Document:

exv10w2

 

Exhibit 10.2

EXECUTION COPY

SECOND AMENDMENT TO AGREEMENT

          This SECOND AMENDMENT TO AGREEMENT (“Second Amendment”), dated as of January 31, 2008,
by and among VENETIAN CASINO RESORT, LLC, a Nevada limited liability company, having an address at
3355 Las Vegas Boulevard South, Las Vegas, NV 89109, as successor-by-merger to Lido Casino Resort,
LLC (“Developer”), PHASE II MALL HOLDING, LLC, a Nevada limited liability company, having
an address at 3355 Las Vegas Boulevard South, Room 1C, Las Vegas, NV 89109, as
successor-in-interest to Developer (“New Developer”) and GGP LIMITED PARTNERSHIP, a
Delaware limited partnership, with an address at 110 North Wacker Drive, Chicago, Illinois 60606
(“Mall II Buyer”).

W I T N E S S E T H:

          WHEREAS, Developer’s predecessor-in-interest, Lido Casino Resort, LLC (“Original
Developer”), and Mall II Buyer entered into that certain Agreement dated as of April 12, 2004
(the “Phase II Mall Sale Agreement”), whereby Original Developer agreed to construct a
mixed use development on certain land in Las Vegas, Nevada and to convey a portion of such
development consisting of a proposed mall with retail shops and restaurants to Mall II Buyer (the
“Phase II Mall”), all as more particularly described in the Phase II Mall Sale Agreement;

          WHEREAS, Original Developer, New Developer and Mall II Buyer entered into that certain
Assignment and Assumption of Agreement and First Amendment to Agreement dated as of September 30,
2004 (the “First Amendment”; the Phase II Mall Sale Agreement, as amended by the First
Amendment and the Letter Agreement (as defined below), the “Amended Agreement”) whereby
Original Developer assigned its rights and interests under the Phase II Mall Sale Agreement to New
Developer, New Developer assumed Developer’s rights and interests under the Phase II Mall Sale
Agreement (but Original Developer was not released thereunder), and the parties amended the Phase
II Mall Sale Agreement;

          WHEREAS, Original Developer, New Developer, Mall II Buyer and Grand Canal Shops II, LLC
(“GCS”) entered into that certain letter agreement (the “Letter Agreement”) dated
January 5, 2007, whereby Mall II Buyer agreed to cause GCS to convey that certain space identified
in the Letter Agreement as the Tsunami Space and the Hallway Space, including, but not limited to,
the space previously leased to Las Vegas Asia Corp. and known as space number 1064, to Developer
and/or Phase II Mall Subsidiary, LLC (“Mall II LLC”); and

          WHEREAS, Developer, New Developer and Mall II Buyer wish to amend the Amended Agreement on the
terms and conditions set forth in this Second Amendment.

          NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows:

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ARTICLE I

DEFINITIONS

           1.1 Capitalized terms used but not otherwise defined herein shall have the respective meanings
given to such terms in the Amended Agreement and the Letter Agreement.

ARTICLE II

AMENDMENTS TO PHASE II MALL SALE AGREEMENT

AND LETTER AGREEMENT

          2.1 The drawings specified on Exhibit A attached hereto and made a part hereof
constitute the Final Construction Drawings and Specs.

          2.2 The third sentence of Section 2.3(a) is hereby deleted in its entirety.

          2.3 Section 2.3(b) of the Amended Agreement is hereby amended and restated to read in its
entirety as follows:

“Developer and Mall II Buyer hereby agree that the as-built or to be built square
footage of the Floor Area included in the Mall Improvements is approximately
525,523 gross square feet (the “As-Built Floor Area”).

          2.4 Notwithstanding anything to the contrary contained in Section 10.1(c) or any other
provision of the Amended Agreement, Developer, New Developer and Mall II Buyer hereby agree that
Substantial Completion of the Mall Improvements located in the tower being constructed above the
Walgreen’s store (“Walgreen’s Portion”) shall not be a condition to Mall II Buyer’s
obligation to consummate the Closing, provided that such failure to substantially complete the
Walgreen’s Portion would not be reasonably expected to materially adversely affect the operation
and opening of the remainder of the Phase II Mall. The parties acknowledge and confirm that in the
event that the Walgreen’s Portion is not Substantially Complete as of the Closing, Developer’s
obligation to achieve Substantial Completion of the Walgreen’s Portion, and Developer’s other
obligations with respect to the Walgreen’s Portion set forth in the Amended Agreement (including
without limitation Section 3.8 thereof), shall survive the Closing.

          2.5 The parties hereby agree that from and after the Closing until Substantial Completion of
the Walgreen’s Portion is achieved, Developer shall continue to be required to perform all duties
and obligations (monetary as well as non-monetary) of Mall II LLC as tenant under that certain
Commercial Lease dated March 1, 2004, by and between CAP II – Buccaneer, LLC, a New Mexico limited
liability company (“CAP II”), as landlord, and Mall II LLC, as tenant, as amended by that
certain Amendment to Commercial Lease dated September 30, 2004 and that certain Second Amendment to
Commercial Lease dated January 12, 2007 (the “Walgreen’s Lease”). All monetary

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obligations of tenant under the Walgreen’s Lease paid by Developer pursuant to this Section
2.4 for any partial month, year or other applicable period shall be appropriately prorated between
Developer and Mall II Buyer as of the date Developer achieves Substantial Completion of the
Walgreen’s Portion.

          2.6 Developer and New Developer hereby agree that in performing the construction of the
Walgreen’s Portion, Developer and New Developer shall use commercially reasonable efforts to
minimize interference with the use, enjoyment, and occupancy of the remainder of the Phase II Mall
and the conduct by Mall II Buyer of its business at the Phase II Mall.

          2.7 Developer shall achieve Substantial Completion of the Walgreen’s Portion no later than
July 30, 2008, provided that said deadline shall be extended one day for each day of delay due to
Force Majeure, Construction Delays or Buyer Delays.

          2.8 Developer and Mall II Buyer hereby acknowledge and confirm that the Phase II Hotel/Casino
was Open for Business on December 28, 2007, and the Phase II Mall was Open for Business on January
18, 2008.

