Document:

exv10w2

Exhibit 10.2

PURCHASE AGREEMENT

for

BLUE HARBOR RESORT, SHEBOYGAN, WISCONSIN

between

CLAREMONT NEW FRONTIER RESORT LLC

(“PURCHASER”)

and

BLUE HARBOR RESORT SHEBOYGAN, LLC

(“SELLER”)

DATED MARCH 17, 2011

 

 

PURCHASE AGREEMENT

     This PURCHASE AGREEMENT (this “Agreement”) is made and entered into this 17th day of
March, 2011, by and between CLAREMONT NEW FRONTIER RESORT LLC, a Delaware limited liability company
(“Purchaser”) and BLUE HARBOR RESORT SHEBOYGAN, LLC, a Wisconsin limited liability company
(“Seller”). The “Effective Date” of this Agreement shall be the date on which the
last of the parties to execute this Agreement delivers the fully-executed agreement to the other
party, as evidenced by the date set forth immediately below their respective signatures hereto,
which date shall be inserted on the cover page of this Agreement.

RECITALS

     A. Seller is the owner of certain assets used in connection with or relating to the business
of Seller known as “Blue Harbor Resort” (such business is sometimes hereinafter referred to
as the “Business”) located in Sheboygan, Wisconsin (the “City”).

     B. Purchaser desires to purchase such assets from Seller, and Seller desires to sell such
assets to Purchaser, for the purchase price and upon terms and conditions hereinafter set forth.

     C. Purchaser and Seller are parties to that certain Purchase Agreement dated September 15,
2010, as amended (the “Original Purchase Agreement”) for the sale of the Business.

     D. During the course of its due diligence review pursuant to the Original Purchase Agreement,
various issues have arisen regarding the business and municipal approvals and agreements, and in
consideration of Purchaser agreeing to move forward with the purchase of the Business, Seller and
Purchaser have agreed to amend and restate the Original Purchase Agreement as provided in this
Agreement.

     E. As a part of the execution of this Agreement, the parties desire to terminate the Original
Purchase Agreement and all terms and conditions with respect to the purchase of the Business by the
Purchaser are to be incorporated herein.

AGREEMENT:

     NOW, THEREFORE, in consideration of the foregoing Recitals, the mutual covenants contained
herein and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

ARTICLE I

PURCHASE OF THE ASSETS OF THE BUSINESS

     1.1 Purchase of the Assets of the Business. The Purchaser agrees to buy from the
Seller and the Seller agrees to sell to Purchaser, all but not less than all, of the Business and
assets of every kind and description owned by the Seller now and on the Closing Date (as

 

 

hereinafter defined), except for those assets expressly excluded elsewhere in this Agreement
or its attached Exhibits, that are used in, related to or in any way connected with the Business of
the Seller, legally or beneficially, whether constituting real or personal property including,
without limitation, all of Seller’s right, title and interest in and to any and all of the
following (all of which are as hereinafter defined in this Article I): Improvements,
Furniture, Fixtures and Equipment (sometimes hereinafter referred to as “FF&E”), Assumed
Hotel Contracts and Agreements, Assumed Convention Center Project Contracts and Agreements,
Consumables and Inventories, Plans, Permits, Licenses and Approvals, Books and Records and Signage,
as well as all other real, personal or intangible property, of any kind, type or nature, including
the goodwill of the Acquired Assets of Seller related to any of the foregoing.

     Notwithstanding anything to the contrary contained herein, all of the Excluded Assets are
specifically excluded from this transaction. All of the assets of the Seller to be acquired by the
Purchaser including the Business and the Hotel are hereinafter collectively referred to as the
“Acquired Assets”. The Trade Names shall continue to be owned by Seller and, in exchange
for consideration of One Dollar, shall be licensed to Purchaser for Purchaser’s nonexclusive use in
conjunction with the operation of the Acquired Assets within the City of Sheboygan, subject to the
terms and conditions of the license agreement to be executed by the parties pursuant to Section
9.2(v) hereof; provided, however, for a period of 5 years following the Closing, Purchaser’s
use of the Trade Names in conjunction with the operation of the Acquired Assets shall be the
exclusive use of the Trade Names in the States of Wisconsin and Iowa.

     1.2 “Excluded Assets” shall mean: (a) those certain leasehold interests in the real
estate located at 725 Blue Harbor Drive in the City of Sheboygan (the “Land”), as more
specifically identified on Exhibit A attached hereto and incorporated herein which include
the so-called “Resort Ground Lease” and “Convention Center Operating Lease” (the “Leases”);
(b) all conference center improvements that are part of the “Leased Premises” as set forth in
Section 11 of that certain Operating Lease, dated July 30, 2003, between the City of Sheboygan and
Blue Harbor Resort Sheboygan, LLC and are owned by the City; (c) all furniture, fixtures, equipment
and articles of personal property relating to and used in connection with the operation and
maintenance of the Blue Harbor Conference Center, the Seabird Restaurant and Blue Point Wine &
Tapas Bar to the extent owned by someone other than the Seller or an affiliate of the Seller; and
(d) the Trade Names.

     1.3 “Leasehold Interests” shall mean all of Seller’s right, title and interest in and
to the Leases, including without limitation all development rights, privileges, appurtenances,
advantages and easements belonging thereto or in any way appertaining thereto.

     1.4 “Improvements” shall mean all buildings, structures, fixtures, parking areas and
other improvements, referenced in the Leases and owned by the Seller or an affiliate of the Seller
including that hotel known generally as the Blue Harbor Resort located in Sheboygan, Wisconsin (the
“Blue Harbor Resort”; and referred to as the “Hotel”), contained in or used in
connection with the Hotel and located on the Land, including, without limitation, 182 guest rooms,
eating areas, bar, lobby, offices, laundry facilities, associated grounds, driveways, parking
areas, swimming pool(s) and related facilities and signage located on the Land.

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     1.5 “FF&E” shall mean all furniture, fixtures, equipment and articles of personal
property owned by Seller, now or hereafter attached to or located on, relating to and used in
connection with the operation and maintenance of the Leasehold Interests and Acquired Assets,
including, without limitation, any vans and vehicles owned by or leased to Seller (provided, in the
event of such leasing, Seller shall, if permitted under such lease, assign all of its leasehold
rights thereto to Purchaser and Purchaser shall agree to assume such leasehold obligations
hereunder and Seller shall be responsible for and pay any fees due and owing in connection with the
assignment of such leases) and utilized for the Leasehold Interests and Acquired Assets and all
manufacturers’ and vendors’ warranties relating to any of the foregoing. A list of all FF&E is
attached hereto as Exhibit B.

     1.6 “Assumed Hotel Contracts and Agreements” shall mean all leases, contracts,
agreements, licenses, rental forms, rental arrangements, reservation agreements, occupancy
agreements, “trade-out” agreements, advance booking agreements, convention reservation agreements
or similar agreements (including without limitation information as to clients, bookings and
marketing activities), applications, advance reservations and other records of Seller pertaining to
the use, marketing and operation of the Business, all of which are listed on Exhibit C
including all prepaid rents and deposits, utility deposits, refundable security deposits, rental
deposits and all guaranties by third parties, but excluding any leases, contracts, or agreements,
which are specifically listed on Exhibit C-1 attached hereto and incorporated herein by
reference.

     1.7 “Assumed Convention Center Project Contracts and Agreements” shall mean all
leases, contracts, agreements, licenses, rental forms, rental arrangements, reservation agreements,
occupancy agreements, “trade-out” agreements, advance booking agreements, convention reservation
agreements or similar agreements (including without limitation information as to clients, bookings
and marketing activities), applications, advance reservations and other records of Seller
pertaining to the use, marketing and operation of the Convention Center Project, all of which are
listed on Exhibit C including all prepaid rents and deposits, utility deposits, refundable
security deposits, rental deposits and all guaranties by third parties, but excluding any leases,
contracts, or agreements, which are specifically listed on Exhibit C-2 attached hereto and
incorporated herein by reference.

     1.8 “Consumables and Inventories” shall mean any and all (i) inventories, which are
owned by Seller and used in connection with or relating to the Acquired Assets, including, without
limitation provisions in storerooms, refrigerators, pantries, and kitchens, beverages in wine
cellars and bars or other merchandise intended for sale or resale, fuel, mechanical supplies,
stationery, guest supplies, maintenance and housekeeping supplies and other supplies and similar
items, (ii) fixed assets supplies, property and equipment of Seller and used in connection with or
relating to the Acquired Assets, including, without limitation, linen, china, glassware, tableware,
uniforms and similar items, whether in use or held in stock for future use, in connection with the
operation of the Acquired Assets, and (iii) supplies and equipment of Seller and used in connection
with or relating to the Acquired Assets, including, without limitation, cleaning materials and
equipment, supplies for the maintenance of the Hotel, office stationery, all supplies used in the
normal operation of the office, kitchen, conference rooms,

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eating lounge, and other facilities of the Hotel, all front and back office systems and
equipment and all manufacturers’ and vendors’ warranties relating thereto.

     1.9 “Plans” shall mean any and all building and site plans, construction
specifications, prior surveys, blueprints, title policies and reports, architects’ renderings,
construction permits, zoning, land use and other entitlements, approved storm water management
plans, approved sediment control plans, utility availability certificates, sewer and water
allocation certificates and reservations and the like and all similar items in any way pertaining
to the Leasehold Interests and Acquired Assets and in Seller or its agents’ custody and control.

     1.10 “Permits, Licenses, Approvals” shall mean any and all licenses and rights to
licenses (including liquor licenses, except it being acknowledged by Purchaser that the holder of
the liquor license with respect to the Blue Harbor Conference Center is a party unrelated to
Seller), permits, approvals, certificates of occupancy and advertising materials and other similar
rights of the Seller relating to the use and operation of the Leasehold Interests and Acquired
Assets. A true, correct and complete list of all Permits, Licenses and Approvals is attached
hereto as Exhibit D and incorporated herein by reference.

     1.11 “Trade Names” shall mean any and all trade names, trade styles, trade marks,
service marks, and other identifying material, and all variations thereof, as set forth on
Exhibit I, attached hereto, together with all related goodwill.

     1.12 “Books and Records” shall mean copies of all books, records and accounts relating
to the Leasehold Interests and Acquired Assets and its operation and marketing and its income,
expenses and assets, including, without limitation, all marketing files, customer and contact
lists, promotional material, Acquired Assets telephone numbers, tenant and customer data, marketing
and leasing materials and forms, market studies, keys, computer files and employment files of the
Seller.

     1.13 “Signage” shall mean any and all signage located on the Land or used in
connection with the Acquired Assets and all rights of Seller to maintain or erect signs on the Land
for advertising, marketing, informational and such other purposes as permitted by applicable law.

     1.14 “Environmental Requirements” shall mean all laws, ordinances, statutes, codes,
rules, regulations, agreements, judgments, orders, and decrees, now or hereafter enacted,
promulgated, or amended, of the United States, the states, the counties, the cities, or any other
political subdivisions in which the Land is located, and any other political subdivision, agency or
instrumentality exercising jurisdiction over the owner of the Land, or the use of the Land,
relating to pollution, the protection or regulation of human health, natural resources, or the
environment, or the emission, discharge, release or threatened release of Hazardous Materials into
the environment (including, without limitation, ambient air, surface water, ground water, land or
soil).

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     1.15 “Extended Post Closing Occupancy Agreements” shall mean any occupancy agreement
for space at the Hotel which: (i) pertains to periods after the Closing Date; (ii) involves
aggregate occupancy of at least fourteen (14) days; and (iii) provides for an average daily rate of
less than $155.

     1.16 “Hazardous Waste Law” shall mean any substance or material which (A) has been or
is at any time determined by any state or federal court in a reported decision to be a waste,
pollutant, contaminant, hazardous waste or hazardous substance, (B) has been or is determined by
any governmental authority to be a waste, pollutant, contaminant, hazardous waste, hazardous
substance or hazardous material capable of posing a risk of injury to health, safety or property,
(C) is described as, or has been or is determined to be a waste, pollutant, contaminant, hazardous
waste, hazardous substance, or hazardous material under any Hazardous Waste Law, (D) requires
reporting, investigation or remediation under any Environmental Requirements, (E) causes or
threatens to cause a nuisance on the Land or adjacent property or poses or threatens to pose a
hazard to the health or safety of persons on the Land or adjacent property, or (F) which, if it
emanated or migrated from the Land, could constitute a trespass. Hazardous Materials shall
include, without limitation, (i) gasoline, diesel fuel, or other petroleum hydrocarbons; (ii)
asbestos and asbestos containing materials, in any form, whether friable or non-friable; (iii)
polychlorinated biphenyls; (iv) radon gas; and (v) lead-based paint and other lead-based hazards.

     1.17 “Title Company” shall mean First American Title Insurance Company, National
Commercial Services, 1825 Eye Street, NW, Suite 302 Washington, DC 20006.

     1.18 “Development Agreement” shall mean that certain Development Agreement dated as of
July 30, 2003 among the Seller, Blue Harbor Resort Condominium LLC, The Great Lakes Companies,
Inc., the City and the Redevelopment Authority of the City of Sheboygan, Wisconsin.

     1.19 “Convention Center Project” shall have the same meaning ascribed to in the
Development Agreement.

ARTICLE II

PURCHASE AND SALE; PURCHASE PRICE; PAYMENT-,

DEPOSIT; INDEPENDENT CONSIDERATION

     2.1 Purchase and Sale. Seller agrees to sell and convey to Purchaser, and Purchaser
agrees to purchase from Seller, in consideration of the Purchase Price and upon the terms and
conditions hereof, all of Seller’s right, title and interest in the Acquired Assets.

     2.2 Purchase Price. Subject to the terms, conditions, and provisions herein,
Purchaser agrees to pay, and Seller agrees to accept as consideration for the sale and conveyance
of the Acquired Assets, subject to the adjustments provided for in this Agreement, Four Million Two
Hundred Thousand Dollars ($4,200,000) as the Purchase Price.

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     2.3 Further Allocation. Purchaser and Seller shall, prior to the Closing, further
allocate the Purchase Price among the Acquired Assets. If Purchaser and Seller cannot agree, the
allocation shall be made by Purchaser, but such allocation must be proportionately consistent with
current accounting principals under GAAP.

     2.4 Payment. The Purchase Price, less the amount of the Deposit (as hereinafter
defined) and interest earned thereon, if any, shall be paid to Seller in immediately available
funds by wire transfer at Closing. At Closing, the Deposit together with interest earned thereon,
if any, shall be paid over to Seller by Escrow Agent to be applied to the Purchase Price on behalf
of Purchaser on the Closing Date.

     2.5 Deposit.

          (a) Purchaser has deposited One Hundred Thousand Dollars ($100,000) by wire transfer as a
deposit (the “Deposit”) with the Title Company (“Escrow Agent”). If, Purchaser
terminates this Agreement for failure to satisfy the conditions in Section 8.1 herein, then
the Escrow Agent shall return the Deposit together with all interest accrued thereon to the
Purchaser promptly upon written notice to that effect from the Purchaser. Except for Purchaser’s
conditions identified in Section 8.1 herein, the Deposit shall be deemed non-refundable to
Purchaser, except in the case of a breach or default under this Agreement by Seller, or as
otherwise provided herein.

          (b) The Deposit shall be held by Escrow Agent. The Deposit shall be held in an
interest-bearing account in a federally insured banking institution acceptable to Purchaser, with
all interest to accrue to the benefit of the Purchaser and to be reportable by Purchaser for income
tax purposes. Purchaser’s Federal Tax Identification Number is: 27-3582392.

     2.6 Purchaser Credit. At Closing, Seller shall credit Purchaser against the Purchase
Price an amount equal to Five Hundred Forty Thousand and no/100 Dollars ($540,000.00) for purposes
of real property tax payments to be made by the Purchaser accruing following the Closing.

     2.7 Seller Tax Payment to City of Sheboygan. At Closing, Seller shall cause an amount
equal to Two Million and no/100 Dollars ($2,000,000.00) to be paid to the City of Sheboygan,
Wisconsin (the “City”) for purposes of payments of Seller requirements and guarantees with respect
to real property tax payments relating to the Acquired Assets. In the event the Seller fails to
cause the aforesaid payment to be made to the City at Closing, Purchaser may make such payment on
behalf of the Seller and credit such payment against the Purchase Price.

     2.8 Seller Payment to Restaurant Tenant. At Closing, Seller, Purchaser and Seapoint,
Corp. (the “Restaurant Tenant”) shall enter into that certain Termination of Lease and
Release Agreement dated as of the Closing Date (the “Lease Termination Agreement”) whereby
Seller shall contribute Three Hundred Thousand and no/100 Dollars ($300,000) towards the lease
termination fee stated in the Lease Termination Agreement (the “Seller

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Termination Fee”). Seller shall pay to the Restaurant Tenant the Seller Termination Fee at
Closing and upon full execution of the Lease Termination Agreement.

ARTICLE III

[Intentionally Omitted]

ARTICLE IV

SURVEY AND TITLE APPROVAL

     4.1 Survey. Seller has delivered copies of the most recent surveys of the Land and
Improvements in Seller’s or its agents’ possession or control. Seller shall cooperate, at no cost
to Seller, with Purchaser in obtaining surveys of the Land and Improvements, prepared in conformity
with current American Land Title Association/American Congress on Surveying and Mapping standards
for “Class-A” surveys and certified to Purchaser and the Title Company by a duly licensed land
surveyor or professional engineer.

     4.2 Title. Seller has delivered copies of existing title insurance policies in
Seller’s possession for the Leasehold Interests and Improvements together with copies of all of the
documents listed as encumbrances thereon. Upon receipt, Purchaser shall have ordered (i) a
standard ALTA commitment for the issuance of a leasehold title insurance policy, disclosing the
condition of title to the Leasehold Interests and Improvements; and (ii) copies of all documents
which are referred to in said title commitment which will continue to affect the Leasehold
Interests and Improvements after the Closing Date (as hereinafter defined). Items as set forth on
Exhibit F attached hereto and incorporated herein by reference are hereinafter referred to
as the “Permitted Exceptions”.

     4.3 Conveyance of Title. Seller shall be obligated to discharge at Closing all
mortgages, deeds of trust, judgments or any other liens which the Title Company determines
encumbers the Leasehold Interests, Improvements or the Acquired Assets other than liens for taxes
and other assessments which are not yet due and payable and any encumbrances other than the
Permitted Exceptions.

     4.4 Title Policy. On the Closing Date, it shall be a condition to Purchaser’s
obligation to close hereunder that Purchaser shall be able to obtain, for the sole benefit of
Purchaser, a binding commitment to issue a standard ALTA leasehold title insurance policy covering
the Improvements and new leases to be entered into between Purchaser and the City for the same
premises described in the Leasehold Interests (the “New Leases”), which policy shall show
and insure that after the Closing the New Leases will be vested in Purchaser, subject only to the
Permitted Exceptions and which shall contain such endorsements as Purchaser deems necessary,
including, but not limited to, a so-called “zoning” endorsement. The Title Policy shall be issued
by the Title Company at Purchaser’s cost and expense. At Closing, Seller agrees to execute such
affidavits or other documentation reasonably necessary to remove such ALTA exceptions and to
deliver same to Purchaser and counterparts to the Title Company.

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     4.5 UCC and Judgment Searches. Purchaser may obtain a report of any liens on the
Acquired Assets being conveyed to Purchaser (the “UCC Search”) and a judgment search of
Seller and the Business (the “Judgment Search”). Purchaser shall provide a copy of the UCC
Search or the Judgment Search to Seller. Other than equipment leases for leased property that
Purchaser has agreed to assume, as specifically set forth on Exhibit C, attached hereto,
any and all liens reported in the UCC Search or the Judgment Search shall be fully paid off,
satisfied or discharged of record by the Seller on or before the Closing Date and Seller will
deliver at Closing such fully executed instruments of release, satisfaction, discharge, and
termination with respect to all liens reported in the UCC Search or Judgment Search as Purchaser or
the Title Company may reasonably require. Seller acknowledges the existence of and has full
responsibility for an existing lawsuit regarding the personal injury claims brought by guests of
the Hotel, Angelina Bhandari and Vijay Pallelonda (the “Existing Litigation”).

