                    agreement.

                

          

          	2.  	
                  The
                    Economic Development Office for Lovelock occupies a small separate
                    building near the motel units on an oral, month-to-month rent
                    free
                    basis.

                

          

          	3.  	
                  The
                    residence located on the Sturgeon’s property is currently occupied by Herb
                    Ross, a current employee of Sturgeon’s, on an oral, month-to-month rent
                    free basis. Also, the washer and dryer located within the residence
                    is the
                    personal property of Herb
                    Ross.

                

        

      

    

     

     

     

     

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

       

      

        Schedule
          4.1.8

        

        Litigation

        

        

        None

         

         

         

         

         

        
          
             

          

          
             

            
              

            

          

          
             

          

        

      

    

    Schedule
      4.1.11

    

    Defaults

    

    None

     

     

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

       

      

        Schedule
          4.1.13.3

        

        Taxes

        

        

        

        None

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