          2.9 Developer and Mall II Buyer hereby acknowledge and confirm that notwithstanding any
provision to the contrary in the Amended Agreement, the grand opening of the Phase II Mall was
planned, conducted and operated by Developer at Developer’s expense, and Mall II Buyer cooperated
in connection with such opening.

          2.10 Section 14.6 of the Amended Agreement is hereby amended and restated to read in its
entirety as follows:

“Delivery of Survey. At Developer’s expense, Developer shall deliver to
Mall II LLC, at the Closing, a survey (dated or updated to a date not earlier than
sixty (60) days before the Closing Date) of the Phase II Mall based on the Final
Construction Drawings and Specs. Within 90 days after completion of the
construction of the Development, Developer shall deliver to Mall II Buyer an
“as-built” survey showing the Development (including the Phase II Mall)
“as-built.””

          2.11 Section 15.14 of the Amended Agreement is hereby amended and restated to read in its
entirety as follows:

“Developer and Mall II Buyer hereby (a) acknowledge and affirm that Tsunami has
surrendered its leasehold interest in the Phase I Mall, (b) agree that regardless
of whether the space previously demised to Tsunami is conveyed by the owner of the
Phase I Mall to Mall II LLC or is not so conveyed (and, if not so conveyed,
regardless of whether such space is made available by easement by the owner of the
Phase I Mall to Mall II LLC), such space, together with that certain hallway space
as both are legally described on Exhibit C attached hereto and made a part
hereof, shall be deemed to be owned by Mall II LLC, and to be part of the Phase

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II Mall, for purposes of calculating the Closing Payments, each Adjustment Payment,
the Earn-Out Payment and the Recalculated Earn-Out.”

          2.12 Section 16.3(c) of the Amended Agreement is hereby amended and restated to read in its
entirety as follows:

“Prior to the Closing Date, all security deposits and other similar payments
received by Mall II LLC from Tenants (including interest accrued thereon,
collectively (but excluding all Tenant Contractor Payments (as defined below),
“Tenant Payments”) shall be held by Developer or Mall II LLC in one or more
separate interest bearing accounts. From and after the Closing Date, all Tenant
Payments held by Developer or Mall II LLC shall remain in or come into (through the
transfer to Developer of such accounts or the funds held therein) the possession of
Developer, but Mall II LLC shall be responsible for all obligations with respect to
the deposits represented by the Tenant Payments. In consideration therefor, there
shall be an adjustment made to the first Adjustment Payment in an amount equal to
the aggregate amount of the Tenant Payments. Developer shall have no
responsibility or liability to Mall II LLC, Mall II Buyer, any Tenant, or any other
party with respect to the deposits represented by the Tenant Payments, including
any obligation to refund or apply such deposits. Prior to the Closing Date, all
security deposits and other similar payments received from any Tenant or any Tenant
contractor intended to provide security with respect to damage to the Phase II Mall
and/or Phase II Hotel/Casino caused by Tenant Build-Out Work (any such contractor,
a “Tenant Contractor” and such payments, the “Tenant Contractor
Payments”) shall be held by Developer. From and after the Closing Date, all
Tenant Contractor Payments held by Developer shall remain in the possession of
Developer. Developer shall use commercially reasonable efforts, at Mall II LLC’s
expense and in accordance with Mall II LLC’s reasonable instructions, to enforce
for the benefit of Mall II LLC the applicable agreements concerning the
disbursement of the Tenant Contractor Payments in the event of damage to the Phase
II Mall; provided that the foregoing is not intended to prohibit, or restrict in
any way, Developer’s right to enforce such agreements in the event of damage to the
Phase II Hotel/Casino.”

          2.13 Exhibit B attached hereto and made a part hereof is hereby added to the Amended
Agreement as Exhibit C.

          2.14 The parties hereby acknowledge and confirm that Mall II Buyer desires to exchange other
property of like kind and qualifying use within the meaning of Section 1031 of the Internal Revenue
Code of 1986, as amended, and the Treasury Regulations promulgated thereunder, for fee title in the
Phase II Mall or membership interests in Mall II LLC. Mall II Buyer expressly reserves the right
to assign its rights and interests, but not its obligations, under the Amended Agreement and Letter

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Agreement, each as hereby amended, to a qualified intermediary as provided in Reg.
1.1031(k)-1(g)(4) on or before 180 days from the date hereof and Developer hereby assents to any
such assignment by Mall II Buyer. Developer agrees to cooperate with Mall II Buyer or its assignee
in order to complete a qualifying like kind exchange for the benefit of Mall II Buyer, provided
that Developer shall incur no liability, cost or expense in connection therewith.

          2.15 From and after the Closing, Mall II Buyer shall purchase and at all times maintain the
business interruption insurance required under the Amended REA. In the event Mall II Buyer
receives proceeds from any such business interruption insurance, or in the event that Mall II Buyer
does not maintain business interruption insurance as required by this Section 2.15 and a loss
occurs for which Mall II Buyer would have received proceeds under any such business interruption
insurance policy had such policy been in effect, the amount of any such proceeds payable to Mall II
Buyer, or the amount of such proceeds that would have been payable to Mall II Buyer if such policy
had been in effect, shall be included in operating income for the purposes of calculating each
Adjustment Payment, the Earn-Out Payment and the Recalculated Earn-Out.

          2.16 Notwithstanding Section 20.2(b) of the Agreement, there shall be five Interim Payment
Dates on which Mall II Buyer shall pay to Developer an Adjustment Payment, as follows: June 16,
2008; October 15, 2008; the twelve (12) month anniversary of the Closing Date; the eighteen (18)
month anniversary of the Closing Date; and the twenty-four (24) month anniversary of the Closing
Date.

          2.17 Mall II Buyer hereby agrees, in connection with and as full settlement for Developer’s
claim that Phase II Mall includes too much public corridor space and that some of such space should
have been Tenant Space, to pay Developer, at the Closing, as additional purchase price for the
Membership Interests, an amount equal to $13,141,388.15 by wire transfer of immediately available
federal funds to an account designated by Developer.