ARTICLE V

LIQUOR LICENSES

     If permitted by applicable law, Seller shall cooperate in the transfer to Purchaser of all
liquor licenses and alcoholic beverage licenses (“Liquor Licenses”) necessary to operate
the restaurant, bars, lounges and banquet facilities presently located at the Blue Harbor Resort
and the Convention Center Project. Notwithstanding the foregoing, Seller does hereby disclose to
Purchaser that Seller is not the current holder of the Liquor License for the Blue Harbor
Conference Center, that the Restaurant Tenant is the current holder of such Liquor License for the
Blue Harbor Conference Center. Seller makes no representation, warranty or assurances to Purchaser
regarding the Purchaser’s ability to secure the Liquor License for the Blue Harbor Conference
Center. Purchaser shall promptly apply for and use all reasonable efforts to obtain necessary
consents for the transfer of such Liquor Licenses. If such transfer is not permitted by applicable
law, then Purchaser agrees to make diligent efforts to apply for and procure new Liquor Licenses in
Purchaser’s name. In either event, Seller and Purchaser, at Purchaser’s sole cost and expense,
shall cooperate with the other, and each shall execute such forms, license applications and other
documents as may be reasonably necessary to assist Purchaser in obtaining the Liquor Licenses for
the operations presently located on the Land. The parties shall execute and file all necessary
forms, applications and papers with the appropriate liquor and alcoholic beverage authorities prior
to Closing, to the end that the transfer or new Liquor License shall take effect, if possible, on
the Closing Date, simultaneously with Closing. If such transfer or new Liquor License is not
possible simultaneously with Closing, at Purchaser’s option, the Closing Date shall be extended for
a reasonable period of time for the sole purpose to allow the parties sufficient time to promptly
execute all forms, applications and other documents required by the liquor authorities in order to
effect such transfer or new Liquor License as of the Closing Date, or if permitted by applicable
laws, Purchaser shall operate under Seller’s liquor license (and indemnify Seller therefore) if
such transfer or new Liquor Licenses are not obtained by the Closing Date.

     If Purchaser is unable to obtain satisfactory assurances prior to the Outside Closing Date
that the applicable licensing authority will issue a transfer or new Liquor License to Purchaser at
or prior to Closing, Purchaser may, in its sole and absolute discretion, elect not to proceed with
the purchase of the Acquired Assets by giving written notice thereof to Seller, in

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which event: (i) the Deposit and all interest earned thereon shall be returned by Escrow Agent
to Purchaser, (ii) this Agreement shall be terminated automatically, and (iii) both parties will be
relieved of all other rights, obligations and liabilities hereunder, except as otherwise set forth
herein.

ARTICLE VI

REPRESENTATIONS, WARRANTIES AND COVENANTS

     6.1 Seller’s Representations, Warranties and Covenants. As of the date hereof, Seller
hereby represents, warrants and covenants to Purchaser as follows:

          (a) Authority. Seller is a limited liability company, duly formed, validly existing
and in good standing in the State of Wisconsin. Seller has received all necessary consents of the
Members of Seller and any other party and the person executing this Agreement is fully authorized
to enter into this Agreement, and to execute all documents and instruments contemplated by this
Agreement, and to complete the herein contemplated transaction. No consent or approval of any
person, entity or governmental authority is required for the execution, delivery or performance by
Seller of this Agreement, and this Agreement is binding and enforceable against Seller.

          (b) FIRPTA. Seller is not a foreign corporation, foreign partnership, foreign trust
or foreign estate (as those items are defined in the Internal Revenue Code and Income Tax
Regulations).

          (c) Commercial Agreements. Exhibit C identifies all Assumed Hotel Contracts
and Agreements and Assumed Convention Center Project Contracts and Agreements. Each document
identified on Exhibit C is in full force and effect, has not been amended and Purchaser has
been provided with a true, correct and complete copy of the same. No party to any such documents
in default beyond any applicable cure or grace period in any respect thereunder, nor to Seller’s
knowledge is there any event which, with notice or the passage of time, or both, could become a
default. Except for the items listed on Exhibit C, Seller is not a party to any other
agreement or contract, oral material or written, affecting the Leasehold Interests or Acquired
Assets which will not be terminated by Seller as of the Closing Date.

          (d) Violations of Laws and Orders. There are no currently outstanding written notices
from any governmental authority asserting a violation of law relating to the Leasehold Interests or
Acquired Assets, and Seller has received no current written notice from any governmental agency of
any changes in law applicable to the Leasehold Interests or Acquired Assets or any written notice
from any adjacent land owner of any legal action pending or threatened against the Leasehold
Interests or Acquired Assets or of any violation, default, intended or threatened non-renewal,
suspension or revocation of any of the licenses and permits applicable to the Hotel or the
Convention Center Project, the loss of which would have a material adverse effect on the present
use and occupancy of the Hotel or the Convention Center Project.

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          (e) Judgments and Agreements. The execution and delivery of this Agreement by Seller
and the consummation by Seller of the transactions contemplated hereby will not violate any
judgment, order, injunction, decree, regulation or ruling of any court or authority or conflict
with, result in a breach of, or constitute a default under the organizational documents of Seller,
any note or other evidence of indebtedness, any mortgage, deed of trust or indenture, or any lease
or other material agreement or instrument to which Seller is a party or by which it is bound,
except for (a) any Hotel Contract that is not assignable by Seller, and (b) the loan documents,
assignment of rents and mortgage in favor of BHMH, LLC, pursuant to that certain Assignment of
Mortgage and Assignment of Rents recorded December 18, 2006, as Document No. 1815403, from which
the Hotel will be released or assigned to Purchaser in connection with the Closing.

          (f) Tax Assessments. The proposed 2010 assessment for the Land and Improvements are
as set forth on Exhibit G.

          (g) Environmental. With respect to environmental matters and to the best of Seller’s
actual knowledge, after review of its most current environmental report for the Business: (i)
Leasehold Interests and the Acquired Assets are not now being used and have never been used for the
treatment, storage, disposal or other handling of Hazardous Materials or machinery containing
Hazardous Materials other than standard amounts of chlorine for the swimming pool(s), all of which
are stored in accordance with applicable environmental requirements and do not exceed permissible
limits, (ii) no Hazardous Materials are present on the Land or Improvements except as noted in
clause (i) with regard to approved on-site materials, (iii) no underground storage tanks are
currently located on the Land, (iv) the Land or Improvements and all operations thereon comply with
all applicable Environmental Requirements and all applicable permits, licenses and governmental
authorizations with respect thereto have been obtained (v) no investigation, administrative order,
notification, consent order, litigation, claim, judgment or settlement with respect to the Land or
Improvements is pending or threatened and (vi) there are no current violations of Hazardous Waste
Laws. As used in this Agreement: “Hazardous Materials” means (1) “hazardous wastes” as
defined by the Resource Conservation and Recovery Act of 1976, as amended from time to time, (2)
“hazardous substances” as defined by the Comprehensive Environmental Response, Compensation and
Liability Act of 1980 (42 U.S.C. 9601 et seq.), as amended by the Superfund
Amendment and Reauthorization Act of 1986 and as otherwise amended from time to time; (3) “toxic
substances” as defined by the Toxic Substances Control Act, as amended from time to time, (4)
“hazardous materials” as defined by the Hazardous Materials Transportation Act, as amended from
time to time, (5) asbestos, oil or other petroleum products, radioactive materials, urea
formaldehyde foam insulation, radon gas and transformers or other equipment that contains
dielectric fluid containing polychlorinated biphenyls and (6) any substance whose presence is
detrimental or hazardous to health or the environment or is otherwise regulated by federal, state
and local environmental laws (including, without limitation, CERCLA), rules, regulations and
orders, regulating, relating to or imposing liability or standards of conduct concerning any
Hazardous Materials.

          (h) Employees. With regard to the Leasehold Interests and Acquired Assets or the
operation thereof, the (i) Seller has made no promises or representations to become

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obligated under any employment contract which may not be terminated at will prior to the
Closing Date, and (ii) Seller has made no promises or representations to become, nor is it
presently a party to any union, multi-employer, collective bargaining or similar agreement, any
profit-sharing, deferred compensation, bonus, stock option, stock ownership, stock purchase,
pension, consulting, retirement, welfare or incentive plan or agreement, or any plan providing for
“fringe benefits” to its employees, including, but not limited to, deferred compensation
arrangements, salary continuation, service awards, severance pay, welfare, medical,
hospitalization, disability, life insurance and other insurance plans or related benefits. There
are no (a) unfair labor practice charges or grievances pending, in process or threatened by or on
behalf of any employee now or previously employed at the Hotel or the Convention Center Project, or
(b) complaints received by the Seller, or any complaints threatened, or, with respect to unresolved
complaints, on file, with any federal, state or local government agencies alleging a violation of
the Family Medical Leave Act (the “FMLA”) or Fair Labor Standards Act or any other
employment law, or (c) arrearages in the payment of any wages, benefits or payroll taxes, or (d)
workers compensation claims pending, in process or threatened, and alleged to have resulted from or
be related in any way to any incident at the Hotel or the Convention Center Project or to
employment at the Hotel or the Convention Center Project or involving any past or present Hotel or
the Convention Center Project employee(s), or (e) violations of any collective bargaining agreement
or any agreement, contract or undertaking of employment, or similar matters. To the extent any
such claims arise prior to the Closing Date, all of such claims shall continue to be Seller’s sole
responsibility and Seller shall indemnify Purchaser from all such claims as provided herein. To
Seller’s knowledge, none of the practices of the Seller with respect to the hiring, working
conditions, promotion, discharge, discipline and rates of pay of any such employees have been in
violation of any federal, state or local laws, executive order or regulations, including, without
limitation, those prohibiting discrimination by reason of sex, race, age, national origin,
religion, physical handicap or other reason.

          (i) Labor Agreements. There are no union contracts or collective bargaining
agreements with respect to any employees of the Business or the Convention Center Project. No
strike, work stoppage or other labor dispute relating to the Hotel or the Convention Center Project
is pending or threatened by any union, and no application for certification of a collectively
bargaining agent pending or threatened.

          (j) Management and Franchise Agreements. There is no existing management contract or
franchise agreement relating to the Leasehold Interests or Acquired Assets that cannot and will not
be terminated on or before the Closing, at no cost to Purchaser.

          (k) Condition of the Acquired Assets. Seller represents and warrants that to the best
of Seller’s actual knowledge there are no known material defects with respect to the quality,
physical condition, or value of the Land or Improvements thereon, or any other matter affecting or
related to the Land or Improvements or this Agreement which might be pertinent in considering the
purchase of the Acquired Assets. Except as expressly set forth herein, it is expressly understood
and agreed that Purchaser is acquiring the Acquired Assets “as is” and “where is”, and Seller
expressly disclaims any promises, statements or information pertaining to the Acquired Assets made
or furnished by any broker, or any real estate agent representing or purporting to represent
Seller.

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          (l) Trade Names. To Seller’s knowledge, Seller has not received any written notice
claiming that the use by Seller of the Trade Names infringes any United States or state trademark,
service mark or trade name laws. To Seller’s knowledge, there are no pending or to Seller’s
knowledge threatened infringement claim against the Seller with respect to the Seller’s use of the
Trade Names.

          (m) Excluded Assets. None of the Excluded Assets are presently used or needed in
connection with the operation of the Business nor are they owned by the Seller.

          (n) Litigation. There are no legal actions, suits, condemnation actions or similar
proceedings pending and served, or threatened in writing, against Seller relating to the Acquired
Assets or Seller’s ownership or operation of the Leasehold Interests or Acquired Assets, which if
adversely determined, would materially adversely affect the value of the Leasehold Interests or
Acquired Assets, the continued operations thereof or Seller’s ability to perform Seller’s
obligations under this Agreement other than the Existing Litigation. The Existing Litigation is
being handled by Seller’s insurance company and Seller’s insurance company has accepted
responsibility for same.

          (o) Leases. There is no lease or space lease which affects or relates to the
Leasehold Interests that cannot and will not be terminated on or before the Closing, at no cost to
Purchaser.

     6.2 Purchaser’s representation, warranties and covenants. Purchaser represents,
warrants and covenants:

          (a) Authority. Purchaser is a limited liability company duly formed, validly existing
and in good standing in the State of Delaware. Purchaser has received all necessary consents of
its members and the person executing this Agreement is fully authorized to enter into this
Agreement and to execute all documents and instruments contemplated by this Agreement, and to
complete the herein contemplate transaction. No consent or approval of any person, entity or
governmental authority is required for the execution, delivery or performance by Purchaser of this
Agreement, and this Agreement is hereby binding and enforceable against Purchaser.

          (b) FIRPTA. Purchaser is not a foreign corporation, foreign partnership, foreign
trust or foreign estate (as those items are defined in the Internal Revenue Code and Income Tax
Regulations).

          (c) Bankruptcy. Neither Purchaser, nor any of its members, is the subject of any
bankruptcy proceeding, receivership proceeding or other insolvency, dissolution, reorganization or
similar proceeding.

          (d) AS-IS. PURCHASER HEREBY ACKNOWLEDGES AND AGREES THAT, EXCEPT AS OTHERWISE
EXPRESSLY PROVIDED IN SECTION 6.1 ABOVE, SELLER MAKES NO REPRESENTATIONS OR WARRANTIES WHATSOEVER,
EXPRESS OR IMPLIED, WITH RESPECT TO ANY MATTER RELATING TO THE

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ACQUIRED ASSETS INCLUDING, WITHOUT LIMITATION, FINANCIAL PROJECTIONS, REVENUES, PROFITS OR
INCOME TO BE DERIVED OR COSTS OR EXPENSES TO BE INCURRED IN CONNECTION WITH THE ACQUIRED ASSETS,
THE PHYSICAL CONDITION OF ANY PROPERTY COMPRISING A PART OF THE ACQUIRED ASSETS OR WHICH IS THE
SUBJECT OF ANY OTHER LEASE OR CONTRACT TO BE ASSUMED BY PURCHASER AT THE CLOSING, THE ENVIRONMENTAL
CONDITION OR OTHER MATTER RELATING TO THE PHYSICAL CONDITION OF ANY REAL PROPERTY OR IMPROVEMENTS
WHICH ARE THE SUBJECT OF ANY REAL PROPERTY LEASE TO BE ASSUMED BY PURCHASER AT THE CLOSING, THE
ZONING OF ANY SUCH REAL PROPERTY OR IMPROVEMENTS, THE VALUE OF THE ACQUIRED ASSETS (OR ANY PORTION
THEREOF), THE TRANSFERABILITY OF ACQUIRED ASSETS, THE TERMS, AMOUNT, VALIDITY OR ENFORCEABILITY OF
ANY ASSUMED LIABILITIES, THE TITLE OF THE ACQUIRED ASSETS (OR ANY PORTION THEREOF) THE
MERCHANTABILITY OR FITNESS OF THE PERSONAL PROPERTY OR ANY OTHER PORTION OF THE ACQUIRED ASSETS FOR
ANY PARTICULAR PURPOSE, OR ANY OTHER MATTER OR THING RELATING TO THE ACQUIRED ASSETS OR ANY PORTION
THEREOF. WITHOUT IN ANY WAY LIMITING THE FOREGOING, SELLER HEREBY DISCLAIMS ANY WARRANTY, EXPRESS
OR IMPLIED, OF MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE AS TO ANY PORTION OF THE
ACQUIRED ASSETS. PURCHASER FURTHER ACKNOWLEDGES THAT PURCHASER HAS CONDUCTED AN INDEPENDENT
INSPECTION AND INVESTIGATION OF THE PHYSICAL CONDITION OF THE ACQUIRED ASSETS AND ALL SUCH OTHER
MATTERS RELATING TO OR AFFECTING THE ACQUIRED ASSETS AS PURCHASER DEEMED NECESSARY OR APPROPRIATE
AND THAT IN PROCEEDING WITH ITS ACQUISITION OF THE ACQUIRED ASSETS, EXCEPT FOR ANY REPRESENTATIONS
EXPRESSLY SET FORTH IN SECTION 6.1, PURCHASER IS DOING SO BASED SOLELY UPON SUCH INDEPENDENT
INSPECTIONS AND INVESTIGATIONS. ACCORDINGLY, PURCHASER WILL ACCEPT THE ACQUIRED ASSETS AT THE
CLOSING “AS IS,” “WHERE IS,” AND “WITH ALL FAULTS.”

     6.3 Survival. All of the representations and warranties are true, correct and
complete as of the date hereof. Seller shall re-certify at Closing, as a condition of Purchaser
going to Closing, that all of the representations and warranties in this Agreement are true,
correct and complete in all material respects at Closing. All of the representations and
warranties made herein shall survive Closing for a period of one (1) year.

ARTICLE VII

ADDITIONAL COVENANTS

     7.1 Subsequent Developments. After the date of this Agreement and until the Closing
Date, Seller shall keep Purchaser fully informed of all subsequent developments of which Seller has
knowledge (“Subsequent Developments”) which would cause any of Seller’s representations or
warranties contained in this Agreement to be no longer accurate and adverse to Purchaser in any
material respect. Without limiting the foregoing, Seller shall deliver to

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Purchaser within twenty (20) days after the last day of each calendar month through the month
of Closing, updated Financial Statements of the Business and the Convention Center Project.

     7.2 Operations. Seller shall, from and after the date hereof through the Closing,
operate the Acquired Assets, Hotel and Convention Center Project in the ordinary course of business
and endeavor in good faith to preserve goodwill and all existing business relationships for the
benefit of Purchaser, including, without limitation, (i) using reasonable efforts to keep available
the services of its present employees and to preserve relations with guests, suppliers and other
parties doing business with Seller with respect to the Acquired Assets, (ii) accepting booking
contracts for the use of the Hotel facilities and the Convention Center Project on terms not less
favorable than the terms typically arranged by Seller as of the date of this Agreement and
retaining such bookings consistent with prior practice and not entering into any Extended Post
Closing Occupancy Agreements without Purchaser’s prior written consent, (iii) maintaining the
current level of advertising and other promotional activities for Hotel facilities and the
Convention Center Project with due consideration to seasonality and past practice, (iv) maintaining
its Books and Records in a regular, timely, and ordinary manner, in accordance with accounting
principles applied on a basis consistent with the basis used in keeping its books in prior years,
(v) remaining in substantial compliance with all current Licenses, (vi) maintaining the present
level of insurance with respect to the Acquired Assets, (vii) not committing waste of any portion
of the Acquired Assets which could affect the value of the Acquired Assets in any material respect,
(viii) keeping and maintaining the Acquired Assets in a state of repair and condition generally
consistent with its usual business practices, normal wear and tear excepted, (ix) not allowing any
License, Permit or Approval or other right currently in existence with respect to the operation,
use, occupancy or maintenance of the Acquired Assets to expire, be canceled or otherwise terminated
unless replaced with a similar or better quality license without Purchaser’s prior written consent
which consent shall not be unreasonably withheld, and (x) paying or causing to be paid all taxes,
assessments and other impositions levied or assessed on the Acquired Assets or any part thereof
prior to the date on which the payment thereof is due. Seller shall provide normal routine
maintenance of the Acquired Assets in accordance with its current business practices in order to
keep the Acquired Assets in good operating condition normal wear and tear excepted.

     7.3 Contracts and Agreements. Seller shall, from and after the date hereof through
the Closing, (i) inform Purchaser (including providing a copy thereof to Purchaser) of any
contract, lease or agreement (including advance bookings greater that $25,000.00 in new business)
with respect to the Acquired Assets or the operation of the Hotel into which Seller intends to
enter, (ii) obtain Purchaser’s consent thereto prior to entering into any such contract, lease or
agreement if such contract, lease or agreement is not able to be canceled or terminated, without
penalty, upon thirty (30) days’ prior notice and if the amount thereof is more than $25,000.00,
(iii) not grant any bonus, free rent, rebate or other concession to any present or future tenant
without Purchaser’s prior written consent, (iv) except to the extent consistent with prior
practice, not cancel any existing booking contracts for the use of the Acquired Assets or new
booking contracts obtained by Seller after the date of this Agreement; (v) not modify or terminate
any existing contracts, agreement or leases ; and (vi) cause any of the Assumed Hotel Contracts and
Agreements, Assumed Convention Center Project Contracts and

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Agreements to be in default or to be terminated without Purchaser’s prior written consent
unless it expires by its terms prior to Closing.

     7.4 Consumables and Inventories. Seller shall keep Consumables and Inventories
adequately stocked, consistent with Seller’s prior practice, as if the sale of the Acquired Assets
hereunder were not to occur.

     7.5 Employees. Purchaser and its agents shall have the right to communicate with any
member of the management staffs of the Hotel or Convention Center Project at any time before
Closing with respect to the Acquired Assets, Seller’s operation of the Hotel or Convention Center
Project or potential employment with Purchaser. With respect to the interview of any other
employees, Purchaser shall seek the prior approval of Seller or Seller’s designee, which approval
shall not be unreasonably withheld. At Seller’s option, a representative of Seller may be present
during any such communication or interview.

     7.6 Purchaser’s Access. Solely for the purpose of assisting Purchaser in connection
with Purchaser’s transition to ownership, Seller shall permit Purchaser to have reasonable access
during normal business hours to all areas of the Hotel or Convention Center Project and all books,
records and other information in the possession or control of Seller or its agents concerning the
Acquired Assets and shall have the right (at Purchaser’s expense) to establish duplicate books and
records in order to effect a smooth transition in the ownership and management of the Acquired
Assets; provided, however, that Purchaser (a) shall not unreasonably interfere with the normal
management and operation of the Acquired Assets, (b) shall hold all non-public information acquired
from such books and records confidential in accordance with the provisions of this Agreement and
shall be liable for all damages, expenses, costs and fees, including attorney fees through all
appeals in connection with any breach of such confidentiality provision, (c) shall repair any
damage to the physical condition of the Acquired Assets caused by Purchaser and shall indemnify and
hold Seller harmless from any cost, claim or expense in connection therewith, and (d) shall not be
deemed to have assumed management responsibilities prior to Closing, and (e) shall provide Seller
with prior notice of such access (and Seller shall be permitted to have a representative of Seller
present during such access).

     7.7 Personal Property. Each item of personal property and as customary in the
ordinary course of business used in connection with the operation of the Acquired Assets shall at
all times after the date hereof and shall on the Closing Date be located on the Land, subject only
to such depletion of Consumables and Inventories and including such resupplies of Consumables and
Inventories prior to the Closing Date as shall occur in the ordinary course of business. Seller
shall maintain the levels and quality of the personal property at the levels existing on the date
hereof normal wear and tear excepted. All guest rooms are and at Closing shall be equipped with
furniture, equipment, television, telephone, window treatments, carpeting and bathroom amenities,
and certain rooms shall have certain appliances, all as set forth on Exhibit B, delivered
in connection with this Agreement, and all such items, together with all other personal property,
are and will be on the Closing Date in good working order and operating condition, normal wear and
tear excepted, and unless otherwise disclosed, owned by Seller. Seller shall notify Purchaser in
writing of any loss, breakage or damage to the Acquired

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Assets occurring prior to the Closing Date, if the cost of repair or replacement therefor are
reasonably estimated to exceed $5,000.00, and if any such repair or replacement (regardless of
cost) is not completed prior to Closing, Purchaser shall receive a credit against the Purchase
Price for the estimated remaining cost thereof.

     7.8 New Agreements. Seller shall not enter into any new agreements relating to the
Acquired Assets which are not terminable upon 30 days prior written notice prior to the termination
of this Agreement.

ARTICLE VIII

CONDITIONS FOR CLOSING

     8.1 Conditions to Obligations of Purchaser. Unless otherwise waived in
writing, the duties and obligations of Purchaser to proceed to Closing under the terms and
provisions of this Agreement are and shall be expressly subject to strict compliance with, and
satisfaction or waiver of, each of the conditions and contingencies set forth in Sections
8.1(a) through (d) below, each of which shall be deemed material to this Agreement. In
the event of the failure of any of the conditions set forth in Sections 8.1(a) through
(d) below, which condition is not waived in writing by Purchaser, in Purchaser’s sole,
absolute and non-reviewable discretion, Purchaser shall have the right at its option to (i) declare
this Agreement terminated and null and void, in which case the Purchaser shall receive the Deposit
and any interest earned thereon and each of the parties shall be relieved from further liability to
the other; or (ii) if such failure arises from Seller’s breach of any provision hereof, avail
itself of any and all remedies provided in Article XV.

          (a) Representations and Warranties. All of Seller’s representations and warranties
contained in or made pursuant to this Agreement shall have been true and correct in all material
respects when made and all of which shall be true and correct in all material respects as of the
Closing Date.

          (b) Instruments and Conveyances. Purchaser shall have received all of the instruments
and conveyances listed in Section 9.2 hereof.

          (c) Approvals. All necessary consents or approvals shall have been received by
Purchaser from any applicable governmental authorities relating to (i) all operating licenses and
permits required by Purchaser in connection with Purchaser’s operation of the Acquired Assets,
Hotel and Convention Center Project (including Liquor Licenses) (ii) all Assumed Hotel Contracts
and Agreements; and (iii) all Assumed Convention Center Project Contracts and Agreements.

          (d) Termination of Existing City Agreements. At Closing, the City of Sheboygan,
Wisconsin (the “City”) and the Seller shall enter into a termination agreement with respect
to certain agreements to which the Seller is a party (the “Termination Agreement”), in form
and on terms reasonably acceptable to the City, the Seller and Purchaser. The Termination
Agreement shall provide the following:

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     (i) Termination of Development Agreement. The Development Agreement,
and ancillary documents thereto are then terminated and of no further force or
effect and will confirm that the Resort was built in accordance with the Development
Agreement and the City will release all parties from any and all obligations
thereunder and waives any and all defaults that may or could exist.

     (ii) Termination of Reimbursement Agreement. That certain
Reimbursement Agreement, dated July 30, 2003, between the City and Seller, and
ancillary documents thereto are then terminated and of no further force or effect
and will confirm that the Resort was built in accordance with the Development
Agreement and the City will release all parties from any and all obligations
thereunder and waives any and all defaults that may or could exist.

     (iii) Termination of Operating Lease. That certain Operating Lease,
dated July 30, 2003, between the City and Seller, and ancillary documents thereto
are then terminated and of no further force or effect and will confirm that the
Resort was built in accordance with the Development Agreement and the City will
release all parties from any and all obligations thereunder and waives any and all
defaults that may or could exist.

     (iv) Termination of Ground Lease. That certain Ground Lease, dated
July 30, 2003, between the Redevelopment Authority of the City of Sheboygan,
Wisconsin and Seller, and ancillary documents thereto are then terminated and of no
further force or effect and will confirm that the Resort was built in accordance
with the Development Agreement and the City will release all parties from any and
all obligations thereunder and waives any and all defaults that may or could exist.

     (v) Termination of Subordination Agreement. That certain Subordination
Agreement, dated July 30, 2003, by and among the City, Seller, The Great Lakes
Companies, Inc., and Blue Harbor Resort Condominium, LLC, and ancillary documents
thereto are then terminated and of no further force or effect and the City will
release all parties from any and all obligations thereunder and waives any and all
defaults that may or could exist.

          (e) New City Agreements. At Closing, the City and Purchaser shall enter into the
following agreements, in form and on terms reasonably acceptable to the City and the Purchaser:

     (i) Operating Lease. A new Conference Center Operating Lease between
the City and Purchaser with respect to the Blue Harbor Conference Center.

     (ii) Ground Lease. A new Resort Ground Lease between the City and
Purchaser with respect to the land on which the Hotel sits.

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          (f) Real Property Tax Agreement. At Closing, the City and Purchaser shall enter into
a real property tax agreement (the “Property Tax Agreement”), in form and on terms
reasonably acceptable to the City and the Purchaser. The Property Tax Agreement shall provide that
the assessed value with respect to the Resort, the Blue Harbor Conference Center and land and
improvements which are leased to the as well as all personal property, furniture, fixtures and
equipment which are a part of the Hotel or Blue Harbor Conference Center shall be limited to the
following aggregate amounts in the corresponding tax year:

	 	 	 	 	 
	Tax Year	 	Maximum Real Property Assessed Value	 
	2011
	 	$	13,800,000	 
	2012
	 	$	13,800,000	 
	2013
	 	$	13,800,000	 
	2014
	 	$	13,800,000	 
	2015
	 	$	13,800,000	 

          (g) Employee Services Agreement. At Closing, Seller shall cause Great Lakes Services,
LLC (“Service Provider”), an affiliate of Seller, to enter into an employee services
agreement with Sheboygan Resort Operator, LLC (“Operator”), an affiliate of Purchaser,
whereby Service Provider shall provide employee services to Operator for a certain period of time
following the Closing, substantially in the form attached hereto at Exhibit L (the
“Employee Services Agreement”).

          (h) Lease Termination Agreement. At Closing, Purchaser, Seller and Restaurant Tenant
shall enter the Lease Termination Agreement whereby the current lease to the Restaurant Tenant is
terminated, and such other covenants and agreements as acceptable to Purchaser, Seller and
Restaurant Tenant.

     8.2 Conditions to Obligations of Seller. Unless otherwise waived in writing, the
duties and obligations of Seller to proceed to Closing under the terms and provisions of this
Agreement are and shall be expressly subject to strict compliance with, and satisfaction or waiver
of, each of the conditions and contingencies set forth in Sections 8.2(a) through
(d) below, each of which shall be deemed material to this Agreement. In the event of the
failure of any of the conditions set forth in Sections 8.2(a) through (d) below,
which condition is not waived in writing by Seller, in Seller’s sole, absolute and non-reviewable
discretion, Seller shall have the right at its option to (i) declare this Agreement terminated and
null and void, in which case the Purchaser shall receive the Deposit and any interest earned
thereon and each of the parties shall be relieved from further liability to the other; or (ii) if
such failure arises from Purchaser’s breach of any provision hereof, avail itself of any and all
remedies provided in Article XV.

          (a) Representations and Warranties. All of Purchaser’s representations and warranties
contained in or made pursuant to this Agreement shall have been true and correct in all material
respects when made and all of which shall be true and correct in all material respects as of the
Closing Date.

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          (b) Payment of the Purchase Price and Closing Documents. Seller shall have received
the Purchase Price and shall have received all of the documents listed in Section 9.3
hereof.

          (c) Approvals. All necessary consents or approvals shall have been received by
Purchaser from any applicable governmental authorities relating to (i) all operating licenses and
permits to be assigned to Purchaser (ii) all Assumed Hotel Contracts and Agreements; and (iii) all
Assumed Convention Center Project Contracts and Agreements.

          (d) Termination of Existing City Agreements. At Closing, the City and the Seller
shall enter into the Termination Agreement.

          (e) Employee Services Agreement. At Closing, the Service Provider and the Operator
shall enter into the Employee Services Agreement.

          (f) Lease Termination Agreement. At Closing, the Purchaser, Seller and Restaurant
Tenant shall enter into the Lease Termination Agreement.

ARTICLE IX

CLOSING AND CONVEYANCE

     9.1 Closing. The Closing (the “Closing Date”) shall be held on the date that
is the earlier of: (i) March 31, 2011 (the “Outside Closing Date”); or (ii) ten (10) days
after the satisfaction of the conditions identified at Sections 8.1 and 8.2 above;
or (iii) such earlier date as may be agreed upon by the parties.

     9.2 Seller’s Deliveries. At Closing, Seller shall deliver to Purchaser the following
instruments properly executed and acknowledged in recordable form (as necessary) (the terms,
provisions and conditions of all instruments not attached hereto as Exhibits shall be mutually
agreed upon by Purchaser and Seller prior to the Closing).

          (a) Bill of Sale. A Bill of Sale conveying good title to the Acquired Assets
(provided, however, if a separate Bill of Sale is required to convey any motor vehicle(s), Seller
shall deliver a separate Bill of Sale and all other documentation and title documents required for
the proper transfer of any motor vehicle(s) to the Purchaser). Title to the Acquired Assets will
be conveyed by Seller free from all liens and encumbrances (except for the Permitted Exceptions),
and shall include all transferable manufacturer’s and vendors’ warranties and inventory and a
warranty as to Seller’s title.

          (b) General Assignment and Assumption. Assignment and assumption of all of Seller’s
right, title and interest in and to any Assumed Hotel Contracts and Agreements (including equipment
leases), Assumed Convention Center Project Contracts and Agreements which are identified on
Exhibit C hereto. The contracts and agreements set forth on Exhibit C-1, which
shall be terminated by Seller at or prior to Closing, shall not be included in the assignment and
assumption. To the extent available, Seller shall deliver to the Purchaser fully executed
originals of all such Assumed Hotel Contracts and Agreements and Assumed Convention Center Project
Contracts and Agreements and of all correspondence and other

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records pertaining thereto. By virtue of this Assignment, Purchaser shall assume all
obligations of Seller arising after Closing under the Assumed Hotel Contracts and Agreements and
Assumed Convention Center Project Contracts and Agreements assigned to Purchaser at Closing and
Seller shall indemnify Purchaser from any and all claims related to periods prior to the Closing.

          (c) Other Assets. To the extent assignable, an Assignment of Seller’s right, title
and interest in and to all other elements constituting the Acquired Assets, including without
limitation all Plans and Approvals, Permits, Books and Records and Signage. To the extent within
the Seller’s custody, the Seller shall deliver to the Purchaser fully executed originals of all
such items, and of all correspondence and other records pertaining thereto.

          (d) Evidence of Authority. A certificate of good standing of Seller issued by the
State of Wisconsin and, if applicable, a tax lien waiver and a certified copy of resolutions
adopted by the Members of Seller authorizing the sale of the Business contemplated by this
Agreement, in form reasonably satisfactory to Purchaser and the Title Company.

          (e) Estoppel Certificates. Seller shall deliver to Purchaser, at least three (3) days
prior to the Closing, executed estoppel certificates and consents in the form to be supplied by
Purchaser and agreed upon by Seller from each of the parties to the South Pier District Restrictive
Covenants and Cross Easement Agreement (the “Easement Agreement”) dated July 30, 2003 and
recorded on August 12, 2003 as Document No. 1701704 as affected by a First Amendment dated June 25,
2004 recorded on July 7, 2004 as Document No. 1739007. If Seller, despite its reasonable efforts,
is unable to procure an estoppel certificate from a third-party provider in a timely fashion,
Seller will provide estoppel certificate(s) executed by Seller as to each such lease or contract
not later than five (5) days prior to Closing; provided, however, delivery of an estoppel
certificate in form and content satisfactory to Purchaser from the landlord under the Leases shall
be a condition to Closing and Purchaser may extend the Closing Date for up to sixty (60) days to
provide Seller additional time to obtain same or waive the requirement for delivery of same. The
Estoppel Certificates shall disclose that the Seller is not in default of the Easement Agreement
and has paid all sums due and owing thereunder.

          (g) FIRPTA. A FIRPTA Affidavit or Transferor’s Certificate of Non-Foreign Status as
required by Section 1445 of the Internal Revenue Code.

          (h) Title Affidavits. All affidavits reasonably required by the Title Company.

          (i) Books and Records. Originals or copies of all Books and Records, including all
bills, warranties, guarantees, invoices, lease files, reports and other documents relating to the
ownership, operation or use of the Business.

          (j) Re-Certification. Pursuant to the terms hereof, a re-certification from Seller
and Purchaser that all of the representations and warranties set forth in this Agreement are true
and correct in all material respects as of the Closing Date.

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          (k) Possession. Possession of the Acquired Assets, subject only to rights of guests in
possession, subject to the Permitted Exceptions.

          (l) Consumables and Inventories. The Closing Inventory, as required by Section
11.1(g).

          (m) Closing Statement. The Escrow Agent will deliver a draft of the Closing Statement
to Seller, for review by Seller, at least two (2) days prior to the Closing Date. At the Closing,
Seller shall execute and deliver the Closing Statement.

          (n) Owner’s Title Insurance Commitment. At Closing, Purchaser shall be able to obtain
an owner’s and lender’s title insurance commitment as described in Article IV.

          (o) Ratings. To the extent permitted under applicable law (at no cost or liability to
Seller), documents of transfer necessary to transfer to Purchaser, Seller’s employment rating for
workers’ compensation and state unemployment tax purposes, provided Purchaser shall give such
documents to Seller no less than five (5) days prior to the Closing Date.

          (p) Deposits. Any deposits received by Seller under the Assumed Contracts, and such
deposits shall be an adjustment against the Purchase Price at Closing.

          (q) Safety Deposit Boxes. On the Closing Date, Seller shall deliver to Purchaser all
keys to the safety deposit boxes located at the Hotel, all receipts and agreements relating to such
safety deposit boxes which shall contain the name and room number of each depositor. On the
Closing Date, Seller shall send written notice to guests at the Hotel who have safety deposit
boxes, advising them of the sale of the Business to Purchaser and the procedures to be followed
pursuant to this Section 9.2(q) and requesting the removal and verification of the contents
thereof within three (3) business days after the Closing Date. All such removals and
certifications during said three (3) days shall be under the supervision of a representative of
Purchaser and Seller. Boxes of guests who have not responded to such written notice shall be
listed at the end of such three (3) day period. Said boxes shall be opened in the presence of the
guest, a representative of Purchaser and Seller and the contents recorded; if a guest is not
available, then to the extent permitted by Wisconsin law, said boxes shall be opened in the
presence of Seller and Purchaser only. Any such property so recorded, and thereafter remaining in
the hands of Purchaser shall be the responsibility of Purchaser, and Purchaser shall give Seller a
copy of such record and an indemnification reasonably acceptable to the Seller.

          (r) Baggage. All baggage checked or left in the care of Seller as of the Cut-Off
Time, as defined in Section 11.1, shall be listed in an inventory to be prepared in
duplicate and signed by Seller and Purchaser, and Purchaser shall give Seller a copy of such
inventory. Purchaser shall be responsible for such baggage after the Cut-Off Time, and provide
Seller with an indemnification reasonably acceptable to Seller.

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          (s) Tax Certificates. Seller shall furnish Purchaser with evidence stating that
Seller has filed all tax returns, reports and filings required to be filed before the Closing Date
with respect to the Acquired Assets and has paid all amounts shown due for all state, county and
municipal income, sales, purchase and use taxes, all state and federal unemployment taxes and any
and all taxes, assessments, charges and fees, the non-payment of which may result in liability on
the part of Purchaser. Seller shall have paid when due any amounts required to satisfy its tax
obligations that arose before the Closing Date.

          (t) City Agreements. Seller’s execution (if applicable) to the Termination Agreement.

          (u) License Agreement. A license agreement, to be executed by Purchaser and Seller at
closing, setting forth the terms and conditions of Purchaser’s permitted use of the Trade Names, in
form and substance as set forth in Exhibit J attached hereto.

          (v) License. Termination of that certain License Agreement, dated December 20, 2004
with Blue Harbor Resort Sheboygan, LLC whose vendor is Great Lakes Services, LLC.

          (w) Employee Services Agreement. Service Provider’s execution to the Employee
Services Agreement.

          (x) Lease Termination Agreement. Seller’s execution to the Lease Termination
Agreement.

          (y) Additional Documents. Such other documents and instruments of assignment and
transfer as the Purchaser or the Title Company may reasonably require.

     9.3 Purchaser’s Deliveries. At Closing, Purchaser shall deliver the following:

          (a) Purchase Price. The balance of the Purchase Price, less any credits, prorations
and adjustments as provided under this Agreement. The Title Company’s Wire Instructions are
attached as Exhibit H.

          (b) General Assignment and Assumption. Assignment and assumption of all of Seller’s
right, title and interest in and to any Assumed Hotel Contracts and Agreements (including equipment
leases), Assumed Convention Center Project Contracts and Agreements which are identified on
Exhibit C hereto.

          (c) Evidence of Authority. A certificate of good standing of Purchaser issued by the
State of Wisconsin and a certified copy of resolutions adopted by the Members of Purchaser
authorizing the purchase of the Business contemplated by this Agreement, in form reasonably
satisfactory to Seller and the Title Company.

          (d) Re-Certification. Pursuant to the terms hereof, a re-certification from Seller
and Purchaser that all of the representations and warranties set forth in this Agreement are true
and correct in all material respects as of the Closing Date.

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          (e) Closing Statement. The Escrow Agent will deliver a draft of the Closing Statement
to Seller, for review by Seller, at least two (2) days prior to the Closing Date. At the Closing,
Seller shall execute and deliver the Closing Statement.

          (f) City Agreements. Purchaser’s execution (if applicable) to the Termination
Agreement.

          (g) License Agreement. A license agreement, to be executed by Purchaser and Seller at
closing, setting forth the terms and conditions of Purchaser’s permitted use of the Trade Names, in
form and substance as set forth in Exhibit J attached hereto.

          (h) Employee Services Agreement. Operator’s execution to the Employee Services
Agreement.

          (i) Lease Termination Agreement. Purchaser’s execution to the Lease Termination
Agreement.

          (j) Additional Documents. Such other documents and instruments of assignment and
transfer as the Seller or the Title Company may reasonably require.

ARTICLE X

COSTS

     All closing costs shall be paid as set forth below:

     10.1 Purchaser’s Costs. In connection with the purchase contemplated under this
Agreement, Purchaser shall be responsible for the costs and expenses of its attorneys, accountants
and other professionals, consultants and representatives, and any endorsements to the Title Policy
requested by Purchaser other than those necessary to cure title defects (which shall be Seller’s
responsibility).

     10.2 Seller’s Costs. In connection with the purchase contemplated under this
Agreement, Seller shall be responsible for the costs and expenses of its attorneys, accountants,
appraisers and other professionals, consultants and representatives. Seller shall be responsible
for the costs and expenses of Purchaser in connection with obtaining the Title Commitment, each UCC
Search, tax certificates, Owner Policy of Title Insurance (excluding any endorsements other than
those necessary to cure title defects (which shall be Seller’s responsibility) requested by
Purchaser, which shall be Purchaser’s responsibility), and any transfer fees or other impositions
related to the transfer of any of the Leasehold Interests, Improvements, FF&E, Assumed Hotel
Contracts, Assumed Convention Center Project Contracts, Permits, Licenses and Approvals, any and
all transfer, deed or documentary taxes relating to the transfer of the Acquired Assets, real
estate commissions, and one-half of any escrow fee charged by the Escrow Agent.