          2.18 (a) The parties hereby agree that in connection with and as full settlement of certain
disputes between the parties, the first Adjustment Payment shall be increased by the following
amounts: (i) an amount equal to the amount that would be owed by GCS pursuant to Schedule II of the
REA as of the Closing Date, assuming that Stewarding (as such term is used in the REA) had always
been a Hotel/Casino/Mall/SECC Common Area Charge (as such term is defined in the REA) but without
giving effect to the amendment to the REA being entered into on the Closing Date (the “REA
Amendment”), on account of Stewarding provided to GCS from January 1, 2007 through the Closing
Date, and (ii) an amount equal to the previously unpaid portion of the amount that would, if the
Second Amendment was not entered into, be owed by GCS under the REA as of the Closing Date on
account of Off-Site Employee Parking (as such term is defined in the REA) from September 1, 2006
through the Closing Date. The amounts described in clauses (i) and (ii) of the preceding sentence
shall be reasonably determined in good faith by Developer and Mall II Buyer; provided, that if
Developer and Mall II Buyer are unable to come to agreement on either such amount within 90 days
after the Closing Date, Developer and Mall II Buyer shall submit

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the matter for determination by the Independent Expert (as such term is defined in REA)
pursuant to the provisions of Section 14.16 of the REA; provided further that Mall II Buyer shall
be estopped from arguing that Developer waived the right to collect the charges for Stewarding (for
the period from and after January 1, 2007) and/or Off-Site Employee Parking (for the period from
and after September 1, 2006) by reason of not previously billing such charges or any other reason,
or from otherwise arguing that such charges are (whether because H/C I Owner is obligated to
provide such services for no charge, or some other reason) not Hotel/Casino/Mall/SECC Common Area
Charges or otherwise invalid. As an illustration of the second proviso clause of the preceding
sentence, the only matter to be reasonably determined in good faith by Developer and Mall II Buyer
(or determined by the Independent Expert) with respect to clause (ii) of the first sentence of this
paragraph is the aggregate amount that would have been owed by GCS from September 1, 2006 through
the Closing Date pursuant to the Off-Site Employee Parking section of Schedule II of the REA (but
not including amounts actually billed and paid) if the adjustment procedure described in said
section had been properly followed.

               (b) Developer hereby agrees on behalf of H/C I Owner, H/C II Owner, SECC Owner and Residential
Portion Owner (as such terms are defined in the REA), and Mall II Buyer hereby agrees on behalf of
Mall I Owner and Mall II Owner (as such terms are defined in the REA), that the Initial Off-Site
Employee Parking Amount and the Initial Stewarding Amount (as such terms are defined in the REA)
shall be determined by the procedure described in the last two (2) sentences of paragraph (a) of
this Section 2.18, with both proviso clauses of the second-to-last sentence of said paragraph also
applying.

          2.19 Developer and Mall II Buyer hereby agree that if any Lease for the operation of any
retail cart or kiosk in the existing corridors or common areas of the Phase II Mall is entered into
on or after the Earn-Out Date, whenever Mall II Buyer receives any payment from the Tenant under
such Lease, including payments on account of fixed or base rent or percentage rent and payments
received due to resolutions or settlements of litigations or arbitrations, but excluding payments
on account of real estate taxes, “CAM” or other operating expenses, Mall II Buyer shall, within
fifteen (15) Business Days of receipt of such payment, pay to Developer an amount equal to half of
such payment.

          2.20 Developer and Mall II Buyer hereby agree that apportionments with respect to the Phase II
Mall (“Apportionments”), including without limitation, apportionments for rent and other
Lease payments, real property taxes, water and sewage charges, utilities and fuel charges and the
apportionment described in the third sentence of Section 16.3(c) of the Agreement, shall be made
substantially in the manner (subject to any appropriate changes) set forth in Section 6 of that
certain Purchase and Sale Agreement, dated as of April 12, 2004, by and between Grand Canal Shops
Mall Subsidiary, LLC, a Delaware limited liability company, Grand Canal Shops Mall MM Subsidiary,
Inc., a Nevada corporation, and Mall II Buyer. The Apportionments shall be adjusted as of 11:59
P.M. on the day preceding the Closing Date, but the net amount of

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such Apportionments shall be paid by Mall II Buyer to Developer or credited by Developer to
Mall II Buyer, as the case may be, on the first Interim Payment Date.

          2.21 Developer represents and warrants to Mall II Buyer that as of the date hereof, Mall II
LLC is neither a guarantor nor a borrower with respect to any loan other than (a) the loan made
pursuant to that certain Credit and Guaranty Agreement dated as of May 23, 2007 (the “Credit
Agreement”), by and among Las Vegas Sands, LLC, a Nevada limited liability company, as Borrower,
the lenders party thereto from time to time, Goldman Sachs Credit Partners L.P., Lehman Brothers
Inc. and Citigroup Global Markets Inc., as Joint Lead Arrangers, Joint Bookrunners and Syndication
Agents, The Bank of Nova Scotia, as Administrative Agent and Collateral Agent, and JPMorgan Chase
Bank, N.A., as Documentation Agent and (b) that certain Amended and Restated FF&E Credit Facility
Agreement, dated as of August 21, 2007, by and among Las Vegas Sands, LLC, a Nevada limited
liability company, New Developer, the other Persons from time to time party thereto as Credit
Parties, General Electric Capital Corporation, as Administrative Agent, Collateral Agent and a
Lender, GE Capital Markets, Inc., as Lead Arranger and Book Runner, and the other Persons from time
to time party thereto as Lenders. On the Closing Date, Developer will cause Mall II LLC to be
released from all liability under each of the above-described loans.