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ARTICLE XI

ADJUSTMENTS

     11.1 Adjustments. Unless otherwise provided herein, adjustments between the parties
shall be made as of 12:01 a.m. on the date before Closing is effective (the “Cutoff Time”),
with the income and expenses accrued prior to the Cutoff Time being allocated to Seller and the
income and expenses accruing on and after the Cutoff Time being allocated to Purchaser, all as set
forth below. All of such adjustments and allocations shall be made in cash at Closing and shall be
shown on the closing statement to the extent possible. The computation of the adjustments for the
closing statement shall be jointly prepared by Purchaser and Seller using actual calculations
through the night preceding the Closing Date and, where necessary, estimated amounts for the
remaining period prior to the Cutoff Time. Except as otherwise expressly provided herein, all
apportionments and adjustments shall be made on an accrual basis in accordance with generally
accepted accounting principles.

          (a) Taxes. All real estate taxes, personal property taxes, or any other taxes of any
nature upon the Acquired Assets levied, except for any special assessments (special or otherwise)
assessed for the period prior to the Cutoff Time (regardless of when due and payable) shall be
prorated, except as hereafter expressly provided. All special assessments shall be paid in full by
Seller on the Closing Date or Purchaser shall receive a credit for any unpaid portion of same. If
any sales, use, occupancy or similar taxes payable with respect to the operation of the Acquired
Assets for the period prior to the Closing Date have not been paid in full by Seller at or prior to
Closing, Seller shall place in escrow with the Escrow Agent the estimated amount of such taxes as
may be determined by the Comptroller of the Treasury, State of Wisconsin, or if such Comptroller
has not made any such determination, as reasonably determined by Escrow Agent, (the “Tax
Escrow”) to be held the Escrow Agent until such time as the amount of taxes are determined.
Seller shall provide to the Escrow Agent a copy of the return filed in connection therewith and the
Escrow Agent shall pay the taxes from the Tax Escrow without the need for further instruction from
Purchaser and Seller. After payment of all such taxes from the Tax Escrow, the surplus funds, if
any, will be promptly returned to Seller. In the event of any deficiency in the Tax Escrow, Seller
shall immediately provide any additional amounts necessary to satisfy fully all such taxes which
are due. With respect to any other taxes, if the amount of such taxes for the year in which the
Closing occurs cannot reasonably be determined, Purchaser and Seller each shall prorate such taxes
at Closing, in accordance with their respective pro rata shares, which in the aggregate equal the
highest discounted rate of the amount of such taxes for the immediately preceding tax year and
shall reconcile such pro-ration upon receipt of the current year’s tax bill. Any back taxes
assessed for any period prior to the Closing, if known on the Closing Date, shall be paid in full
by Seller at Closing, and if not known on the Closing Date, any back taxes will be estimated by the
Escrow Agent and such amount shall be added to the Tax Escrow and the Escrow Agent shall pay the
taxes from the Tax Escrow without the need for further instruction from Purchaser and Seller. In
the event of any deficiency in the Tax Escrow, Seller shall immediately provide any additional
amounts necessary to satisfy fully all such taxes which are due, including all delinquent and/or
interest charges.

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          (b) Utilities. All suppliers of utilities shall be instructed to read meters or
otherwise determine the charges owing for services prior to the Cutoff Time, which charges shall be
paid by Seller. Purchaser shall pay charges accruing after the Cutoff Time. If the amount of the
charges owing as of the Cutoff Time cannot be reasonably determined, the apportionment shall be
based at Closing upon the amount of such charges for the immediately preceding billing period but
shall be readjusted when the amount of such charges is finally determined on an equal per diem
basis. If elected by Purchaser, Seller shall be given credit, and Purchaser shall be charged, for
any utility deposits transferred to Purchaser at Closing. A schedule of all utility deposits is to
be delivered by Seller to Purchaser prior to Closing. Seller agrees to execute, in advance of
Closing, any releases or other instruments as required by the utility companies to release
information to Purchaser with respect to the utilities servicing the Business.

          (c) Income/Charges. All income and charges receivable or payable under any Assumed
Hotel Contracts, Assumed Convention Center Project Contracts and any prepayments and receipts
thereunder, shall be prorated between Purchaser and Seller as of the Cutoff Time. If elected by
Purchaser, (i) Purchaser shall be given a credit, and Seller shall be charged, for all security
deposits (in which case Seller shall be entitled to retain all such deposits), and (ii) Seller
shall be given credit, and Purchaser shall be charged, for any contract deposits actually
transferred to Purchaser at Closing.

          (d) Accounts. All Seller bank accounts, operating accounts, reserve funds, petty
cash, cash in cash registers and cash in vending machines of the Seller as of the Closing Date
shall remain the property of Seller except that the front desk shall retain $500.00 without charge
to Purchaser for use at the Hotel. At Purchaser’s election, Purchaser shall give Seller a credit
at Closing for any or all such items other than funds deposited in a bank account, in which event
such credited items shall become the property of Purchaser.

          (e) Room Rentals. All accounts receivable of registered guests at the Hotel for the
night in which the Cutoff Time occurs (the “Guest Ledger”) shall be shared equally between
Purchaser and Seller as of the Closing Date. All accounts receivable of registered guests at the
Hotel who have not checked out and were occupying rooms as of the Cutoff Time for the period up to
the night prior to the night in which the Cutoff Time occurs, shall be allocated to Seller, but
Seller’s share shall be reduced by applicable credit card and travel agent commissions allocable to
Seller, which commissions are paid by Purchaser. All accounts receivable of registered guests at
the Hotel who have not checked out and were occupying rooms as of the Cutoff Time for the night
following the night in which the Cutoff Time occurs shall belong to Purchaser.

          (f) Advance Deposits. All prepaid rentals, room rental deposits, and all other
deposits for advance registration, banquets or future services to be provided on and after the
Closing Date shall be credited to Purchaser. All commissions already paid by Seller shall be
credited to Seller. Purchaser shall receive a credit for all outstanding gift certificates and
similar items.

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          (g) Consumables and Inventories. Seller shall prepare, as of the Closing Date, an
inventory of the consumables, inventories and supplies, including without limitation, housekeeping,
maintenance and restaurant supplies (including food), and to the extent permitted by law, all
liquor, all of which shall be maintained at normal and customary levels prior to Closing (the
“Closing Inventory”). All Consumables and Inventories are included in the Purchase Price
and no additional payment is due from the Purchaser to the Seller on account thereof.

          (h) Accounts Receivable. All accounts receivable (other than the Guest Ledger) and
credit card claims as of the Closing Date shall remain the property of Seller. Purchaser shall
have no obligation to collect the accounts receivable of Seller. Seller and Purchaser agree that
the monies received by Purchaser from debtors owing such accounts receivable balances after Closing
shall be applied to the Purchaser’s outstanding invoices to such account debtors in chronological
order beginning with the oldest invoices, and thereafter, when Purchaser’s account with such
account debtor is current, then on behalf of Seller. Purchaser shall not offset any such monies
received by Purchaser against any claims Purchaser may have against Seller.

          (i) Accounts Payable. All accounts payable owing as of the Cutoff Time for
merchandise, foodstuffs, supplies and other materials and services delivered or rendered to Seller
or the Acquired Assets prior to the Cutoff Time, together with the cost of repair or service of all
Personal Property delivered to a shop for repair or service prior to the Closing Date, shall be
paid for by Seller at Closing. A list as of such time shall be prepared and delivered to Purchaser
at least five (5) days prior to Closing. If any accounts payable with respect to the operation of
the Acquired Assets for the period prior to the Closing Date have not been paid in full by Seller
at or prior to Closing, Seller shall place in escrow with the Escrow Agent the estimated amount as
agreed upon by Purchaser in its reasonable discretion of such accounts payable (the “Accounts
Payable Escrow”) to be held the Escrow Agent until such time as the amount of the accounts
payable are determined. Seller shall provide to the Escrow Agent a copy of the bills or invoices
in connection therewith and the Escrow Agent shall pay the accounts payable from the Tax Escrow
without the need for further instruction from Purchaser and Seller. After payment of all such
accounts payable from the Accounts Payable Escrow, the surplus funds, if any, will be promptly
returned to Seller. In the event of any deficiency in the Accounts Payable Escrow, Seller shall
immediately provide any additional amounts necessary to satisfy fully all such accounts payable
which are due.

          (j) Income Taxes. The Seller shall be responsible for any federal or local income,
franchise, sales, room, occupancy, use or other tax liability relating to periods up to the Cutoff
Time, even though such liabilities do not arise or become payable until after the Cutoff Time, and
shall hold harmless, indemnify and defend Purchaser from all such liability. The Purchaser shall
be responsible for any federal or local income, franchise, sales, room, occupancy, use or other tax
liability relating to periods after the Cutoff Time, and shall hold harmless, indemnify and defend
Seller from all such liability.

          (k) Employees. Seller shall be solely responsible for any and all liability for
payment of all employees’ wages, accrued (whether or not earned at Closing) vacation pay, sick

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leave, bonuses, pension benefits, severance pay or other similar benefits, benefits due to
compliance with the Family Medical Leave Act and other benefits earned by and due to or accrued
(whether or not earned at Closing) to employees of the Acquired Assets through the Cutoff Time,
together with FICA withholding, ERISA or pension guaranty fund payments in Section 3(37)(A)of ERISA
and including any unemployment and other taxes and benefits due from such employer of such
employees. Seller shall be solely responsible for all costs associated with Seller’s termination
of any employees and Seller shall indemnify and hold Purchaser harmless from and against any and
all liability, loss, cost, damage or expense related to any of the foregoing items. Such indemnity
shall survive the Closing Date until the applicable statute of limitations period has expired.
Purchaser shall be responsible for such expenses after Closing for Purchaser’s own personnel. If,
as a consequence of the purchase and sale of the Business in the manner contemplated herein, Seller
withdraws from a multi-employer plan (as defined in Section 3(37)(A) of ERISA and including a
multi-employer welfare plan), and such multi-employer welfare plan assesses, imposes, or otherwise
makes a demand upon Seller or Purchaser for withdrawal liability whether based upon contract or
statute, then such withdrawal liability shall be the sole obligation of Seller.

     11.2 Further Assurance. Such other items which have not been addressed above and
which are customarily prorated and adjusted in the sale of a hotel shall be prorated on the Closing
Date in accordance with standard, customary pro-rations.

     11.3 Reconciliation and Final Payment. Seller and Purchaser shall reasonably
cooperate after Closing to make a final determination of the pro-rations required hereunder (i)
with respect to accounts receivable, promptly after receipt of all amounts owing under such
accounts receivable, and (ii) with respect to all other pro-rations required hereunder, no later
than one (1) year after the Closing Date. Upon the final reconciliation of the prorations under
this Agreement, the party which owes the other party any sums hereunder shall pay such party such
sums within ten (10) days after the reconciliation of such sums. The obligations to calculate such
prorations, make such reconciliations and pay any such sums shall survive the Closing.
Notwithstanding anything contained in this Agreement to the contrary, it is the intent of the
parties hereto that Seller shall be entitled to all income and receipts accruing prior to the
Cutoff Time and shall be responsible for all costs, expenses and liabilities of the Acquired Assets
arising from events occurring before the Cut-Off Time and Purchaser shall be entitled to all income
and receipts accruing after the Cutoff Time and shall be responsible for all costs, expenses and
liabilities of the Business arising from events occurring after the Cut-Off Time.

ARTICLE XII

CASUALTY AND CONDEMNATION

     12.1 Risk of Loss; Notice. Prior to Closing and the delivery of possession of the
Acquired Assets to Purchaser in accordance with this Agreement, all risk of loss to the Acquired
Assets (whether by casualty, condemnation or otherwise) shall be borne by Seller. In the event
that (a) any loss or damage to the Acquired Assets shall occur prior to the Closing Date as a
result of fire or other casualty, or (b) Seller receives notice that a governmental authority has
initiated or threatened to initiate a condemnation proceeding affecting the Land, Seller shall give
Purchaser immediate written notice of such loss, damage or condemnation

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proceeding (which notice shall include a certification of (i) the amounts of insurance
coverages in effect with respect to the loss or damage and (ii) if known, the amount of the award
to be received in such condemnation).

     12.2 Purchaser’s Termination Right. If, prior to Closing and the delivery of
possession of the Acquired Assets to Purchaser in accordance with this Agreement, (a) any
condemnation proceeding shall be pending against a “substantial” portion of the, or (b) there is
any “substantial” casualty loss or damage to the Acquired Assets, Purchaser shall have the option
to terminate this Agreement provided Purchaser delivers written notice to Seller of its election so
to terminate this Agreement within ten (10) days after the date Seller has delivered Purchaser
written notice of any such loss, damage or condemnation as provided above, and in such event
Purchaser shall receive the Deposits and any interest earned thereon and no party shall have any
further obligation or liability to the other under this Agreement. In the context of condemnation,
“substantial” shall mean condemnation of such portion of the Land or Improvements as could, in
Purchaser’s sole judgment, render use of the remainder impractical or unfeasible for the uses
herein contemplated, and, in the context of casualty loss or damage, “substantial” shall mean a
loss or damage in excess of $100,000.00 value, or damage to all or any part of the Hotel or
Convention Center Project which materially and adversely impacts any operating system or portion of
same or access to the Hotel or Convention Center Project or the “front of the house”.

     12.3 Procedure for Closing. If Purchaser shall not timely elect to terminate this
Agreement under Section 12.2 above, or if the loss, damage or condemnation is not
substantial, Seller agrees to pay to Purchaser at the Closing all insurance proceeds, plus
deductible, or condemnation awards which Seller has received as a result of the same and assign to
Purchaser all insurance proceeds and condemnation awards payable as a result of the same, in which
event the Closing shall occur without Seller replacing or repairing such damage.

ARTICLE XIII

COMMISSION

     Purchaser and Seller each represent and warrant to the other that, other than CB Richard Ellis
(“Broker”), no third-party broker or finder has been engaged to sell the Business by either
Purchaser or Seller, and Seller shall be responsible for payment of the brokerage commission to
Broker. To the extent that Purchaser has engaged a third-party broker or finder, it shall be the
responsibility of Purchaser to pay such third-party broker or finder.

ARTICLE XIV

INDEMNIFICATION

     14.1 Seller Indemnification. Seller shall indemnify and hold Purchaser, and its
members, directors, officers, employees and agents, harmless from any claims with respect to
Seller’s acquisition, ownership, operation and management of the Acquired Assets, Hotel and
Convention Center Project and from any claims for any fees or other such payments of any brokers,
finders, contractors, developers, lenders, guests, invitees or managers in connection with the
construction, acquisition, operation and management of the Acquired Assets, Hotel

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and Convention Center Project prior to the Closing and for any and all matters related to the
Existing Litigation.

     14.2 Purchaser Indemnification. Purchaser shall indemnify and hold Seller, and its
members, directors, officers, employees and agents, harmless from any claims with respect to
Purchaser’s acquisition, ownership, operation and management of the Acquired Assets, Hotel and
Convention Center Project and from any claims for any fees or other such payments of any brokers,
finders, contractors, developers, lenders, guests, invitees or managers in connection with the
construction, acquisition, operation and management of the Acquired Assets, Hotel and Convention
Center Project related to matters occurring post Closing.

     14.3 Mutual Indemnification. In addition, Seller and Purchaser shall indemnify and
hold the other party, and its members, directors, officers, employees and agents, harmless from any
claims by any third persons (including, without limitation, any federal, state or local government
agency, board, department or body) for damages, liabilities, losses and expenses (including,
without limitation, reasonable attorney’s fees incurred in seeking indemnification hereunder or
defending any claim by a third person, and amounts paid in settlement of any claim or suit), taxes,
fines, penalties and interest, of any kind or nature whatsoever which may be sustained or suffered
by the other party or its members, directors, officers, employees and agents, arising out of, based
upon, or by reason of a breach of any representation or warranty made by the Seller or Purchaser,
as the case may be, under this Agreement, or a failure to perform any covenant in any agreement
delivered hereunder, any claim, action or proceeding asserted or instituted growing out of any
matter or thing covered by such breached representation, warranty, agreement or covenant.

     14.4 Time Periods. The indemnities set forth in this Agreement shall survive Closing
until such time as the applicable statute of limitations period has run. The indemnity provisions
shall include, but not be limited to, reasonable attorney’s and paralegal’s fees and expenses at
both trial and appellate levels.

ARTICLE XV

DEFAULT REMEDIES

     15.1 Purchaser Default. If Purchaser defaults under this Agreement prior to Closing,
which default continues uncured for ten (10) business days after written notice is given by Seller
to Purchaser, then thereafter at Seller’s election by written notice to Purchaser delivered at any
time prior to the completion of such cure, this Agreement shall be terminated and of no effect, and
Seller shall receive the Deposit and any interest earned thereon as its only remedy at law or in
equity, and both Purchaser and Seller shall thereupon be released from all obligations hereunder.

     15.2 Seller Default. If Seller defaults under this Agreement, which default continues
uncured for ten (10) business days after written notice is given by Purchaser to Seller, then the
Purchaser may elect, as Purchaser’s sole and exclusive remedies, either (i) to terminate this
Agreement by written notice to Seller delivered to Seller at any time prior to the completion of
such cure, in which event the Deposit shall be returned to Purchaser with any interest earned

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thereon along with any actual out-of-pocket costs incurred by Purchaser relating directly to
this transaction, to be paid by Seller, and thereafter, the Purchaser and Seller shall thereupon be
released from all obligations hereunder; or (ii) to treat this Agreement as being in full force and
effect by written notice to Seller delivered to Seller at any time prior to the completion of such
cure, in which event the Purchaser shall have the right to initiate an action against Seller for
specific performance, and/or to pursue any other legal or equitable remedy Purchaser may have
against Seller, provided, however, if Purchaser has not commenced and filed an action for specific
performance within ninety (90) days following actual knowledge of Seller’s default, Purchaser shall
have hereby waived its right of specific performance. Purchaser hereby expressly waives any right
to file a lis pendens against the Property except in connection with the filing of a lawsuit for
specific performance permitted hereby.

     15.3 Attorney’s Fees. Anything to the contrary herein notwithstanding, if it shall be
necessary for either the Purchaser or Seller to employ an attorney to enforce its rights pursuant
to this Agreement because of the default of the other party, and the non-defaulting party is
successful in enforcing such rights, then the defaulting party shall reimburse the non-defaulting
party for the non-defaulting party’s reasonable attorneys’ fees, costs and expenses.

ARTICLE XVI

NOTICES

     All notices and other communications hereunder shall be in writing and shall be deemed to have
been duly given if delivered personally, or by recognized overnight courier service, or if sent by
facsimile transmission with receipt confirmed, or if sent by certified mail, return receipt
requested, properly addressed and postage prepaid, as follows:

     If to Seller:

525 Junction Road, #6000, South Tower

Madison Wisconsin 53717

Attention: James Calder, Chief Financial Officer

Facsimile: 608-662-4701

with a copy to:

Michael Best & Friedrich LLP

One South Pinckney Street, Suite 700

Madison, Wisconsin 53703

Attention: Michael S. Green, Esq.

Facsimile: 608-283-2275

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If to Purchaser:

c/o The Claremont Companies

One Lakeshore Center

Bridgewater, MA 02324

Attention: Elias Patoucheas

Facsimile: (508) 279-3495

with a copy to:

Bernkopf Goodman LLP

125 Summer Street, 13th Floor

Boston, MA 02110

Attention: Martin C. Pomeroy, Esquire

Facsimile: (617) 790-3300

or at any other address as may be given by any party to the other party by notice in writing
pursuant to provisions of this subsection. Such notices shall be deemed given at time of delivery
or receipt, or, if sent by certified mail as aforesaid, shall be deemed to have been given at the
time of receipt or refusal.

     Addresses may be changed by the parties hereto by written notice in accordance with this
Article XVI; provided, however, no such notice of change of address and/or addressee shall
be effective unless and until such notice is actually received by the party to whom such notice is
sent.

ARTICLE XVII

MISCELLANEOUS

     17.1 Binding Effect, Assignment. This Agreement shall be binding upon and shall inure
to the benefit of each of the parties hereto, their respective successors, assigns, beneficial
owners and representatives. The rights of Purchaser under this Agreement shall not be assignable
without Seller’s written consent, which may be withheld in the exercise of Seller’s sole
discretion.

     17.2 Entire Agreement; Integration. This Agreement and the Exhibits constitute the
sole and entire agreement between Purchaser and Seller. No modification of this Agreement shall be
binding unless signed by both Purchaser and Seller. This Agreement, including the Schedules
hereto, the documents specifically referenced herein and the instruments of transfer to be
delivered pursuant to the terms of this Agreement, constitutes the entire understanding and
agreement of the parties in respect to the purchase and sale of the Acquired Assets and the
transactions herein contemplated, and supersedes all prior negotiations, agreements and
understandings whether oral or written.

     17.3 Governing Law. The validity, construction, interpretation and performance of
this Agreement shall in all ways be governed and determined in accordance with the laws of the

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State of Wisconsin. Neither this Agreement nor any notice of it shall be recorded in any
public records.

     17.4 Captions. The captions used in this Agreement have been inserted only for
purposes of convenience and the same shall not be construed or interpreted so as to limit or define
the intent or the scope of any part of this Agreement.

     17.5 Confidentiality. Prior to Closing, Purchaser and Seller shall not disclose the
existence of this Agreement or their respective intentions to purchase and sell the Acquired Assets
or generate or participate in any publicity or press release regarding this transaction, other than
to Purchaser’s counsel, consultants, advisors, representatives, prospective lenders and investors,
and agents, unless both Purchaser and Seller agree in writing and as necessary to effectuate the
transactions contemplated hereby. Notwithstanding anything to the contrary contained herein,
Purchaser hereby acknowledges that all non-public information furnished by Seller to Purchaser or
obtained by Purchaser in the course of Purchaser’s investigation of the Acquired Assets, or in any
way arising from or relating to any and all studies or entries upon the Acquired Assets by
Purchaser, or Purchaser’s agents or representatives, shall be treated as confidential information
and further, that if any such confidential information is disclosed to third parties, Seller may
suffer damages and irreparable harm. In connection therewith, Purchaser hereby expressly
understands and acknowledges and agrees (i) that Purchaser will not disclose any of the contents or
information contained in any reports or studies made in connection with Purchaser’s investigation
of the Acquired Assets, in any form whatsoever (including, but not limited to, any oral information
received by Purchaser during the course of Purchaser’s inspection of the Acquired Assets), to any
party other than Seller, Seller’s agents or representatives, or Purchaser’s attorneys, agents,
representatives, consultants, potential investors or lenders or other third parties assisting or
who may assist Purchaser in its evaluation of the feasibility or purchasing the Acquired Assets or
matters related thereto, other than as required by applicable law or process of law, without the
prior express written consent of Seller, which consent shall not be unreasonably withheld, delayed
or conditioned; (ii) to furnish Seller with copies of all final reports or studies submitted to
Purchaser by such third parties as set forth in Section 3.2 of this Agreement (excluding
any reports or studies; (x) generated internally by Purchaser, or (y) protected by any applicable
privilege (e.g., attorney-client privilege)) in connection with Purchaser’s inspection, study or
investigation of the Acquired Assets within a reasonable time (not to exceed ten (10) days of
receipt of same by Purchaser); and (iii) that Seller is relying on Purchaser’s covenant not to
disclose any of the contents or information contained in such reports to third parties (all of
which is deemed to be confidential information by the provisions of this Section 17.5). The
foregoing covenants shall survive the termination of this Agreement.

     17.6 Closing Documents. To the extent any Closing Documents required to be attached
hereto are not attached hereto at the time of execution of this Agreement, Purchaser and Seller
shall agree, in good faith on the form and content of such Closing Documents prior to Closing.

-32-

 

     17.7 Counterparts. This Agreement may be executed in counterparts by the parties
hereto and each shall be considered an original. A facsimile copy of this Agreement any signatures
thereon shall be considered for all purposes as originals.

     17.8 Severability. If any provision of this Agreement shall, for any reason, be
adjudged by any court of competent jurisdiction to be invalid or unenforceable, such judgment shall
not affect, impair or invalidate the remainder of this Agreement but shall be confined in its
operation to the provision or provisions hereof directly involved in the controversy in which such
judgment shall have been rendered.

     17.9 Interpretation. For purposes of construing the provisions of this Agreement, the
singular shall be deemed to include the plural and vice versa and the use of any gender shall
include the use of any other gender, as the context may require.

     17.10 Business Day. “Business day” shall mean any day other than a Saturday,
Sunday or legal holiday in the State of Wisconsin.

     17.11 Tax-Free Exchange. In the event either party desires to effectuate a tax-free
exchange under Section 1031 of the Internal Revenue Code, as amended, the other party agrees to
fully cooperate in the documentation of the transaction in order to facilitate such Section 1031
exchange; provided, however, (i) there shall be no delay in the Closing and (ii) the party
requesting the Section 1031 exchange shall reimburse the other party at Closing for all reasonable
additional costs and expenses incurred by such other party in cooperating with such exchange.

[Signature pages follow.]

-33-

 

     IN WITNESS WHEREOF, this Agreement has been executed by the Purchaser and Seller on the dates
set out below their respective signatures hereto.

	 	 	 	 	 	 	 	 	 

	 	 	SELLER:	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	BLUE HARBOR RESORT SHEBOYGAN, LLC
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	GWR Operating Partnership, L.L.L.P
	 	 	Its:	 	Sole Member
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	GWR OP General Partner, LLC
	 	 	 	 	Its:	 	General Partner
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:
	 	Great Wolf Resorts, Inc.
	 

	 	 	 	 	 	Its:
	 	Sole Member
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:	 	/s/ Kimberly K. Schaefer 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Its:	 	President 
	 

	 	 	 	 	 	 	 	 

The undersigned, joins in the execution of this Agreement for the sole purpose of its confirmation,
to its actual knowledge after due inquiry, of the representations made by Seller pursuant to
Section 6.1(d) and Section 6.1(g) of this Agreement. This confirmation is subject to the
limitation of survival representations and warranties under this Agreement as provided in Section
6.3 hereof.

GREAT WOLF RESORTS, INC.

	 	 	 	 	 

	By:
	 	/s/ Kimberly K. Schaefer 	 	 
	 

	 	 

	 	 
	Its:
	 	Chief Executive Officer 	 	 
	 

	 	 

	 	 

 

 

	 	 	 	 	 
	 	PURCHASER:

CLAREMONT NEW FRONTIER RESORT LLC

 	 
	 	By:  	/s/
Elias Patoucheas 	 
	 	Its:  	Manager 	 
	 

 

 

	 	 	 

	EXHIBITS
	 	 
	 
	 	 
	Exhibit A

	 	Description of the Leasehold Interests and the Land
	 
	 	 
	Exhibit B

	 	List of FF&E
	 
	 	 
	Exhibit C

	 	Hotel Contracts and Agreements
	 
	 	 
	Exhibit C-1

	 	Excluded Hotel Contracts and Agreements
	 
	 	 
	Exhibit C-2

	 	Excluded Convention Center Contracts and Agreements
	 
	 	 
	Exhibit D

	 	Permits, Licenses and Approvals
	 
	 	 
	Exhibit E

	 	Deliveries
	 
	 	 
	Exhibit F

	 	Permitted Exceptions to Title
	 
	 	 
	Exhibit G

	 	Tax Assessment Information
	 
	 	 
	Exhibit H

	 	Title Company Wire Instructions
	 
	 	 
	Exhibit I

	 	Trade Names
	 
	 	 
	Exhibit J

	 	License Agreement
	 
	 	 
	Exhibit K

	 	Employee Services Agreement

 

 

EXHIBIT A

DESCRIPTION OF THE LEASEHOLD INTERESTS AND THE LAND

A leasehold estate pursuant to a ground lease between Redevelopment Authority of the City of
Sheboygan,
Wisconsin as Landlord, and Blue Harbor Resort Sheboygan, LLC as Tenant, a memorandum of which was
recorded August 12, 2003 as Document No. 1701705.

A leasehold estate pursuant to an operating lease between Redevelopment Authority of the City of
Sheboygan, Wisconsin as Landlord, and Blue Harbor Resort Sheboygan, LLC as Tenant.

All of Lot 11, South Pier, Being part of the Southeast fraction of the Southeast 1/4, Section 23
and part of
Government Lot 1, Section 26, All in T15N, R23E, City of Sheboygan, Sheboygan County, Wisconsin.

Commencing at the Concrete monument with Brass Cap on the South quarter corner of Section 23;

Thence N00°20.10.W along the North-South quarter line of Section 23, 745.79 feet;

Thence N89°39.50.E, 1451.52 feet to a cross cut in concrete on the Northeast corner of the plat of
South
Pier;

Thence S07°40.16.E along the East line of the plat of South Pier, 426.26 feet to an iron pipe stake
on the
Southeast corner of the plat of South Pier;

Thence S42°51.12.W along the South line of the plat of South Pier, 186.41 feet to an iron rod stake
on
the Southeast corner of Lot 11, South Pier, and the Point of Beginning of the following
description;

Thence continue S42°51.12.W along the Southerly line of Lot 11, South Pier, 565.00 feet to an iron
rod
stake on the Southerly line of Lot 11, South Pier;

Thence S32°48.59.W along the Southerly line of Lot 11, South Pier, 98.52 feet to an iron rod stake
on the
Southerly line of Lot 11, South Pier;

Thence S36°18.34.W along the Southerly line of Lot 11, South Pier, 99.45 feet to an iron rod stake
on the
Southwest corner of Lot 11, South Pier;

Thence N47°23.48.W along the West line of Lot 11, South Pier, 354.99 feet to an iron rod stake on
the
Northwest corner of Lot 11, South Pier;

Thence N42°36.12.E along the Northerly line of Lot 11, South Pier, 210.16 feet to a cross cut in
concrete
on a Northerly corner of Lot 11, South Pier;

Thence S47°23.48.E along the Northerly line of Lot 11, South Pier, 131.16 feet to an iron rod stake
on a
Northerly corner of Lot 11, South Pier;

Thence N42°36.12.E along the Northerly line of Lot 11, South Pier, 209.43 feet to a Northerly
corner of
Lot 11, South Pier;

Thence N47°53.06.W along the Westerly line of Lot 11, South Pier, 49.99 feet to the beginning of a
circular curve concave to the East with a radius of 72.67 feet and a central angle of 63°12.31.;

Thence Northerly along the arc of the curved Westerly line of Lot 11, South Pier, 80.17 feet to a
point on

A-1

 

the Westerly line of Lot 11, South Pier, which is measured by a chord of 76.17 feet and bears
N16°16.50.5.W, said point being the beginning of a circular curve concave to the West with a radius
of
23.33 feet and a central angle of 62°43.13.;

Thence Northerly along the arc of the curved Westerly line of Lot 11, South Pier, 25.54 feet to a
point on
the Westerly line of Lot 11, South Pier, which is measured by a chord of 24.28 feet and bears
N16°02.11.5.W;

Thence N47°23.48.W along the Westerly line of Lot 11, South Pier, 143.13 feet to an iron rod stake
along
the Westerly line of Lot 11, South Pier, and the beginning of a circular curve concave to the
Northeast
with a radius of 159.67 feet and a central angle of 34°46.51.;

Thence Northerly along the arc of the curved Westerly line of Lot 11, South Pier, 96.93 feet to a
cross cut
in concrete on the Northerly line of Lot 11, South Pier, which is measured by a chord of 95.44 feet
and
bears N30°00.22.5.W;

Thence N78°06.01.E along the Northerly line of Lot 11, South Pier, 61.55 feet to a cross cut in
concrete;

Thence S11°53.59.E along the Easterly line of Lot 11, South Pier, 35.32 feet to an iron rod stake
and the
beginning of a circular curve concave to the Northeast with a radius of 90.33 feet and a central
angle of
35°29.49.;

Thence Southerly along the arc of the curved Easterly line of Lot 11, South Pier, 55.96 feet to a
cross cut
in concrete on the Easterly line of Lot 11, South Pier, which is measured by a chord of 55.07 feet
and
bears S29°38.53.5.E;

Thence S47°23.48.E along the Easterly line of Lot 11, South Pier, 117.27 feet to a point on the
Easterly
line of Lot 11, South Pier, and the beginning of a circular curve concave to the North with a
radius of
23.33 feet and a central angle of 62°43.13.;

Thence Southeasterly along the arc of the curved Easterly line of Lot 11, South Pier, 25.54 feet to
a point
on the Easterly line of Lot 11, South Pier, which is measured by a chord of 24.28 feet and bears
S78°45.24.5.E, said point being the beginning of a circular curve concave to the South with a
radius of
72.67 feet and a central angle of 62°31.56.;

Thence Southeasterly along the arc of the curved Easterly line of Lot 11, South Pier, 79.31 feet to
a point
on the Easterly line of Lot 11, South Pier, which is measured by a chord of 75.43 feet and bears
S78°51.03.E;

Thence S47°35.05.E along the Easterly line of Lot 11, South Pier, 50.85 feet to a point on the
Northerly
line of Lot 11, South Pier;

Thence N42°36.12.E along the Northerly line of Lot 11, South Pier, 196.26 feet to a cross cut in
concrete
on the Northeast corner of Lot 11, South Pier;

Thence S47°23.48.E along the Easterly line of Lot 11, South Pier, 198.64 feet to the Point of
Beginning.

TOGETHER WITH CERTAIN REAL PROPERTY RIGHTS IN OTHER LAND ESTABLISHED BY THE
FOLLOWING: All rights, benefits and easements created by and pursuant to the Restrictive Covenants
and Cross Easement Agreement dated as of July 30, 2003, by and among the City of Sheboygan,
Wisconsin, the Redevelopment Authority of the City of Sheboygan, Wisconsin, The Great Lakes
Companies, Inc., Blue Harbor Resort Sheboygan, LLC and Blue Harbor Resort Condominium, LLC,
recorded on August 12, 2003 as Document No. 1701704, in the Office of the Register of Deeds for
Sheboygan County, Wisconsin, as amended by First Amendment dated as of June 25, 2004, recorded as

C-2

 

Document No. 1739007, aforesaid records.

All of Lot 10, South Pier, Being part of the Southeast fraction of the Southeast 1/4, Section 23
and part of
Government Lot 1, Section 26, All in T15N, R23E, City of Sheboygan, Sheboygan County, Wisconsin.

C-3

 

EXHIBIT B

LIST OF FF&E

See attached.

B-1

 

EXHIBIT C

HOTEL CONTRACTS AND AGREEMENTS

     1. All Unit Rental Management Agreements for Blue Harbor Resort Condominiums that remain in
effect as of the Closing Date.

     2. Amended and Restated Blue Harbor Resort Condominiums Common Elements Management Agreement,
dated June 25, 2004, among Blue Harbor Resort Condominium, LLC, Blue Harbor Resort Sheboygan, LLC,
Blue Harbor Resort Condominium Association, Inc. and the individual condominium unit owners who are
parties to this Agreement from time to time.

[Continued on the following page.]

C-1

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Contract	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Type	 	Customer Name	 	Vendor Name	 	Vendor Address	 	Service	 	Start Date	 	End Date	 	Auto Renew?
	OE
	 	Blue Harbor Resort Sheboygan, LLC	 	Alsco	 	2641 S. Leavitt Chicago, IL	 	Linens	 	6/1/2010	 	 	 	month to month
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Utilities
	 	Blue Harbor Resort Sheboygan, LLC	 	Centerpoint Energy	 	 	 	Gas Agreement	 	6/1/2010	 	5/1/2011	 	Yes
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Maint
	 	Blue Harbor Resort Sheboygan, LLC	 	Millers Landscaping and Lawn Service LLC	 	4840 Victor Ct Sheboygan, WI  53081	 	Landscaping Service Contract	 	3/1/2010	 	3/1/2011	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Lease
	 	Blue Harbor Resort Sheboygan, LLC	 	Cintas	 	 	 	Uniforms	 	4/3/2007	 	 	 	 
	 
	 		 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Vending
	 	Blue Harbor Resort Sheboygan, LLC	 	Cleveland Coin Machine	 	17000 S. Waterloo Rd Chagrin Falls, OH	 	Amusement Game Equipment Lease	 	7/1/2004	 	8/31/2009	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Vending
	 	Blue Harbor Resort Sheboygan, LLC	 	Cleveland Coin Machine	 	17000 S. Waterloo Rd Chagrin Falls, OH	 	1st Amendment to Amusement Game Equipment Lease	 	6/14/2006	 	12/31/2013	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Vending
	 	Blue Harbor Resort Sheboygan, LLC	 	Cleveland Coin Machine	 	17000 S. Waterloo Rd Chagrin Falls, OH	 	2nd Amendment to Amusement Game Equipment Lease	 	3/13/2009	 	12/31/2018	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Vending
	 	Blue Harbor Resort Sheboygan, LLC	 	Cleveland Coin Machine	 	17000 S. Waterloo Rd Chagrin Falls, OH	 	3rd Amendment to Amusement Game Equipment Lease	 	1/15/2010	 	2/28/2019	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	OE
	 	Blue Harbor Resort	 	Ecolab	 	 	 	Pest Control	 	5/1/2007	 	 	 	Yes
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	OE
	 	Great Lakes Services, LLC	 	Jeff Ellis & Associates	 	9 Josiah Fosters Path East Quogue, NY 11942	 	Aquatic Safety Consulting Agreement	 	1/1/2009	 	12/31/2011	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	IT
	 	Blue Harbor Resort Sheboygan, LLC	 	Lodgenet	 	3900 W. Innovation St. Sioux Falls, SD 57107	 	Movie Service Agreement	 	3/7/2004	 	3/1/2011	 	Yes
	 
	 	 	 	 	 		 	 	 	 	 	 	 	 
	IT
	 	Blue Harbor Resort Sheboygan, LLC	 	Lodgenet	 	3900 W. Innovation St. Sioux Falls, SD 57107	 	Addendum to Movie Service Agreement	 	8/5/2005	 	 	 	 
	 
	 	 	 	 	 		 	 	 	 	 	 	 	 
	 
	 	Blue Harbor Resort Sheboygan, LLC	 	Great Lakes Services, LLC	 	 	 	Management Agreement	 	7/30/2003	 	12/31/2028	 	Yes
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Maint
	 	Blue Harbor Resort & Conference Center	 	Neuman Pools	 	PO Box  413 Beaver Dam, WI 53916	 	Waterpark HVAC Service Agreement	 	12/10/2009	 	12/10/2010	 	 

C-2

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Contract	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Type	 	Customer Name	 	Vendor Name	 	Vendor Address	 	Service	 	Start Date	 	End Date	 	Auto Renew?
	IT
	 	Blue Harbor Resort Sheboygan, LLC	 	Newmarket International Software	 	135 Commerce Portsmouth, NH 03801	 	Software License Agreement	 	11/25/2003	 	 	 	Yes
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	IT
	 	Blue Harbor Resort Sheboygan, LLC	 	Newmarket International Software	 	135 Commerce Way Portsmouth, NH 03801	 	Amendment to Software License Agreement	 	11/26/2003	 	 	 	Yes
	 
	 	 	 	 	 		 	 	 	 	 	 	 	 
	Lease
	 	Blue Harbor Resort & Convention Center	 	Pitney Bowes	 	 	 	Postage Meter Lease	 	2/5/2004	 	2/5/2011	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	Blue Harbor Resort Sheboygan, LLC	 	Great Lakes Services, LLC	 	 	 	Reservation Services Agreement	 	12/20/2004	 	6/1/2014	 	Yes
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Maint
	 	Blue Harbor Resort Sheboygan, LLC	 	Schindler Elevator	 	W136 N4863 Cambell Dr Menomonee Falls, WI	 	Elevator Maintenance Contract	 	5/22/2009	 	 	 	month to month
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	IT
	 	Blue Harbor Resort Sheboygan, LLC	 	Springer Miller	 	 	 	Software License	 	3/17/2003	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	IT
	 	Blue Harbor Resort	 	Towns & Associates	 	 	 	Guest Services Directories Provider	 	4/2/2009	 	4/2/2012	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Maint
	 	Blue Harbor Resort & Conference Center	 	Veolia	 	 	 	Waste Service Agreement	 	3/15/2005	 	3/15/2010	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Maint
	 	Blue Harbor Resort Sheboygan, LLC	 	AHERN	 	201 Morris Court PO Box 1316  Fond du Lac, WI  54936	 	Fire Protection Service Agreement	 	5/27/2010	 	5/27/2011	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Maint
	 	The Blue Harbor Resort, LLC	 	Ace Metal	 	1855 High Grove Lane Naperville, IL 60540	 	Elev Metal Refinish	 	6/1/2010	 	6/1/2011	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Admin
	 	Blue Harbor Resort & Conference Center	 	Special Operations Detective Agency	 	1517 South 12th Street Sheboygan, WI  53081	 	Security Agreement	 	1/1/2010	 	12/31/2010	 	 

C-3

 

EXHIBIT C-1

EXCLUDED HOTEL CONTRACTS AND AGREEMENTS

     1. Management Agreement for Blue Harbor Resort & Conference Center between Blue Harbor Resort
Sheboygan, LLC, and The Great Lakes Companies, Inc., dated as of July 30, 2003.