          2.22 The parties hereby acknowledge the existence of a dispute with Consolidated Resorts, Inc.
(“Consolidated Resorts”) with respect to that certain Rights Agreement dated as of June 2006
between Mall II LLC, as landlord, and Consolidated Resorts, as tenant. No amounts payable under
such Rights Agreement shall be included within the calculation of (i) the Closing Payment, or (ii)
except as otherwise set forth in this Section 2.22, any Adjustment Payment or the Earn-Out Payment.
From and after the Closing, Mall II Buyer shall cause Mall II LLC to take all actions, and only
such actions, as may be directed from time to time by Developer (and at Developer’s sole cost and
expense) with respect to such dispute, including without limitation commencing and pursuing
litigation (as directed by Developer and using counsel appointed by Developer) and, if and as
determined by Developer, settling such litigation (provided that (a) any non-monetary component of
any settlement, and (b) if such settlement includes Consolidated Resorts or an Affiliate entering
into another Lease covering space in the Phase II Mall, all of the terms (including financial
terms) of such Lease, shall be subject to the approval of Mall II LLC, which shall not be
unreasonably withheld or delayed). Developer shall indemnify, defend and hold harmless Mall II LLC
from and against any costs, expenses, losses, claims, or counterclaims arising from or related to
such litigation. Any damages or other financial settlement of such dispute shall be the sole
property of (and shall be forwarded to) Developer, provided that to the extent that the resolution
(including settlement) of such dispute involves the enforcement of such Rights Agreement (i.e.,
Consolidated Resorts agrees to honor such Rights Agreement or there is a non-appealable judicial
determination that Consolidated Resorts must honor such Rights Agreement) or the entering into of
another Lease covering space in the Phase II Mall with Consolidated Resorts or an Affiliate
thereof, then all amounts payable under such Rights Agreement or replacement Lease shall be the
property of Mall II LLC and (a) if such resolution occurs prior to the Earn-Out Date, such Rights
Agreement or applicable other Lease shall be taken into account in calculating any remaining
Adjustment

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Payments and the Earn-Out Payment or (b) if such resolution occurs on or after the Earn-Out
Date, Mall II Buyer shall pay to Developer by wire transfer of immediately available federal funds
to an account designated by Developer within fifteen (15) Business Days of such resolution an
amount (the “Additional Payment Amount”) equal to (x) the product of (1) twelve (12)
multiplied by (2) the fixed or base rent or other fixed periodic payment under the Rights Agreement
or any applicable other Lease for the first calendar month for which rent is due and there is no
full or partial abatement of rent, divided by (y) either (A) .06 if net operating income
for the twelve consecutive calendar months immediately preceding the Earn-Out Date was less than
thirty-eight million dollars ($38,000,000) or (B) .08 if clause (A) does not apply.
Notwithstanding the foregoing, (i) there shall be deducted from any Adjustment Payment or Earn-Out
Payment calculated pursuant to this Section 2.22 an amount equal to the amount of any damages or
other financial settlement received by Developer in connection with such dispute and (ii) if clause
(b) of the preceding sentence applies, the relevant Lease is the Rights Agreement and the
expiration date in the Rights Agreement is not extended from the specific expiration date set forth
in the Rights Agreement as of the date hereof in order to give the Mall II Buyer the benefit of a
full five (5) year term, the Additional Payment Amount shall be reduced by a percentage equal to
the percentage reduction in the effective term of the Rights Agreement.

          2.23 (a) The parties hereby acknowledge and confirm that (i) notwithstanding their prior
intentions, the space (the “Excluded Space”) covered by that certain Lease (the
“Excluded Lease”) dated as of October 3, 2007 by and between Mall II LLC and Strip View
Entertainment LLC (“Bathhouse”) will not be part of the Phase II Mall as of the Closing
Date and (ii) therefore, on or promptly after the Closing Date and pursuant to documentation
reasonably satisfactory to the parties (1) the Excluded Lease will be assigned by Mall II LLC to
Developer, (2) the space covered by that certain Palazzo Casino Level Restaurant/Retail Master
Lease Agreement dated as of the Closing Date (the “Master Lease”) by and between Developer
and Mall II LLC will not include any of the Excluded Space and (3) the portion of the Excluded
Space owned by Mall II LLC will be leased to Developer (such lease arrangement, the “Temporary
Lease”) for the annual rent of one dollar ($1.00).

               (b) The parties also acknowledge and confirm that Developer intends (but is not obligated) to
exercise remedies against Bathhouse in connection with defaults by Bathhouse under the Excluded
Lease. Upon either (i) a non-appealable judicial determination in connection with such exercise,
(ii) a binding settlement between Developer and Bathhouse with respect to such remedies and such
defaults or (iii) the termination by Developer of all actions (including the termination of all
litigations) in connection with such exercise (any of the events described in clauses (i), (ii) and
(iii) of this sentence, the “Bathhouse Resolution”) then promptly thereafter (A) pursuant
to documentation reasonably satisfactory to Developer and Mall II LLC, (1) if the Excluded Lease
has not been terminated, the Excluded Lease will be assigned by Developer to Mall II LLC, (2) the
Master Lease will be amended so that the space covered thereby includes all Excluded Space not
owned by Mall II LLC and (3) the Temporary Lease will be terminated and (B) the provisions of
paragraphs (c) and (d) of this Section 2.23 shall apply. Developer shall have the right to take
all actions and make all decisions (at its sole

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cost and expense) in connection with its exercise of such remedies and all litigations in
connection therewith, including without limitation settling such litigation; provided, however
that (x) any non-monetary component of any settlement, and (y) if such settlement includes
Bathhouse or an Affiliate entering into another Lease covering space in the Phase II Mall, all of
the terms (including financial terms) of such Lease, shall be subject to the approval of Mall II
LLC, which shall not be unreasonably withheld or delayed.

               (c) Any damages or other financial settlement paid or owed by Bathhouse or any Affiliate
thereof in connection with the Bathhouse Resolution shall be the sole property of Developer,
provided that to the extent that the Bathhouse Resolution results in the Excluded Lease remaining
in effect and not being terminated, or the entering into of another Lease covering the Excluded
Space with Bathhouse or an Affiliate thereof, then all amounts payable under such Excluded Lease or
replacement Lease shall be the property of Mall II LLC and (i) if the Bathhouse Resolution occurs
prior to the Earn-Out Date, such Excluded Lease or applicable other Lease shall be taken into
account in calculating any remaining Adjustment Payments and the Earn-Out Payment or (ii) if the
Bathhouse Resolution occurs on or after the Earn-Out Date, Mall II Buyer shall pay to Developer by
wire transfer of immediately available federal funds to an account designated by Developer within
fifteen (15) Business Days of the Bathhouse Resolution an amount equal to (x) the product of (1)
twelve (12) multiplied by (2) the fixed or base rent or other fixed periodic payment under the
Excluded Lease or any applicable other Lease for the first calendar month for which rent is due and
there is no full or partial abatement of rent, divided by (y) either (A) .06 if net
operating income for the twelve consecutive calendar months immediately preceding the Earn-Out Date
was less than thirty-eight million dollars ($38,000,000) or (B) .08 if clause (A) does not apply.