     2. Blue Harbor Resort License Agreement between Great Lakes Services, LLC and Blue Harbor
Resort Sheboygan, LLC, dated as of December 20, 2004.

     3. Development Agreement, dated July 30, 2003, between City of Sheboygan and Blue Harbor
Resort Sheboygan, LLC.

     4. Operating Lease, dated July 30, 2003, between the City of Sheboygan and Blue Harbor Resort
Sheboygan, LLC.

     5. Subordination Agreement, dated July 30, 2003, by and among City of Sheboygan, Blue Harbor
Resort Sheboygan, LLC, The Great Lakes Companies, Inc., and Blue Harbor Resort Condominium, LLC.

     6. Reimbursement Agreement, dated July 30, 2003, between City of Sheboygan and Blue Harbor
Resort Sheboygan, LLC.

C-1-1

 

EXHIBIT C-2

EXCLUDED CONVENTION CENTER CONTRACTS AND AGREEMENTS

None.

C-2-1

 

EXHIBIT D

PERMITS, LICENSES AND APPROVALS

	 	 	 	 	 	 	 	 	 	 	 
	Document	 	Licensee	 	 	 	 	 	Filing	 	Filing
	Title	 	Name	 	License #	 	Expiration Date	 	Location	 	Authority
	 
	 	Blue Harbor Resort	 	 	 	 	 	 	 	 
	Boiler 9
	 	Sheboygan LLC	 	966827	 	6/21/2013	 	Milwaukee, WI	 	WI Dept of Commerce
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	Blue Harbor Resort	 	 	 	 	 	 	 	 
	Boiler 8
	 	Sheboygan LLC	 	966823	 	6/21/2013	 	Milwaukee, WI	 	WI Dept of Commerce
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	Blue harbor Resort	 	 	 	 	 	 	 	 
	Boiler 7
	 	Sheboygan LLC	 	966824	 	6/21/2013	 	Milwaukee, WI	 	WI Dept of Commerce
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	Blue Harbor Resort	 	 	 	 	 	 	 	 
	Boiler 6
	 	Sheboygan LLC	 	1272025	 	6/23/2013	 	Milwaukee, WI	 	WI Dept of Commerce
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	Blue Harbor Resort	 	 	 	 	 	 	 	 
	Boiler 5
	 	Sheboygan LLC	 	1272027	 	6/23/2011	 	Milwaukee, WI	 	WI Dept of Commerce
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	Blue Harbor Resort	 	 	 	 	 	 	 	 
	Boiler 4
	 	Sheboygan LLC	 	1272026	 	6/23/2013	 	Milwaukee, WI	 	WI Dept of Commerce
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	Blue Harbor Resort	 	 	 	 	 	 	 	 
	Boiler 3
	 	Sheboygan LLC	 	1272030	 	6/23/2013	 	Milwaukee, WI	 	WI Dept of Commerce
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	Blue Harbor Resort	 	 	 	 	 	 	 	 
	Boiler 2
	 	Sheboygan LLC	 	1272031	 	6/23/2013	 	Milwaukee, WI	 	WI Dept of Commerce
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	Blue Harbor Resort	 	 	 	 	 	 	 	 
	Boiler 1
	 	Sheboygan LLC	 	1272032	 	6/23/2013	 	Milwaukee, WI	 	WI Dept of Commerce
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	Blue Harbor Resort	 	 	 	 	 	 	 	 
	Health Permit Lodging
	 	Sheboygan LLC	 	3569978	 	6/30/2011	 	Sheboygan	 	County of Sheboygan
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	Blue Harbor Resort	 	 	 	 	 	 	 	 
	Health Permit Snack Bar
	 	Sheboygan LLC	 	0269977	 	6/30/2011	 	Sheboygan	 	County of Sheboygan
	 
	 	 	 	 	 	 	 	 	 	 
	Health Permit Rusty
	 	Blue Harbor Resort	 	 	 	 	 	 	 	 
	Anchor
	 	Sheboygan LLC	 	029980	 	6/30/2011	 	Sheboygan	 	County of Sheboygan
	 
	 	 	 	 	 	 	 	 	 	 
	Health Permit Swimming
	 	Blue Harbor Resort	 	 	 	 	 	 	 	 
	Pool v2
	 	Sheboygan LLC	 	5003710	 	6/30/2011	 	Sheboygan	 	County of Sheboygan
	 
	 	 	 	 	 	 	 	 	 	 
	Health Permit Swimming
	 	Blue Harbor Resort	 	 	 	 	 	 	 	 
	Pool
	 	Sheboygan LLC	 	5003709	 	6/30/2011	 	Sheboygan	 	County of Sheboygan
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	Blue Harbor Resort	 	 	 	 	 	 	 	 
	Health Permit Whirlpool
	 	Sheboygan LLC	 	5203712	 	6/30/2011	 	Sheboygan	 	County of Sheboygan
	 
	 	 	 	 	 	 	 	 	 	 
	Health Permit Wading
	 	Blue Harbor Resort	 	 	 	 	 	 	 	 
	Pool
	 	Sheboygan LLC	 	5103714	 	6/30/2011	 	Sheboygan	 	County of Sheboygan
	 
	 	 	 	 	 	 	 	 	 	 
	Health Permit — Sweet
	 	Blue Harbor Resort	 	 	 	 	 	 	 	 
	Shop
	 	Sheboygan LLC	 	0269976	 	6/30/2011	 	Sheboygan	 	County of Sheboygan
	 
	 	 	 	 	 	 	 	 	 	 
	Health Permit — On the
	 	Blue Harbor Resort	 	 	 	 	 	 	 	 
	Rocks
	 	Sheboygan LLC	 	0269979	 	6/30/2011	 	Sheboygan	 	County of Sheboygan
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	Blue Harbor Resort	 	 	 	 	 	 	 	 
	Health Permit Plunge
	 	Sheboygan LLC	 	5603711	 	6/30/2011	 	Sheboygan	 	County of Sheboygan
	 
	 	 	 	 	 	 	 	 	 	 
	Health Permit Leisure
	 	Blue Harbor Resort	 	 	 	 	 	 	 	 
	River
	 	Sheboygan LLC	 	5603713	 	6/30/2011	 	Sheboygan	 	County of Sheboygan
	 
	 	 	 	 	 	 	 	 	 	 
	Vehichle Reg 2005 GMC

White Box Truck	 	Blue Harbor Resort LLC	 	DG78092	 	12/31/2010	 	Madison, WI	 	WI Dept of

Transportation
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	Blue Harbor Hotel and	 	 	 	 	 	 	 	 
	Elevator 5
	 	Resort	 	924296	 	3/28/2011	 	Madison, WI	 	State of Wisconsin
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	Blue Harbor Hotel and	 	 	 	 	 	 	 	 
	Elevator 4
	 	Resort	 	927962	 	3/28/2011	 	Madison	 	State of Wisconsin
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	Blue Harbor Hotel and	 	 	 	 	 	 	 	 
	Elevator 3
	 	Resort	 	924278	 	3/28/2011	 	Madison	 	State of Wisconsin
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	Blue Harbor Hotel and	 	 	 	 	 	 	 	 
	Elevator 2
	 	Resort	 	92470	 	3/28/2011	 	Madison	 	State of Wisconsin
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	Blue Harbor Hotel and	 	 	 	 	 	 	 	 
	Elevator 1
	 	Resort	 	924276	 	3/28/2011	 	State of Wisconsin

Dept of Commerce	 	Madison, WI

D-1

 

	 	 	 	 	 	 	 	 	 	 	 
	Document	 	Licensee	 	 	 	 	 	Filing	 	Filing
	Title	 	Name	 	License #	 	Expiration Date	 	Location	 	Authority
	 
	 	 	 	 	 	 	 	 	 	WI Dept of
	Vehichle Reg 2006 Dodge
	 	Blue Harbor Resort LLC	 	DH1919	 	12/31/2010	 	Madison, WI	 	Transportation
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	WI Dept of
	Vehichle Reg 2004 Dodge
	 	Blue Harbor Resort LLC	 	123HDZ	 	4/30/2011	 	Madison, WI	 	Transportation
	 
	 	 	 	 	 	 	 	 	 	 
	Spa — Massage
	 	Blue Harbor Resort	 	 	 	 	 	 	 	 
	Establishment License
	 	Sheboygan LLC	 	2276	 	12/31/2010	 	SHEBOYGAN	 	City of Sheboygan
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	Blue Harbor Resory	 	 	 	 	 	 	 	 
	Music License
	 	and Conference Center	 	1297327	 	12/31/2010	 	Nashville, TN	 	BMI
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	Blue Harbor Resort	 	 	 	 	 	 	 	 
	Music License
	 	and Conference Center	 	100002985616	 	12/31/2010	 	Sheboygan, WI	 	ASCAP
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	Blue Harbor Resort	 	 	 	 	 	 	 	 
	Music License
	 	and Conference Center	 	190200	 	12/31/2010	 	Sheboygan, WI	 	SESAC
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	
	Spa-Barbering or
	 	 	 	 	 	 	 	 	 	WI Dept of
Regulation and
	Cosmetology Manager
	 	Kelly M. Grunow	 	30743-081	 	3/31/2011	 	Madison, WI	 	Licensing
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	WI Dept of Regulation and
	Spa-Aesthetician
	 	Jackie M. Hesselink	 	1632-086	 	3/31/2011	 	Madison, WI	 	Licensing
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	WI Dept of
	Spa-Massage Therapist
	 	 	 	 	 	 	 	 	 	Regulation and
	or bodyworker
	 	Stephanie S. Noel	 	4400-046	 	2/28/2011	 	Madison, WI	 	Licensing
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	WI Dept of
	Spa-Massage Therapist
	 	 	 	 	 	 	 	 	 	Regulation and
	or bodyworker
	 	Shelly J. Schmidt	 	308-046	 	2/28/2011	 	Madison, WI	 	Licensing
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	WI Dept of
	Spa-Massage Therapist
	 	 	 	 	 	 	 	 	 	Regulation and
	or bodyworker
	 	Cassie L. Krupp	 	4220-046	 	2/28/2011	 	Madison, WI	 	Licensing
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	WI Dept of
	Spa-Massage Therapist
	 	 	 	 	 	 	 	 	 	Regulation and
	or bodyworker
	 	Katherine F. Wojta	 	3176-046	 	2/28/2011	 	Madison, WI	 	Licensing
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	WI Dept of
	 
	 	 	 	 	 	 	 	 	 	Regulation and
	Spa-Aesthetician
	 	Sara E. Hesselink	 	1837-086	 	3/31/2011	 	Madison, WI	 	Licensing
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	WI Dept of
	 
	 	 	 	 	 	 	 	 	 	Regulation and
	Spa-Aesthetician
	 	Kayla R. Garbisch	 	1862-086	 	3/31/2011	 	Madison, WI	 	Licensing
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	WI Dept of
	 
	 	 	 	 	 	 	 	 	 	Regulation and
	Spa-Aesthetician
	 	Jennifer A. Ognacevic	 	1797-086	 	3/31/2011	 	Madison, WI	 	Licensing
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	WI Dept of
	Spa-Massage Therapist
	 	 	 	 	 	 	 	 	 	Regulation and
	or bodyworker
	 	Sue Ellen Conn	 	150-046	 	2/28/2011	 	Madison, WI	 	Licensing
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	WI Dept of
	 
	 	 	 	 	 	 	 	 	 	Regulation and
	Spa-Manicurist
	 	Katherine A. Schroeter	 	6621-085	 	3/31/2011	 	Madison, WI	 	Licensing
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	WI Dept of
	Spa-Barbering or
	 	 	 	 	 	 	 	 	 	Regulation and
	Cosmetology
	 	Jessica A. Rosinsky	 	85880-082	 	3/31/2011	 	Madison, WI	 	Licensing
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	WI Dept of
	 
	 	 	 	 	 	 	 	 	 	Regulation and
	Spa-Manicurist
	 	Kayla R. Garbisch	 	7087-085	 	3/21/2011	 	Madison, WI	 	Licensing
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	WI Dept of
	Spa-Barbering and
	 	 	 	 	 	 	 	 	 	Regulation and
	Cosmetology
	 	Lori A. Markham	 	88046-082	 	3/31/2011	 	Madison, WI	 	Licensing
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	WI Dept of
	Spa — Barbering and
	 	Blue Harbor Resort	 	 	 	 	 	 	 	Regulation and
	Cosmetology
	 	Sheboygan, LLC	 	79307	 	3/31/2011	 	Madison, WI	 	Licensing
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	Blue Harbor Resort	 	 	 	 	 	 	 	WI Dept of
	Vehicle Registration
	 	Sheboygan, LLC	 	N/A	 	N/A	 	Milwaukee, WI	 	Transportation
	 
	 	 	 	 	 	 	 	 	 	 
	Sellers Permit
	 	Great Wolf Resorts Inc	 	004-0002290761-01	 	N/A	 	Madison, WI	 	WI Dept of Revenue

D-2

 

EXHIBIT E

DELIVERIES

(To the Extent Such Documents Exist)

     Purchaser’s obligation to purchase the Property shall be contingent upon Purchaser’s review
and approval of the following:

     1. 2009 and current year Financial Statements (including detailed monthly financial data,
occupancy and average daily rate, include a breakdown of revenue categories)

     2. List of every employee, including position, hourly wage or salary

     3. Copy of CRS production from its Franchiser, Franchise Agreement and all other Franchise
documents

     4. Copy of any Product Improvement Plan and Quality Inspection scores from its Franchiser

     5. All current maintenance, service, vendor, rental (including equipment rental) and lease
agreements

     6. Inventory of all FF&E (furniture, fixtures and equipment) including office equipment and
maintenance equipment

     7. All leases, including the Ground Lease (both real and personal property)

     8. Copy of any State, County or City licenses, permits, approvals and the like

     9. Selling entity’s tax returns for 2008 (and when available, 2009)

     10. Any current lawsuits or litigation

     11. Survey of the Property

     12. List of Capital Expenditures (including costs) for 2009

     13. List of Ongoing Capital Improvements in Progress or Scheduled

     14. List and copies of equipment warranties

     15. Current plans for health, retirement, 401k, etc.

     16. Copy of personal property and real property tax records

     17. Copy of all insurance policies (property, liability, casualty, workers compensation, etc.)

E-1

 

     18. Employee handbook and related materials regarding employees

     19. Copy of employer/employee tax records

     20. List of clients authorized for direct bill

     21. 2010 (or current fiscal year) Marketing Plan

     22. 2010 (or current fiscal year) Budget

     23. List of Suppliers

     24. Collective bargaining/labor agreements

     25. Workers compensation cases

     26. Employee-related lawsuits, charges, actions or complaints

     27. Short and long-term commitments (advance bookings, reservations, etc.)

     28. Loans documents, promissory notes, mortgages, etc.

     29. Liquor licenses and the transferability thereof

     30. Environmental, structural and mechanical reports

     31. Appraisal of the Property

E-2

 

EXHIBIT F

PERMITTED EXCEPTIONS TO TITLE

1. Any facts, rights, interests, or claims that are not shown by the public records but that
could be
ascertained by an inspection of the land or by making inquiry of persons in possession of the land.

2. Easements, liens or encumbrances, or claims thereof, not shown by the Public Records.

3. Any encroachment, encumbrance, violation, variation, or adverse circumstance affecting the title
including, discrepancies, conflict in boundary lines, shortages in area, or any other facts that
would be disclosed by an accurate and complete land survey of the land, and that are not shown
in the public records.

4. Any lien, or right to a lien, for services, labor or material theretofore or hereafter furnished
imposed by law and not shown in the public records.

5. Defects, liens, encumbrances, adverse claims, or other matters, if any, created, first appearing
in
the public records or attaching subsequent to the effective date hereof but prior to the date the
proposed Insured acquires for value of record the estate or interest or mortgage thereon covered
by this Commitment.

6. Special taxes, assessments or charges, if any.

7. Taxes, general and special for the year 2010, not now due and payable.

8. Rights of tenants, if any, in possession under unrecorded leases.

9. Restrictive Covenants as found in Warranty Deed

Recorded: October 22, 2001

Volume 1890 of Records, page 960 as Document No. 1613974 Amended Warranty Deed

Recorded: July 29, 2003 as Document no. 1698798

10. Restrictive Covenants and Cross Easement Agreement

Recorded: August 12, 2003 as Document No. 1701704

Amendment

Recorded: July 7, 2004 as Document No. 1739007

11. Access Easement as disclosed by Plat of South Pier.

13. Deed Restriction/Declaration of Restrictions

Recorded: February 5, 2004 as Document No. 1722902

F-1

 

EXHIBIT G

TAX ASSESSMENT INFORMATION

G-1

 

EXHIBIT H

TITLE COMPANY’S WIRE INSTRUCTIONS

First American Title Insurance Company

1801 K Street, N.W., • Suite K-200 • Washington, D.C. 20006

(202) 530-1200 • (800) 808-6460 • FAX: (202) 530-1433

WIRING INSTRUCTIONS FOR

FIRST AMERICAN TITLE INSURANCE COMPANY

NATIONAL COMMERCIAL SERVICES

	 	 	 

	BANK NAME:

	 	First American Trust, FSB
	 

	 	5 First American Way
	 

	 	Santa Ana, CA 92707
	 

	 	ABA NO.:122241255
	 
	 	 
	CREDIT TO:

	 	First American Title Insurance Company
	 

	 	Commercial Services
	 

	 	Account No. 3015140000
	 
	 	 
	SPECIAL INSTRUCTIONS SHOULD INCLUDE:
	 
	 	 
	FATIC CASE NO.:

	 	NCS-431236-DC72
	 
	 	 
	TRANSACTION:

	 	Great Wolf — Sheboygan
	 
	 	 
	ATTENTION:

	 	Craig A. Johnsn

NOTE:

PLEASE PAY STRICT ATTENTION TO THE BANK AND ACCOUNT NUMBER WHERE YOU ARE HAVING THE FUNDS WIRED.
EACH FIRST AMERICAN TITLE OFFICE USES A DIFFERENT BANK AND ACCOUNT NUMBER. FUNDS WILL BE RETURNED
IF SENT TO THE INCORRECT ACCOUNT.

H-1

 

EXHIBIT I

TRADE NAMES

Blue Harbor

Blue Harbor Resort

Blue Harbor Conference Center

Blue Harbor Resort and Conference Center

I-1

 

EXHIBIT J

LICENSE AGREEMENT

     This License Agreement (“Agreement”) is made this ___ day of March, 2011 (“Effective Date”)
between Great Lakes Services, LLC, a Delaware limited liability company with offices located at 525
Junction Road, Suite 6000 South, Madison WI 53717(“Licensor”) and Claremont New Frontier Resort
LLC, a Delaware limited liability company, with offices located at One Lakeshore Center,
Bridgewater, MA 02324 (“Licensee”).

     WHEREAS, Licensor is the owner of the trademark BLUE HARBOR and other related trademarks,
domain names and intellectual property rights detailed in Exhibit A (“Licensed Properties”) for use
in connection with various hotel, resort, convention, restaurant, retail store and water park
services (the “Services”);

     WHEREAS, Licensor is the owner of the trademarks NORTHERN LIGHTS ARCADE and ELEMENTS
(“Trademarks”) which are currently used in connection with arcade and spa services, respectively
(“Current Services”) within the facilities located at 725 Blue Harbor Dr., Sheboygan, Wisconsin
(the “Sheboygan Property”);

     WHEREAS, Licensor desires to grant a license to Licensee to use the Licensed Properties on and
in connection Services at facilities to be owned or operated by Licensee or any of its affiliates
(“Licensee Facilities”), and to use the Trademarks in connection with services provided at the
Sheboygan Property, upon the terms and subject to the conditions as set forth herein.

     NOW, THEREFORE, for and in consideration of premises and promises herein contained and other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
Parties hereto agree as follows:

1.1 Licensor hereby grants to Licensee an exclusive, royalty-free license to use the Licensed
Properties in Wisconsin and Iowa (the “Territory”) in conjunction with providing, marketing, and
advertising the Services in relation to the Licensee Facilities, including the Sheboygan Property.
Outside the Territory, this License shall be non-exclusive.

1.2 Licensor hereby grants to Licensee a non-exclusive, royalty-free license to use the Trademarks
solely in connection with the Current Services at the Sheboygan Property. Licensor retains all
rights in the Trademarks other than those expressly granted herein, and for the avoidance of doubt,
Licensee may not use the Trademarks at any other facility, or in connection with any product or
service other than the Current Services.

1.3 Licensor shall not object to or interfere with Licensee’s use of the Licensed Properties in
connection with the Services, and Licensee’s use of the Trademarks in connection with Current
Services at the Sheboygan Property, so long as Licensee is in compliance with the terms of this
Agreement.

J-1

 

1.4 This Agreement shall not be terminable by Licensor except in accordance with 1.10 below;
provided, however, any rights granted outside the Territory shall terminate on that date which is
five (5) years from the Effective Date (the “Term”), unless earlier terminated in accordance with
1.11 below.

1.5 Licensor will direct certain sub-level domain names, such as
www.sheboygan.blueharborresort.com, to the servers that Licensee shall designate and otherwise
assist Licensee with modifications and updates to web files, images, on-line booking
reconfigurations and the like. Licensor will retain ownership of the primary domain name
www.blueharborresort.com but shall not unreasonably limit or restrict Licensee’s use of same while
this Agreement is in effect. Licensee shall not itself, or through another party, register any
domain name that incorporates the Licensed Properties or the Trademarks without Licensor’s prior
written consent outside the Territory, not to be unreasonably withheld.

1.6 LICENSOR REPRESENTS AND WARRANTS TO LICENSEE AS FOLLOWS: (i) BY VIRTURE OF THE FACT THAT IT
HAS USED THE LICENSED PROPERTIES AND TRADEMARKS FOR SIX YEARS, DURING WHICH TIME IT HAS ESTABLISHED
COMMON LAW RIGHTS, LICENSOR HAS THE AUTHORITY TO GRANT THE LICENSE PROVIDED IN SECTION 1.1 HEREIN;
and (ii) NO CLAIM HAS BEEN MADE OR THREATENED THAT THE LICENSED PROPERTIES OR TRADEMARKS INFRINGE
UPON THE RIGHTS OF ANY THIRD PARTY. EXCEPT FOR THE LIMITED REPRESENTATIONS AND WARRANTIES PROVIDED
IN THE FIRST SENTENCE OF THIS SECTION 1.6, THE LICENSED PROPERTIES AND THE TRADEMARKS ARE LICENSED
TO LICENSEE “AS IS” AND LICENSOR DISCLAIMS ANY AND ALL WARRANTIES EXPRESS OR IMPLIED, ORAL OR
WRITTEN WITH RESPECT TO THE LICENSED PROPERTIES AND TRADEMARKS, OR CONDITIONS OF VALIDITY,
NON-INFRINGEMENT, MERCHANTABILITY OR FITNESS FOR ANY PURPOSE.

1.7 All Services provided by Licensee in connection with the Licensed Properties and the Current
Services provided in connection with the Trademarks shall be of a nature and quality consistent
with standards of quality existing at the time of closing for the provision of such services.
Licensee agrees to maintain this level of quality so as not to bring discredit upon or reduce the
value of the Licensed Properties or the Trademarks. All Services offered by Licensee in connection
with the Licensed Properties shall be of a nautical them and shall be family and children friendly.
Any significant deviation from same shall be made only after prior written approval from Licensor.
Licensor shall have the right, upon its reasonable request, to inspect the Services and Current
Services in conjunction with the manner in which the Licensed Properties and the Trademarks are
used.

1.8 For the purpose of maintaining quality as provided in Section 1.7, Licensee shall provide
representative samples of marketing materials describing the Services and Current Services and
bearing the Licensed Properties and Trademarks to Licensor within thirty (30) days of request
therefore, but no more frequently than quarterly, to determine whether such services, and the use
of the Licensed Properties and Trademarks, are being offered and provided according to the
standards set forth herein.

K-2

 

1.9 In the event that either Party has reason to believe that any person is infringing any of the
Licensed Properties or the Trademarks, such Party shall promptly notify the other Party by
providing all information in its possession, custody or control to permit the other Party to
determine whether such infringement is occurring. The Parties shall then confer to determine what,
if any, action will be taken to address infringement of the Licensed Properties, and which Party
shall direct, control and pay for the prosecution of such action. Only Licensor shall have the
right and authority to address infringement of the Trademarks. All sums recovered in any
litigation or dispute pertaining to the Licensed Properties or the Trademarks, whether by
settlement, judgment or otherwise, shall belong to Licensor. Each Party shall furnish the other
Party all documents and information, execute all papers, testify on all matters and otherwise
cooperate in connection with any litigation or action brought by a Party to defend or enforce the
Licensed Properties or the Trademarks.

1.10 Licensee shall defend, indemnify and hold Licensor harmless against any judgment, damages,
liability, loss, cost or other expense (including legal fees) to the extent arising from or
attributable to Licensee’s breach of any of Licensee’s representations, warranties or covenants set
forth in this Agreement. Licensee further agrees to defend, indemnify and hold Licensor harmless
from any judgment, damages, liability, loss, cost or ether expense (including legal fees) arising
out of or in connection with Licensee’s, goods or services, including, but not limited to products
liability claims, and any other activity by Licensee in connection with providing the Services or
pursuant to this Agreement.

     IN NO EVENT SHALL EITHER PARTY BE LIABLE TO THE OTHER FOR ANY INDIRECT, SPECIAL OR
CONSEQUENTIAL DAMAGES OR LOST PROFITS ARISING OUT OF OR RELATED TO THIS LICENSE AGREEMENT OR THE
PERFORMANCE OR BREACH THEREOF EVEN IF THE BREACHING PARTY HAS BEEN ADVISED OF THE POSSIBILITY
THEREOF.

1.11 This Agreement may be terminated by either Party in the event of a material breach by the
other Party which is not cured within ninety (90) days of receiving written notice of the breach;
provided, however, if such default is not capable of being cured in such ninety (90) day period,
the breaching party shall have such additional time as is necessary to effect such cure so long as
the breaching party is using reasonable defense to effect same, not to exceed ninety (90) days. If
the breach is not timely cured as aforesaid, this Agreement shall terminate without further action
by either Party (“Early Termination”). In the event of an Early Termination of this Agreement,
Licensee shall immediately discontinue all use of the Licensed Properties and the Trademarks and
shall destroy or turn over to Licensor all promotional literature, signage and any other material
bearing the Licensed Properties and Trademarks. In addition, Licensee may terminate this Agreement
for any reason upon giving Licensor sixty (60) days notice of the intent to terminate. Following
termination, Licensee shall immediately discontinue all use of the Licensed Properties and
Trademarks and shall destroy or turn over to Licensor all promotional literature, signage and any
other material bearing the Licensed Properties and Trademarks.

1.12 Licensee shall not use the name of Licensor, or Licensor’s other properties, including but not
limited to GREAT WOLF LODGE, in any manner whatsoever, nor incur any obligation in

K-3

 

Licensor’s name. Nothing herein contained shall be construed to constitute the Parties as partners
or joint venturers, nor shall any similar relationship be deemed to exist between them.

1.13 This Agreement shall be construed in accordance with and governed by the internal laws, but
not the laws of conflicts, of the State of Wisconsin. All disputes under this Agreement shall be
resolved by litigation in the courts of the State of Wisconsin including the federal courts therein
and the Parties consent to the jurisdiction of such courts, agree to accept service of process by
mail, and hereby waive any jurisdictional or venue defenses otherwise available to it.

1.14 Notices: Any notice, request, or communication required under this Agreement shall be
delivered by U.S. postage prepaid and addressed to the following addresses:

If to Licensor:

525 Junction Road, Suite 6000 South,

Madison WI 53717

Attention: James Calder, Chief Financial Officer

Facsimile: 608-662-4701

with a copy to:

Michael Best & Friedrich LLP

One South Pinckney Street, Suite 700

Madison, Wisconsin 53703

Attention: Michael S. Green, Esq.

Facsimile: 608-283-2275

If to Licensee:

c/o The Claremont Companies

One Lakeshore Center

Bridgewater, MA 02324

Attention: Elias Patoucheas

Facsimile: 508-279-3495

with a copy to:

Bernkopf Goodman LLP

125 Summer Street, 13th Floor

Boston, MA 02110

Attention: Martin C. Pomeroy, Esq.

Facsimile: 617-790-3300

1.15 Registration. Licensor, may, in the exercise of its sole discretion, register all or any of
the Trademarks with the United States Patent and Trademark Office at any time. In the event of
such registration, Licensor shall deliver to Licensee a written addendum to this Agreement
reflecting the details of the registration, which addendum shall be automatically incorporated
herein without need for any further action by the parties hereto. Licensee agrees to assist

K-4

 

Licensor in any such registration process if requested to do so by Licensor, and at Licensor’s
expense.

{Remainder of page intentionally left blank}

     IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed by their
authorized representatives as follows:

	 	 	 	 	 	 	 

	GREAT LAKES SERVICES, LLC
(“Licensor”)	 	 	 	CLAREMONT NEW FRONTIER RESORT LLC
(“Licensee”)
	 
	 	 	 	 	 	 
	BY:

	 	 	 	BY:	 	 
	 

	 	 
	 	 	 	 
	 
	 	 	 	 	 	 
	NAME:

	 	 	 	NAME:	 	 
	 

	 	 
	 	 	 	 
	 
	 	 	 	 	 	 
	TITLE:

	 	 	 	TITLE:	 	 
	 

	 	 
	 	 	 	 
	 
	 	 	 	 	 	 
	DATE:

	 	 	 	DATE:	 	 
	 

	 	 
	 	 	 	 

K-5

 

Exhibit A — Licensed Properties

Trademarks

BLUE HARBOR

KIDAQUARIUM

BOATHOUSE

CREW CLUB

SHIP SHAPE PLACE

ON THE ROCKS BAR & GRILLE

RUSTY ANCHOR BUFFET

SWEETSHOP LANDING

PRECIOUS CARGO

WASHED ASHORE SWIM SHOP

ROCKY BOTTOM SNACK BAR

Copyrights

“It’s Gotta Be Blue” song

K-6

 

EXHIBIT K

EMPLOYEE SERVICES AGREEMENT

     THIS EMPLOYEE SERVICES AGREEMENT (“Services Agreement”) by and between GREAT LAKES SERVICES,
LLC., a Delaware corporation (“Service Provider”), and SHEBOYGAN RESORT OPERATOR, LLC, a Delaware
limited liability company (“Client”), is made and entered into as of the Closing Date of the
transaction contemplated by that certain First Amended and Restated Purchase Agreement for Blue
Harbor Resort, Sheboygan, Wisconsin, by and between Blue Harbor Resort Sheboygan, LLC (“Seller”)
and Claremont New Frontier Resort LLC (“Buyer”) dated March __, 2011, as thereafter amended and
restated from time to time (the “Purchase Agreement”). Service Provider is the employment services
company associated with Seller and other Great Wolf resorts and is the employer of the Employees
described herein. Capitalized terms not defined herein have the same meaning as in the Purchase
Agreement.

RECITALS

     WHEREAS, Seller shall sell the assets of Blue Harbor Resort in Sheboygan, Wisconsin, to Buyer
on the Closing Date specified under the Purchase Agreement;

     WHEREAS, Service Provider will give Client the exclusive use of, the employees identified in
Exhibit A (the “Employees”) on a temporary basis pursuant to the terms and conditions of
this Services Agreement.

     NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties
agree as follows:

AGREEMENTS

1. Purpose. Service Provider and Client acknowledge and agree that the purpose of this
Services Agreement is for Service Provider to make the Employees available to Client on the terms
and conditions of this Services Agreement.

2. The Services Arrangement.

     2.1 Services Identified. Service Provider shall make available to Client the
Employees identified on Exhibit A for the purpose of providing the services customarily
associated with their job titles (the “Services”).

     2.2 Records. The employment records of the Employees are and shall remain the
property of Service Provider during the Term, but Client shall have access to and, when feasible,
possession of all such records during the Term. The right of control of all Client business
records and supporting documents related to Services provided hereunder shall belong exclusively to
Client, except as may be reasonably requested by Service Provider in connection with a lawsuit,
claim or quality assurance matter involving an Employee. If the Service Provider or Client must
share with the other any information pertaining to the Employees that is individually identifiable
medical information, Service Provider and Client shall abide by all applicable state and federal
laws and regulations governing the confidentiality of medical information, including without
limitation the Health Insurance Portability and Accountability Act of 1996 and its implementing
regulations (45 C.F.R. Parts 160-164) (“HIPAA”) and state law. Service Provider and Client agree
to execute any documents necessary to ensure such compliance.

K-1

 

     2.3 Salaries and Benefits of the Employees. The salaries and/or wages of the
Employees shall be determined and paid by Service Provider. Service Provider will not provide or
promise pay increases or bonuses during the Term other than in accordance with the existing Sales
Incentive Plans bonuses. In its capacity as the Employer of the Employees, Service Provider shall
withhold any amounts required to be withheld on such salaries and/or wages pursuant to applicable
law. Service Provider shall determine and provide its fringe or other benefits, if any, to the
Employees subject to the terms and conditions of such fringe and benefit plans.

     2.4 Policies, Procedures and Rules. The Employees shall continue to be subject to all
personnel and other policies, procedures and rules of Service Provider. Attached hereto as Exhibit
B are copies of such policies, procedures and rules.

     2.5 Management, Direction, and Control of Employees. Service Provider will not, but
Client will manage, direct and control all activities of the Employees during the Term

     2.6 Performance Reviews. Subject to Section 2.8 hereof, Client shall (i) be
responsible for determining compliance with and enforcement of Service Provider’s policies,
procedures and rules with respect to the Employees, and (ii) be responsible for taking any
disciplinary action deemed appropriate by Service Provider under such policies, procedures and
rules with respect to the Employees.

     2.7 Worker’s Compensation Insurance. Service Provider shall maintain worker’s
compensation insurance for the Employees to the extent required by applicable law.

     2.8 Job Requirements. If at any time Client reasonably determines that one or more
Employees are not fulfilling job requirements, Client shall so notify Service Provider, and the
parties shall mutually agree upon any action to be taken.

     2.9 Scheduling/Treatment of Personnel. Client shall be responsible for scheduling the
Employees according to the needs of Client. Client shall treat the Employees in a respectful
manner, consistent with the policies and procedures of Service Provider regarding standards of
conduct, harassment and anti-discrimination. If any of the Employees request vacation time or paid
time off during the Term, Service Provider and Client shall reasonably confer as the appropriate
acceptance, rejection or rescheduling of such absence. To the extent an Employee attempts to
return from a leave of absence and has a legally enforceable right to so return during the Term,
the parties acknowledge that such return to work will be permitted and, if necessary, the parties
shall reasonably confer to reach mutual agreement as to the arrangements associated with the
Employee’s return to work.

     2.10 Scope of Duties. Client agrees that the Employees will perform duties that are
consistent with the Services, and such other duties as may be requested by Client from time to
time. Client shall not request or require any Employees to perform duties that are inconsistent
with the Services.

     2.11 Facilities and Equipment. Client shall be solely responsible for maintaining a
safe work place. Client shall provide all equipment and materials necessary for the Employees to
perform the Services. All equipment shall be maintained in good condition and repair and shall be
repaired, replaced and/or upgraded by Client when necessary or appropriate.

3. Financial Obligations.

     3.1 Service Fees. As consideration for Service Provider providing the Services under
this Services Agreement during the Term, Client shall pay to Service Provider a service fee for
each Employee equivalent to the cost of the Employee’s wages and benefits, plus two percent (2%)
thereof. Such wages and benefits shall include:

	 	a.	 	Wages at existing wage rates;

	 	b.	 	Sales Incentive Plans bonuses (Client shall cooperate with
Service Provider to generate the necessary reports for calculation of Sales
Incentive Plan payments);

	 	c.	 	Holiday pay in accordance with Service Provider’s existing
holiday policy;

	 	d.	 	Funeral leave in accordance with Service Provider’s existing
funeral leave policy;

K-2

 

	 	e.	 	Paid time off for earned paid-time off used during the Term in
accordance with Service Provider’s existing paid-time off policy;

	 	f.	 	The Service Provider’s portion of monthly major medical costs
calculated at COBRA rates;

	 	g.	 	100% of premiums for employer-paid life/ADD/long-term
disability for salaried employees;

	 	h.	 	Workers’ compensation costs;

	 	i.	 	Unemployment compensation insurance taxes;

	 	j.	 	401(k) employer matching contributions on Employees’ elective
deferrals made during the Term in accordance with the terms of Service
Provider’s 401(k) plan;

	 	k.	 	Federal, state, and (if applicable) local employment taxes
(including Service Provider’s portion of FICA); and

	 	l.	 	Direct, third-party costs incurred in conjunction with payroll
processing (e.g. ADP costs).

Client agrees not to pay the Employees directly or advance any funds to the Employees. Service
Provider agrees that, because vacation pay is a benefit already earned by the Employees for which
Service Provider is obligated to pay, Service Provider will not seek reimbursement from Client of
vacation pay that is paid by Service Provider to the Employees

     3.2 Payment. Client shall pay Service Provider for leasing the Employees as provided
under this Services Agreement in accordance with Section 3.1. All costs incurred in conjunction
with period payroll processes (for example, wages, bonuses, holiday pay, funeral leave, vacation
pay, unemployment compensation insurance taxes, and federal/state/local employment taxes) must be
paid by Client to Service Provider at least one (1) business day prior to the payroll pay date.
All other costs will be invoiced to Client and must be paid in full within five (5) days.

4. Termination.

     4.1 Term. This Services Agreement shall be effective as of the Closing Date, and
shall continue until the last shift worked on April 15, 2011 but no later than 11:59 p.m. on April
15, 2011 (the “Initial Term”). Thereafter, this Services Agreement may be renewed, once, beginning
upon the expiration of the Initial Term and ending on the last shift worked on April 30, 2011 but
no later than 11:59 p.m. on April 30, 2011 (the “Renewal Term”). To renew this Services Agreement
beyond the Initial Term, Client must provide Service Provider with fifteen (15) days’ written
notice. In this Services Agreement, the “Initial Term” and, as the case may be, the “Renewal
Term,” are referred to as the “Term”.

     4.2 Termination. In the event of a breach of the terms of this Services Agreement by
either party, the non-breaching party may terminate this Services Agreement upon fifteen (15) days’
written notice to the breaching party, provided that such breach remains uncured for said fifteen
(15) days. Notwithstanding the foregoing, in the event that Client fails to strictly abide by the
payment terms described in Section 3 of this Services Agreement, this Services Agreement shall
immediately terminate with no opportunity for cure.

     4.3 Effect of Termination and WARN Treatment. Upon termination of this Services
Agreement for any reason, or upon expiration of the Term, as the case may be, Service Provider
shall terminate all Employees and Client shall hire Substantially All Employees. The requirement
that Client shall hire Substantially All Employees is intended by the parties solely to ensure that
Service Provider does not incur WARN liability and, provided Service Provider does not incur WARN
liability by virtue of the circumstances associated with the Employees’ termination by Service
Provider and hire by Client, then the foregoing requirement will be deemed satisfied by Service
Provider. Accordingly, the parties agree that the term “Substantially All Employees” means at
least 76% of all Employees.

5. Insurance and Mutual Indemnification. Each party shall obtain and maintain at its
own expense general liability, casualty insurance and professional liability insurance in amounts
and from insurers reasonably acceptable to the other party.

K-3

 

Client agrees to defend, indemnify and hold Service Provider harmless from any claims made by
the Employees based on and arising out of actions, conduct or omissions of Client or its officers,
directors, shareholders, agents or employees. Such claims shall include, but are not limited to,
charges of discrimination brought through the state civil rights agencies, the Equal Employment
Opportunity Commission, and all other state and federal fair employment agencies, lawsuits alleging
failure to comply with Federal or State wage/hour laws, wrongful termination, unlawful
discrimination, or other employment-related causes of action resulting from employer discipline,
termination or retaliation occurring during the Term. Client shall also defend and indemnify
Service Provider from employee claims of sexual harassment occurring during the Term. The duty to
defend includes the duty to pay reasonable attorney’s fees incurred by Service Provider in
defending such claims, and the duty to indemnify includes the duty to pay any award imposed by an
administrative agency, or any judgment or settlement reached in a court action. Client and Service
Provider shall also defend, indemnify and hold each other harmless from liability for any claims
made under either party’s professional liability insurance. Client shall be solely responsible for
any acts of which Client did not adequately inform Service Provider prior to the commission
thereof. Client further agrees that the acceptance of an Employee to its workforce relieves Service
Provider of any liability to Client for losses or claims that arise as a result of such Employee’s
negligence, theft, embezzlement, fraud, or other unlawful acts committed by such Employee. In no
event shall Service Provider be liable for Client’s loss of profits, business goodwill or other
consequential, special or incidental damages. Service Provider shall be solely responsible for any
matter in which Service Provider is negligent or at fault and Client will not have to indemnify
Service Provider for any such matter provided Client was not involved and was not at fault in any
regard.