               (d) In the event that the Bathhouse Resolution results in the Excluded Lease being terminated
without a replacement Lease being entered into by Bathhouse or an Affiliate thereof, then the
parties will cooperate to identify a tenant or tenants suitable to Developer and Mall II LLC (in
the sole discretion of each) to occupy the Excluded Space and negotiate a Lease with each such
tenant, provided that any such Lease must be acceptable to both Developer and Mall II LLC (in the
sole discretion of each). If any such Lease is entered into prior to the Earn-Out Date, such Lease
shall be taken into account in calculating any remaining Adjustment Payments and the Earn-Out
Payment. If any such Lease is entered into on or after the Earn-Out Date, Mall II Buyer shall pay
to Developer by wire transfer of immediately available federal funds to an account designated by
Developer within fifteen (15) Business Days of such resolution an amount equal to (x) the product
of (1) twelve (12) multiplied by (2) the fixed or base rent or other fixed periodic payment under
such Lease for the first calendar month for which rent is due and there is no full or partial
abatement of rent, divided by (y) either (A) .06 if net operating income for the twelve
consecutive calendar months immediately preceding the Earn-Out Date was less than thirty-eight
million dollars ($38,000,000) or (B) .08 if clause (A) does not apply.

          2.24 Promptly after the Closing Date, Mall II LLC, as landlord, and Developer or an Affiliate
thereof, as tenant, shall enter into a lease (the “Palazzo Village 

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Lease”) covering that certain space identified as “Space No. 2720” (the “Palazzo
Village”), which lease shall include the terms set forth on Exhibit C attached hereto
and made a part hereof, and shall, subject to the further provisions of this Section 2.24,
otherwise be on commercially reasonable terms consistent with other restaurant Leases for space in
the Phase II Mall as of the date hereof. The Palazzo Village Lease shall also require that
Developer (a) maintain the Palazzo Village in a quality consistent with the overall quality of the
Phase II Mall, (b) not install, or permit any subtenants to install, seating in the common areas of
the Palazzo Village other than in the area surrounding and dedicated to the wine bar and (c) use
good faith efforts to provide Raymond Nisi with an interest in the wine bar. The Palazzo Village
Lease shall also provide that (i) Mall II LLC shall have the right to approve (such approval not to
be unreasonably delayed or withheld) (x) any Palazzo Village subtenants other than those Palazzo
Village subtenants listed in Exhibit C and (y) the plans and specifications for the Palazzo Village
and (ii) in the event that Developer enters into any Lease for the operation of any retail cart or
kiosk in the Palazzo Village, whenever Developer receives any payment from the subtenant under such
Lease, including payments on account of fixed or base rent or percentage rent and payments received
due to resolutions or settlements of litigations or arbitrations, but excluding payments on account
of real estate taxes, “CAM” or other operating expenses, Developer shall, within fifteen (15)
Business Days of receipt of such payment, pay to Mall II Buyer an amount equal to half of such
payment.

          2.25 The parties hereby agree that the Punch List Items include the items set forth on
Exhibit D attached hereto and made a part hereof.

          2.26 Promptly after Closing, Developer will (a) cause the outdoor terrace portion of the
so-called “J Space” on “Level 136’” of the Phase II Mall, and the portion of the common area near
the atrium area on “Level 136’” of the Phase II Mall (as more specifically delineated on Exhibit E
attached hereto and made a part hereof), to become separate legal parcels (or part of legal parcels
owned by Mall II LLC) and (b) transfer such terrace space and common area, for no additional
consideration, to Mall II LLC free and clear of all title defects other than Permitted
Encumbrances.

          2.27 The parties hereby agree that if the Closing Date is February 29, 2008, then, for the
purpose of calculating any annual, twelve (12) month or twenty-four (24) month anniversary (or any
other monthly anniversary based on a whole number multiple of twelve (12)), the Closing Date shall
be deemed to be March 1, 2008. This Section 2.27 shall apply to all documents executed in
connection with the sale of the Phase II Mall, including without limitation the Amended Agreement
as amended by this Second Amendment, the Master Lease, that certain Construction Warranty dated as
of February 29, 2009 made by New Developer and Developer in favor of Mall II LLC and the REA (as
amended as of the date hereof).

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ARTICLE III

MISCELLANEOUS

          3.1 The provisions of this Second Amendment shall survive the Closing.

          3.2 This Second Amendment may be executed in one or more counterparts which when taken
together shall constitute but one original.

          3.3 This Second Amendment shall be binding on and inure to the benefit of the parties hereto,
their heirs, executors, administrators, successors in interest and assigns.

          3.4 As amended hereby, the Amended Agreement is ratified and confirmed in all respects.

          3.5 This Second Amendment shall be governed by the laws of Nevada (without regard to
principles of conflicts of laws).

[Signatures begin on the following page.]

Second Amendment to Purchase Agreement

 

 

          IN WITNESS WHEREOF, New Developer and Mall II Buyer have caused this Second Amendment to
Agreement to be executed as of the date and year first above set forth.

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	PHASE II MALL HOLDING, LLC	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	Lido Casino Resort Holding Company, LLC, its Manager	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	Lido Intermediate Holding Company,
 LLC, its managing member	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	By:	 	Venetian Casino Resort, LLC, its 
sole member
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	By:
	 	/s/ Robert G. Goldstein	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	Name: Robert G. Goldstein	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	Title: Senior Vice President	 	 	 	 	 	 	 	 

[Signatures continue on the following page.]

(Signature Page)

Second Amendment to Purchase Agreement

 

 

	 	 	 	 	 
	 	VENETIAN CASINO RESORT, LLC

 	 
	 	By:  	
/s/ Robert G. Goldstein
 	 
	 	 	Name:  	Robert G. Goldstein 	 
	 	 	Title:  	Senior Vice President 	 
	 

[Signatures continue on the following page.]

(Signature Page)

Second Amendment to Purchase Agreement

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 MALL II BUYER:  	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	GGP LIMITED PARTNERSHIP	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	General Growth Partnership, Inc.
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ Bernard Freibaum	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name: Bernard Freibaum	 	 	 	 	 	 
	 

	 	 	 	 	 	Title: Authorized Officer	 	 	 	 	 	 

(Signature Page)

Second Amendment to Purchase Agreement

 

 

Exhibit A

Construction Drawings and Specs at 100% completion

[attached behind]

Second Amendment to Purchase Agreement

Ex. A -1

 

Exhibit B

SURVEY AREA X

LEGAL DESCRIPTION

PARCEL “B”

A PORTION OF LOT 1 OF THAT CERTAIN FINAL MAP ENTITLED “FINAL MAP OF THE VENETIAN COMMERCIAL
SUBDIVISION”, RECORDED IN BOOK 139 OF PLATS, AT PAGE 25, OFFICIAL RECORDS OF CLARK COUNTY, NEVADA,
LYING WITHIN THE SOUTHWEST QUARTER (SW 1/4) OF THE NORTHWEST QUARTER (NW 1/4) OF SECTION 16,
TOWNSHIP 21 SOUTH, RANGE 61 EAST, M.D.M., CLARK COUNTY, NEVADA, DESCRIBED AS FOLLOWS:

COMMENCING AT THE NORTHEAST CORNER OF THE SOUTHWEST QUARTER (SW 1/4) OF SAID SECTION 16; THENCE
NORTH 77°43’14” WEST, 1,512.68 FEET TO THE POINT OF BEGINNING; THENCE SOUTH 01°00’00” WEST, 25.90
FEET; THENCE SOUTH 46°00’00” WEST, 36.57 FEET; THENCE NORTH 44°00’00” WEST, 14.81 FEET; THENCE
NORTH 89°00’00” WEST, 87.77 FEET; THENCE SOUTH 01°00’00” WEST, 0.80 FEET; THENCE NORTH 89°00’00”
WEST, 23.34 FEET; THENCE NORTH 00°59’07” EAST, 42.10 FEET; THENCE SOUTH 88°59’59” EAST, 147.45 FEET
TO THE POINT OF BEGINNING.

EXCEPTING THEREFROM ALL OF ABOVE DESCRIBED AREA LYING BELOW THE ELEVATION OF 2117 FEET AND ABOVE
THE ELEVATION OF 2136 FEET, BASED ON CLARK COUNTY BENCH MARK 6C11 15W4, A RIVET AND SQUARE ALUMINUM
PLATE IN TOP OF CURB, NORTHEAST CORNER OF PARADISE ROAD AND SANDS AVENUE-TWAIN AVENUE, NEAR THE PC
OF PARADISE ROAD, HAVING A RECORD ELEVATION OF 2051.22 FEET.

SAID PARCEL CONSISTS OF AIR RIGHTS ONLY.

PARCEL “C”

A PORTION OF LOT 1 OF THAT CERTAIN FINAL MAP ENTITLED “FINAL MAP OF THE VENETIAN COMMERCIAL
SUBDIVISION”, RECORDED IN BOOK 139 OF PLATS, AT PAGE 25, OFFICIAL RECORDS OF CLARK COUNTY, NEVADA,
LYING WITHIN THE SOUTHWEST QUARTER (SW 1/4) OF THE NORTHWEST QUARTER (NW 1/4) OF SECTION 16,
TOWNSHIP 21 SOUTH, RANGE 61 EAST, M.D.M., CLARK COUNTY, NEVADA, DESCRIBED AS FOLLOWS:

COMMENCING AT THE NORTHEAST CORNER OF THE SOUTHWEST QUARTER (SW 1/4) OF SAID SECTION 16; THENCE
NORTH 77°43’14” WEST, 1,512.68 FEET TO THE POINT OF BEGINNING; THENCE SOUTH 01°00’00” WEST, 25.90
FEET; THENCE SOUTH 46°00’00” WEST, 36.25 FEET; THENCE NORTH 44°00’00” WEST, 3.34 FEET; THENCE SOUTH
46°00’00” WEST, 20.59 FEET; THENCE SOUTH 44°00’00” EAST, 1.27 FEET; THENCE SOUTH 46°00’00” WEST,
8.04 FEET; THENCE SOUTH 01°00’00” WEST, 54.32 FEET; THENCE NORTH 89°00’00” WEST, 37.07 FEET; THENCE
NORTH 01°00’00” EAST, 2.14 FEET; THENCE NORTH 89°00’00” WEST, 18.26 FEET; THENCE NORTH 01°00’00”
EAST, 15.00 FEET; THENCE NORTH 89°00’00” WEST, 7.00 FEET; THENCE NORTH 01°00’00” EAST, 13.16 FEET;
THENCE NORTH 89°00’00” WEST, 15.57 FEET; THENCE SOUTH 01°00’00” WEST, 3.68 FEET; THENCE NORTH
89°00’00” WEST, 22.17 FEET; THENCE NORTH 00°59’07” EAST, 98.00 FEET; THENCE SOUTH 88°59’59” EAST,
147.45 FEET TO THE POINT OF BEGINNING.

Second Amendment to Purchase Agreement

Ex. B -1

 

EXCEPTING THEREFROM ALL OF ABOVE DESCRIBED AREA LYING BELOW THE ELEVATION OF 2136 FEET AND ABOVE
THE ELEVATION OF 2148 FEET, BASED ON CLARK COUNTY BENCH MARK 6C11 15W4, A RIVET AND SQUARE ALUMINUM
PLATE IN TOP OF CURB, NORTHEAST CORNER OF PARADISE ROAD AND SANDS AVENUE-TWAIN AVENUE, NEAR THE PC
OF PARADISE ROAD, HAVING A RECORD ELEVATION OF 2051.22 FEET.

SAID PARCEL CONSISTS OF AIR RIGHTS ONLY.

BASIS OF BEARING

NORTH 00°24'18" WEST BEING THE EAST LINE OF THE NORTHEAST QUARTER (NE 1/4) OF THE SOUTHWEST QUARTER
(SW 1/4) OF SECTION 16, TOWNSHIP 21 SOUTH, RANGE 61 EAST, M.D.M. AS SHOWN ON PARCEL MAP FILE 33,
PAGE 98 OF OFFICIAL RECORDS, CLARK COUNTY, NEVADA, SAID LINE ALSO BEING THE CENTERLINE OF KOVAL
LANE.

END OF DESCRIPTION.

LAND SURVEYOR, PLS

NOAH REYNOLDS

NEVADA LICENSE NO. 13870

HORIZON SURVEYS

9901 COVINGTON CROSS DRIVE, SUITE 120

LAS VEGAS, NV 89144

(702) 228-5066

Second Amendment to Purchase Agreement

Ex. B -2

 

Exhibit C

Description of Palazzo Village

Developer has proposed a “food village” for the currently vacant Space 9 (totaling approximately
18,986 sq/ft). This is not a food court (ie – there will be no common area seating other than as
referenced in Section 2.24), but more an aggregation of smaller, boutique restaurants. This
concept would serve the breakfast, lunch and dinner demand for consumers who desire a more
sophisticated, branded experience in an otherwise casual setting. The concept will marry fast
casual convenience with the high quality of a traditional sit-down restaurant.

Developer will be the guarantor and enter into a master lease which will begin not later than April
1, 2009. The proposed rent structure is $50 sq/ft (with annual increases of 3%) versus 12% of
total sales generated in the leased premises, requiring a 10 year lease. The lease will have one
(1) five (5) year option, which would only be applicable if an agreed upon sales threshold is met
and if so, rent would adjust to reflect market at the time of option term commencement (with annual
increases of 3%). CAM charges will be at the standard rates for Palazzo restaurants (ie –
initially $20 per sq/ft with annual increases). The master lease will include the common area
surrounded by these boutique restaurants (for a total master leased premises of approximately
18,986 sq/ft). In the event that Developer desires to install any retail kiosks, duratrans, or
similar income producing structures in such common area, the same shall be subject to the approval
of Phase II Mall Subsidiary (not to be unreasonably withheld).

To date Developer has received commitments from the following restaraunteurs:

	 	-	 	Thomas Keller for Bouchon Bakery and “Burgers and Half-bottles”
	 
	 	-	 	Joe Bastianich and Marion Batali for La Mozza and Casa Mona
	 
	 	-	 	Emeril Lagasse for a yet to be named BBQ concept
	 
	 	-	 	Gary Greengrass for Barney Greengrass
	 
	 	-	 	Charlie Trotter for Trotters To Go
	 
	 	-	 	CRU or Zacky’s for wine

Developer guarantees that not less than 6 of the 8 of the above concepts commit by no later than
July 1, 2008; in the event that they do not so commit, Phase II Mall Subsidiary will have the right
to terminate the master lease prior to obtaining commitment by 6 of such 8). Developer shall
provide copies of any written commitments. In the event of noncommittal or if, following execution
of a sublease with any such tenant, such tenant subsequently vacates, Developer will replace the
concept with a like-tenant, similar in quality and name brand (subject to approval rights set forth
in Section 2.24).

As soon as reasonably practicable, Developer shall prepare a layout and renderings of this concept,
which shall be subject to the reasonable approval of Phase II Mall Subsidiary.

Second Amendment to Purchase Agreement

Ex. C -1

 

Exhibit D

Additional Punch List Items

	1.	 	The operating manuals;
	 
	2.	 	Six (6) directories;
	 
	3.	 	Five (5) lounge seating groups;
	 
	4.	 	Fifteen (15) trash receptacles.;
	 
	5.	 	Directional signage; and
	 
	6.	 	Mirrors in restrooms.

Second Amendment to Purchase Agreement

Ex. D -1

 

Exhibit E

Description of Level 136’ Common Area to Be Conveyed to Mall II LLC

[attached behind]

Ex. E-1exv10w3

 

Exhibit
10.3

ORDER OF THE SECRETARY FOR TRANSPORTATIONS AND PUBLIC WORKS No. 11/2008

Using the powers vested by section 64 of Macau SAR Basic Law and in the terms set in Section 107 of
Law no. 6/80/M, July 5th, the Secretary for Transportations and Public Works orders:

	1.	 	It is partially reviewed, on the terms and conditions of the contract herein attached, which
is a part of the present Order, the land concession, by lease, of the parcel of land with an
area of 26 082 sq mts located at Península de Macau, at Avenida do Dr. Sut Yat Sen, near to
the Hotel Resort Mandarim, effected by Order of the Secretary for Transportations and Public
Works no. 111/2003.
	 
	2.	 	The present Order enters immediately into effect.

14th of April of 2008.

The Secretary for Transportations and Public Works

ATTACHEMENT

(Process no. 2 409.02 of the Transportation, Soils and Public Works

Department — DSSOPT and Process no. 12/2007 of the Land Commission)

AGREEMENT BETWEEN

THE MACAU SPECIAL ADMINISTRATIVE REGION as FIRST PARTY; and

VENETIAN MACAU, LIMITED as SECOND PARTY.

WHEREAS:

 

 

	1.	 	By Order of the Secretary for Transportations and Public Works no. 111/2003, published in the
Official Gazette’s Supplement no. 50/2003, II Series, on the 10th of December, the
land concession, by lease, of the parcel of land with an area of 26 082 sq mts located at
Península de Macau, at Avenida do Dr. Sut Yat Sen, near to the Hotel Resort Mandarim, was
effected in favor of the company «Venetian Macau, LIMITED», with head office in Macau, at
Avenida Doutor Mário Soares, no. 25, Montepio Building, Room 25, 2nd floor,
registered with the Macau’s Commercial and Movable Assets registry under number 15 702(SO),
for development purposes, with the construction of a building intended for areas of
entertainment, retail shopping, restaurants, gaming, car parking and a free area.
	 
	2.	 	The concessionaire, a company holder of a gaming sub concession in casinos in Macau SAR, with
an intention to proceed with the enhancement of the referred complex, known as “Sands
Building”, in order to enhance the gaming area and to increase the hotel accommodation offer,
submitted to the Transportation, Soils and Public Works Department (DSSOPT) in July
8th 2005, the preliminary architectural study for this 2nd phase, to be
erected within the confines of the granted parcel of land, which was deemed to be approved by
Order of the Secretary for Transportations and Public Works, issued on August 2nd
2005.
	 
	3.	 	In these circumstances and bearing the development purposes of the referred project, the
concessionaire, by means of a request presented on July 17th 2006, formally
requested a modification to the development purposes of the granted parcel of land and the
subsequent partial revision of the land grant agreement, as per Section 107 of Law 6/80/M,
July 5th.

2

 

	4.	 	Having been fixed the definitive areas of the project, which were altered several times
through out the proceedings, the Transportation, Soils and Public Works Department (DSSOPT)
proceeded with the calculation of the consideration due for the modifications to the land
development purposes and issued a draft of the revised land concession agreement, which was
approved by the concessionaire by means of a declaration presented on the November
13th 2007.
	 
	5.	 	The proceedings followed their normal procedures, having been sent to the Land Commission,
which issued a favorable opinion on the request.
	 
	6.	 	The parcel of land, with an area of 26 082 sq mts, with the letters “A”, “B1” and “B2”,
respectively with areas of, 24 423 sq mts, 1 197 sq mts and 462 sq mts, as identified in the
cadastre plan no. 6086/2003, issued by the Macao Cartography and Cadastre Bureau (MCCB), on
August 27, 2003, as per the Order of the Secretary for Transportation and Public Works no.
111/2003, published in the Official Gazette’s Supplement no. 50/2003, II Series, on the
10th of December and registered in the Macau’s Land and Buildings Registry under
no. 23 114 and therein registered in favor of the Second Party under no. 29 239F.
	 
	7.	 	The opinion of the Land Commission was effected by Order of His Excellency the Chief Of
Executive of Macau SAR, on January 24th 2008, issued based on favorable opinion of
the Secretary for Transportations and public Works, issued on January 22nd 2008.
	 
	8.	 	In the terms and to the effects established in section 125 of Law 6/80/M, of July
5th, the conditions of the agreement effected by this Order were notified to the
requesting company and by it they were accepted by means of a declaration,

3

 

	 	 	presented on March 19th 2008, signed by Joaquim Jorge Perestrelo Neto Valente,
also known as Jorge Neto Valente, widower, residing in Macau, at Avenida Doutor Mário Soares,
no. 25, Montepio Building, Room 25, 2nd floor, in his capacity as
Managing-Director of the Company «Venetian Macau Limited», capacity and powers for this act
verified by the Notary Rui Sousa, as per the signature recognition on that declaration.
	 
	9.	 	The premium due for the partial revision of the granted concession established in article 3
of the agreement was paid on March 4th 2008, in the Payments Section of the Macau
Finance Bureau (receipt no. 21 256), by means of form for extraordinary receipts no. 15/2008,
issued by the Land Commission, on February 14th 2008, which duplicate is filled in
the respective process.

ARTICLE FIRST 

	1.	 	By the present agreement the First Party authorizes, as per the enhancement project approved
by the Transportation, Soils and Public Works Department (DSSOPT), the partial review of the
Land Grant, by lease, of the parcel of land with an area of 26 082 sq mts (Twenty six thousand
and eighty two square meters) located at Península de Macau, at Avenida do Dr. Sut Yat-Sen,
near the Hotel Resort Mandarim, identified with the letters “A”, “B1” and “B2” in the cadastre
plan no. 6086/2003, issued by the Macao Cartography and Cadastre Bureau (MCCB), on August 27,
2003, effected by the Order of the Secretary for Transportation and Public Works no. 111/2003,
published in the Official Gazette’s Supplement no. 50/2003, II Series, on the 10th
of December and registered in the Macau’s Land and Buildings Registry under no. 23 114 and
therein registered the land concession in favor of the Second Party under no. 29 239F.

4

 

	2.	 	As referred in the previous number, sections third, sixth and seventh of the agreement signed
pursuant the Order of the Secretary for Transportation and Public Works no. 111/2003,
published in the Official Gazette’s Supplement no. 50/2003, II Series, on the 10th of
December, is herein reviewed as follows:
	 
	 	 	“Section Third - Land Development and Purpose

	 	1.	 	The development of the Land comprises the construction of a five stars Hotel,
with the following areas for construction:

	 	1)	 	5 Star Hotel including gaming, entertainment, leisure, retail shopping,

restaurants areas and other support areas                                                           109 046 sq mts
	 
	 	2)	 	Car Parking             
                
                
                
                
                
       27 124 sq mts
	 
	 	3)	 	Free area                   
                
                
                
                
                
       3 984 sq mts

	 	2.	 	 

	 	 	Section Sixth - Rent

	 	1.	 	 	 
	 				
	 	2.	 	Upon the conclusion of the land development, the second party shall pay an annual
rent in the amount of MOP1.946.770,00 (One million nine hundred and forty six thousand
seven hundred and seventy Patacas), calculated in relation to the following purposes and
constructions areas:

	 	1)	 	Five Stars Hotel: 109 046 sq mts × MOP15,00/sq mts 	MOP1.635.690,00;	 
	 					
	 	2)	 	Car Parking: 27 124 sq mts × MOP10,00/ sq mts
	MOP271.240,00;	 
	 					
	 	3)	 	Free Area: 3 984 sq mts × MOP10,00/ sq mts
	MOP39.840,00.	 

	 	3.	 	 

	 	 	Section Seventh - Collateral

	 	1.	 	 

	 	2.	 	 

5

 

	 	3.	 	The collateral referred to in number one shall be returned to the second Party by
the Finance Bureau, on its request, upon presentation of the development and usage
permit issued by the Transportation, Soils and Public Works Department (DSSOPT).”

ARTICLE SECOND

Notwithstanding payment of the amount of MOP160.137.280,00 (One hundred and sixty millions one
hundred and thirty seven thousand two hundred and eighty Patacas) in the conditions stipulated in
Section nine of the Land Grant Agreement effected by the Order of the Secretary for Transportation
and Public Works no. 111/2003, published in the Official Gazette’s Supplement no. 50/2003, II
Series, on the 10th of December, the second Party shall pay to the first Party, for this
partial review and as an agreement premium the amount of MOP90.015.160,00 (Ninety millions fifteen
thousand one hundred and sixty Patacas), in one lump some upon the acceptance of this agreement
conditions as established in Section 125 of Law no. 6/80/M, July 5th.

ARTICLE THIRD – COMPETENT JURISDICTION 

Any dispute resulting from this agreement shall be brought before the Court of First Instance of
the Macau SAR.

ARTICLE FOURTH – APPLICABLE LAW

Matters not provided for in this agreement shall be governed by Law 6/80/M, of July 5, 1980 and all
other applicable legislation.

6

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