Service Provider agrees to defend, indemnify and hold Client harmless from any claims made by the
Employees based on and arising out of actions, conduct or omissions of Service Provider or its
officers, directors, shareholders, agents or employees. Such claims shall include, but are not
limited to, charges of discrimination brought through the state civil rights agencies, the Equal
Employment Opportunity Commission, and all other state and federal fair employment agencies,
lawsuits alleging failure to comply with Federal or State wage/hour laws, wrongful termination,
unlawful discrimination, or other employment-related causes of action resulting from employer
discipline, termination or retaliation occurring during the Term. Service Provider shall also
defend and indemnify Client from employee claims of sexual harassment occurring during the Term.
The duty to defend includes the duty to pay reasonable attorney’s fees incurred by Client in
defending such claims, and the duty to indemnify includes the duty to pay any award imposed by an
administrative agency, or any judgment or settlement reached in a court action. Service Provider
shall be solely responsible for any acts of which Service Provider did not adequately inform Client
prior to the commission thereof. In no event shall Client be liable for Service Provider’s loss of
profits, business goodwill or other consequential, special or incidental damages. Client shall be
solely responsible for any matter in which Client is negligent or at fault and Service Provider
will not have to indemnify Client for any such matter provided Service Provider was not involved
and was not at fault in any regard.

6. Warranties.

     6.1 Service Provider Warranty of Compliance with Laws. As an inducement to Client to
enter into this Services Agreement, Service Provider represents, warrants and covenants that
Service Provider will comply in all material respects with all laws applicable to the employment of
the Employees by Service Provider and their performance of any Services to the extent that Service
Provider exclusively controls such Services or directs the Employees with respect to such Services.

     6.2 Client Warranty of Compliance with Laws. As an inducement to Service Provider to
enter into this Services Agreement, Client represents, warrants and covenants that Client will
comply in all material respects with all laws applicable to the Employees and their performance of
any Services to the extent that Client exclusively controls such Services or directs the Employees
with respect to such Services.

7. Miscellaneous.

     7.1 Benefit Plan Matters. During the Term, Service Provider and Client will work in
good faith to transition 401(k) assets of the Employees to Client’s 401(k) plan. Client shall
establish or designate an individual account plan qualified under Section 401(a) of the Internal
Revenue Code (the “Code”) and containing a cash or

K-4

 

deferred arrangement meeting the requirements of Section 401(k) of the Code and a related
trust which shall cover the Employees containing provisions substantially the same as those
provided under the Service Provider’s current 401(k) plan. Service Provider shall cause its 401(k)
plan to transfer the full account balance, if any, of each of the Employees (including
beneficiaries and alternate payee’s of the Employees) and each former employee associated with Blue
Harbor (including their beneficiaries and alternate payees) (collectively each referred to as a
“transferring participant”) who have account balances to the Client’s 401(k) Spin-Off Plan as soon
as administratively practicable following the end of the Term. Client shall cause the trustee of
the Client’s 401(k) Spin-Off Plan to accept and allocate each transferred account balance and loan
to a subaccount for the benefit of each such respective Transferring Participant with such account
balance or employee loan. Client shall assume and retain all obligations in respect of the assets
and liabilities transferred to the Client’s 401(k) Spin-Off Plan and all Transferring Participants
that have, or may have claims at any time under the Service Provider’s 401(k) plan.

Client shall provide Employees with credit for time worked since their date of hire for all other
benefit plan purposes, including eligibility, vesting, waiting periods, and seniority for purposes
of paid-time off, vacation, and other workplace policies that vary based on seniority.

     7.2 Vacation. At the time of each Employee’s termination of employment by Service
Provider, Service Provider shall pay each Employee for earned but unused vacation days. Service
Provider will not seek reimbursement from Client for any earned but unused vacation days paid by
Service Provider to the Employees at the time of each Employee’s termination Service Provider
shall provide to Client a list of Employees and their earned but unused 2011 vacation days. Client
may but is not required to take such information into account in implementing its own vacation
policy for the Employees.

     7.3 Employee Discounts. Client will continue to offer discounted room rates to
Employees in accordance with Service Provider’s existing policies during the Term.

     7.4 Independent Contractor. The parties expressly acknowledge and agree that Service
Provider and Client are independent and that neither party shall be considered an agent or legal
representative of the other party for any purpose, and neither party’s officers, directors,
employees or agents shall be considered agents or employees of the other party. Neither party, nor
any of its officers, directors, employees or agents, shall have any authority to enter into any
contract or commitment on behalf of or otherwise bind the other party.

     7.5 Waiver. The failure of either party to insist, in any one or more instances, upon
performance of any term, covenant or condition of this Services Agreement shall not be construed as
a waiver or a relinquishment of any right granted hereunder or of the future performance of any
such term, covenant or condition.

     7.6 Notice to Parties. All communications provided for hereunder shall be in writing
and shall be deemed to be given to a party when delivered in person, sent by facsimile or deposited
in the U.S. mail, first class, registered or certified, return receipt requested, with proper
postage prepaid, to the address set forth below, or to such other address as such party may
designate in writing to the other party.

	 	 	 	 	 

	 

	 	Service Provider:
	 	Great Wolf Resorts, Inc.
	 

	 	 	 	525 Junction Road, #6000, South Tower
	 

	 	 	 	Madison, Wisconsin 53717
	 

	 	 	 	Attention: James Calder, Chief Financial Officer
	 

	 	 	 	Facsimile: 608-662 4701
	 
	 	 	 	 
	 

	 	 	 	with a copy to:
	 
	 	 	 	 
	 

	 	 	 	Michael Best & Friedrich LLP
	 

	 	 	 	One South Pinckney Street, Suite 700
	 

	 	 	 	Madison, Wisconsin 53703
	 

	 	 	 	Attention: Michael S. Green, Esq.
	 

	 	 	 	Facsimile: 608-283-2275

K-5

 

	 	 	 	 	 

	 

	 	Client:
	 	Sheboygan Resort Operator, LLC
	 

	 	 	 	c/o The Claremont Companies
	 

	 	 	 	One Lakeshore Center
	 

	 	 	 	Bridgewater, MA 02324
	 

	 	 	 	Attention: Elias Patoucheas
	 

	 	 	 	Facsimile: (508) 279-3495
	 
	 	 	 	 
	 

	 	 	 	with a copy to:
	 
	 	 	 	 
	 

	 	 	 	Bernkopf Goodman LLP
	 

	 	 	 	125 Summer Street, 13th Floor
	 

	 	 	 	Boston, MA 02110
	 

	 	 	 	Attention: Martin C. Pomeroy, Esq.
	 

	 	 	 	Facsimile: (617) 790-3300

     7.7 Governing Law. This Services Agreement and each and all of the terms, covenants
and conditions hereof shall be interpreted in accordance with and governed in all respects by the
laws of the State of Delaware, except to the extent that Wisconsin law is required to be applied.

     7.8 Severability. If any provision of this Services Agreement shall be held to be
invalid or unenforceable for any reason, the parties hereto acknowledge and agree that such
invalidity or unenforceability (i) shall not affect any other provision of this Services Agreement,
(ii) the remaining terms, covenants and conditions hereof shall remain in full force and effect,
and (iii) any court of competent jurisdiction may so modify the objectionable provision as to make
it valid and enforceable.

     7.9 Amendments. No amendments or additions to this Services Agreement shall be
binding unless in writing and signed by both parties, except as otherwise provided herein.

     7.10 Assignment. Neither party may assign or delegate this Services Agreement or its
rights or obligations hereunder without the express written consent of the other party.

     7.11 Entire Agreement. This Services Agreement and the agreements, documents,
policies, procedures and other materials referenced herein set forth the entire agreement of the
parties with respect to their subject matter and supersede any prior agreements between the parties
with respect to their subject matter.

     IN WITNESS WHEREOF, the parties have caused this Services Agreement to be executed as of the
date first above written.

	 	 	 	 	 	 	 
	SERVICE PROVIDER:	 	       CLIENT:
	 
	 	 	 	 	 	 
	GREAT LAKES SERVICES, LLC.	 	SHEBOYGAN RESORT OPERATOR, LLC
	 
	 	 	 	 	 	 
	By: 

	 	 	 	By: 	 	 
	 

	 	 
	 	 	 	 
	 
	 	 	 	 	 	 
	Name:

	 

	 	Name:
	Elias Patoucheas 
	 
	 	 	 	 	 	 
	Title:

	 

	 	Title:
	Manager 

K-6

 

EXHIBIT A

The Employees

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Name	 	Position	 	F/P Time	 	Hourly Rate	 	 	Type	 	Salary	 	 	Title
	 
	 	701050	 	P	 	 	 	 	 	H	 	 	 	 	 	Front Desk Agent
	 
	 	500150	 	P	 	 	 	 	 	H	 	 	 	 	 	Lifeguard
	 
	 	500150	 	P	 	 	 	 	 	H	 	 	 	 	 	Lifeguard
	 
	 	500150	 	P	 	 	 	 	 	H	 	 	 	 	 	Lifeguard
	 
	 	201050	 	P	 	 	 	 	 	H	 	 	 	 	 	Room Attendant
	 
	 	201050	 	P	 	 	 	 	 	H	 	 	 	 	 	Room Attendant
	 
	 	751050	 	P	 	 	 	 	 	H	 	 	 	 	 	Cub Club Guide
	 
	 	301150	 	P	 	 	 	 	 	H	 	 	 	 	 	Restaurant 1 Server
	 
	 	351056	 	P	 	 	 	 	 	H	 	 	 	 	 	F&B - Restaurant 2 Bartender
	 
	 	200120	 	F	 	 	 	 	 	S	 	 	 	 	 	Housekeeping Manager
	 
	 	307055	 	P	 	 	 	 	 	H	 	 	 	 	 	Banquet SetUp
	 
	 	307055	 	P	 	 	 	 	 	H	 	 	 	 	 	Banquet SetUp
	 
	 	500150	 	P	 	 	 	 	 	H	 	 	 	 	 	Lifeguard
	 
	 	601050	 	P	 	 	 	 	 	H	 	 	 	 	 	Gift Shop Sales Associate
	 
	 	201055	 	P	 	 	 	 	 	H	 	 	 	 	 	House Attendant
	 
	 	500150	 	P	 	 	 	 	 	H	 	 	 	 	 	Lifeguard
	 
	 	201050	 	P	 	 	 	 	 	H	 	 	 	 	 	Room Attendant
	 
	 	500150	 	P	 	 	 	 	 	H	 	 	 	 	 	Lifeguard
	 
	 	701050	 	P	 	 	 	 	 	H	 	 	 	 	 	Front Desk Agent
	 
	 	108511	 	F	 	 	 	 	 	S	 	 	 	 	 	Asst Dir of Finance
	 
	 	702050	 	P	 	 	 	 	 	H	 	 	 	 	 	Reservations Agent
	 
	 	500150	 	P	 	 		 	 	H	 	 	 	 	 	Lifeguard
	 
	 	701050	 	F	 	 	 	 	 	H	 	 	 	 	 	Front Desk Agent
	 
	 	500150	 	P	 	 	 	 	 	H	 	 	 	 	 	Lifeguard
	 
	 	500150	 	F	 	 	 	 	 	H	 	 	 	 	 	Lifeguard
	 
	 	601050	 	P	 	 	 	 	 	H	 	 	 	 	 	Gift Shop Sales Associate
	 
	 	208055	 	P	 	 	 	 	 	H	 	 	 	 	 	Condo House Attendant
	 
	 	901050	 	F	 	 	 	 	 	H	 	 	 	 	 	Maintenance Technician
	 
	 	301150	 	P	 	 	 	 	 	H	 	 	 	 	 	Restaurant 1 Server
	 
	 	203050	 	P	 	 	 	 	 	H	 	 	 	 	 	Laundry Attendant
	 
	 	201050	 	P	 	 	 	 	 	H	 	 	 	 	 	Room Attendant
	 
	 	302165	 	P	 	 	 	 	 	H	 	 	 	 	 	Restaurant 1 Dishwasher
	 
	 	500150	 	P	 	 	 	 	 	H	 	 	 	 	 	Lifeguard
	 
	 	601050	 	P	 	 	 	 	 	H	 	 	 	 	 	Gift Shop Sales Associate
	 
	 	200111	 	F	 	 	 	 	 	S	 	 	 	 	 	Asst Dir of Housekeeping
	 
	 	500150	 	P	 	 	 	 	 	H	 	 	 	 	 	Lifeguard
	 
	 	500150	 	P	 	 	 	 	 	H	 	 	 	 	 	Lifeguard
	 
	 	701050	 	F	 	 	 	 	 	H	 	 	 	 	 	Front Desk Agent
	 
	 	400120	 	F	 	 	 	 	 	S	 	 	 	 	 	Sales Manager
	 
	 	901050	 	F	 	 	 	 	 	H	 	 	 	 	 	Maintenance Technician
	 
	 	201050	 	P	 	 	 	 	 	H	 	 	 	 	 	Room Attendant
	 
	 	400121	 	F	 	 	 	 	 	S	 	 	 	 	 	Catering Sales Manager
	 
	 	701050	 	F	 	 	 	 	 	H	 	 	 	 	 	Front Desk Agent
	 
	 	203050	 	F	 	 	 	 	 	H	 	 	 	 	 	Laundry Attendant

K-7

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Name	 	Position	 	F/P Time	 	Hourly Rate	 	 	Type	 	Salary	 	 	Title
	 
	 	301150	 	P	 	 	 	 	 	H	 	 	 	 	 	Restaurant 1 Server
	 
	 	203050	 	F	 	 	 	 	 	H	 	 	 	 	 	Laundry Attendant
	 
	 	202050	 	P	 	 	 	 	 	H	 	 	 	 	 	Public Area Attendant
	 
	 	601050	 	P	 	 	 	 	 	H	 	 	 	 	 	Gift Shop Sales Associate
	 
	 	652050	 	P	 	 	 	 	 	H	 	 	 	 	 	Massage Therapist
	 
	 	201050	 	P	 	 	 	 	 	H	 	 	 	 	 	Room Attendant
	 
	 	500150	 	P	 	 	 	 	 	H	 	 	 	 	 	Lifeguard
	 
	 	500150	 	P	 	 	 	 	 	H	 	 	 	 	 	Lifeguard
	 
	 	400121	 	F	 	 	 	 	 	S	 	 	 	 	 	Catering Sales Manager
	 
	 	500150	 	P	 	 	 	 	 	H	 	 	 	 	 	Lifeguard
	 
	 	208050	 	P	 	 	 	 	 	H	 	 	 	 	 	Condo Room Attendant
	 
	 	651050	 	P	 	 	 	 	 	H	 	 	 	 	 	AVEDA Advisor
	 
	 	651050	 	P	 	 	 	 	 	H	 	 	 	 	 	AVEDA Advisor
	 
	 	500150	 	P	 	 	 	 	 	H	 	 	 	 	 	Lifeguard
	 
	 	400110	 	F	 	 	 	 	 	S	 	 	 	 	 	Dir of Sales & Marketing
	 
	 	500150	 	P	 	 	 	 	 	H	 	 	 	 	 	Lifeguard
	 
	 	701051	 	P	 	 	 	 	 	H	 	 	 	 	 	Night Auditor
	 
	 	201055	 	P	 	 	 	 	 	H	 	 	 	 	 	House Attendant
	 
	 	208055	 	P	 	 	 	 	 	H	 	 	 	 	 	Condo House Attendant
	 
	 	500150	 	P	 	 	 	 	 	H	 	 	 	 	 	Lifeguard
	 
	 	303050	 	P	 	 	 	 	 	H	 	 	 	 	 	Snack Bar Attendant
	 
	 	203050	 	P	 	 	 	 	 	H	 	 	 	 	 	Laundry Attendant
	 
	 	600120	 	F	 	 	 	 	 	S	 	 	 	 	 	Gift Shop Manager
	 
	 	208050	 	P	 	 	 	 	 	H	 	 	 	 	 	Condo Room Attendant
	 
	 	701050	 	F	 	 	 	 	 	H	 	 	 	 	 	Front Desk Agent
	 
	 	300111	 	F	 	 	 	 	 	S	 	 	 	 	 	Asst Dir of F&B
	 
	 	901050	 	F	 	 	 	 	 	S	 	 	 	 	 	Maintenance Technician
	 
	 	500150	 	P	 	 	 	 	 	H	 	 	 	 	 	Lifeguard
	 
	 	208050	 	P	 	 	 	 	 	H	 	 	 	 	 	Condo Room Attendant
	 
	 	751050	 	P	 	 	 	 	 	H	 	 	 	 	 	Cub Club Guide
	 
	 	203050	 	F	 	 	 	 	 	H	 	 	 	 	 	Laundry Attendant
	 
	 	500140	 	F	 	 	 	 	 	H	 	 	 	 	 	Aquatics Supervisor
	 
	 	400150	 	F	 	 	 	 	 	H	 	 	 	 	 	Sales Coordinator
	 
	 	901050	 	F	 	 	 	 	 	H	 	 	 	 	 	Maintenance Technician
	 
	 	301151	 	P	 	 	 	 	 	H	 	 	 	 	 	Restaurant 1 Host
	 
	 	500150	 	P	 	 	 	 	 	H	 	 	 	 	 	Lifeguard
	 
	 	751050	 	P	 	 	 	 	 	H	 	 	 	 	 	Cub Club Guide
	 
	 	302165	 	P	 	 	 	 	 	H	 	 	 	 	 	Restaurant 1 Dishwasher
	 
	 	108010	 	F	 	 	 	 	 	S	 	 	 	 	 	Dir of Human Resources
	 
	 	653040	 	F	 	 	 	 	 	H	 	 	 	 	 	Nail Technician Lead
	 
	 	500150	 	P	 	 	 	 	 	H	 	 	 	 	 	Lifeguard
	 
	 	302160	 	F	 	 	 	 	 	H	 	 	 	 	 	Restaurant 1 Cook
	 
	 	202050	 	P	 	 	 	 	 	H	 	 	 	 	 	Public Area Attendant
	 
	 	208050	 	P	 	 	 	 	 	H	 	 	 	 	 	Condo Room Attendant
	 
	 	303050	 	P	 	 	 	 	 	H	 	 	 	 	 	Snack Bar Attendant
	 
	 	751050	 	P	 	 	 	 	 	H	 	 	 	 	 	Cub Club Guide
	 
	 	303050	 	P	 	 	 	 	 	H	 	 	 	 	 	Snack Bar Attendant
	 
	 	307055	 	P	 	 	 	 	 	H	 	 	 	 	 	Banquet SetUp
	 
	 	902050	 	F	 	 	 	 	 	H	 	 	 	 	 	Waterpark Technician

K-8

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Name	 	Position	 	F/P Time	 	Hourly Rate	 	 	Type	 	Salary	 	 	Title
	 
	 	200110	 	F	 	 	 	 	 	S	 	 	 	 	 	Dir of Housekeeping
	 
	 	500150	 	P	 	 	 	 	 	H	 	 	 	 	 	Lifeguard
	 
	 	500150	 	P	 	 	 	 	 	H	 	 	 	 	 	Lifeguard
	 
	 	500150	 	P	 	 	 	 	 	H	 	 	 	 	 	Lifeguard
	 
	 	201050	 	F	 	 	 	 	 	H	 	 	 	 	 	Room Attendant
	 
	 	202050	 	F	 	 	 	 	 	H	 	 	 	 	 	Public Area Attendant
	 
	 	500150	 	P	 	 	 	 	 	H	 	 	 	 	 	Lifeguard
	 
	 	900110	 	F	 	 	 	 	 	S	 	 	 	 	 	Dir of Engineering
	 
	 	500150	 	P	 	 	 	 	 	H	 	 	 	 	 	Lifeguard
	 
	 	700110	 	F	 	 	 	 	 	S	 	 	 	 	 	Dir of Guest Services
	 
	 	301150	 	P	 	 	 	 	 	H	 	 	 	 	 	Restaurant 1 Server
	 
	 	208030	 	P	 	 	 	 	 	H	 	 	 	 	 	Condo Floor Supervisor
	 
	 	201050	 	F	 	 	 	 	 	H	 	 	 	 	 	Room Attendant
	 
	 	202050	 	P	 	 	 	 	 	H	 	 	 	 	 	Public Area Attendant
	 
	 	351056	 	P	 	 	 	 	 	H	 	 	 	 	 	F&B - Restaurant 2 Bartender
	 
	 	601040	 	P	 	 	 	 	 	H	 	 	 	 	 	Gift Shop Lead
	 
	 	301151	 	P	 	 	 	 	 	H	 	 	 	 	 	Restaurant 1 Host
	 
	 	304050	 	P	 	 	 	 	 	H	 	 	 	 	 	Confectionary Attendant
	 
	 	302160	 	P	 	 	 	 	 	H	 	 	 	 	 	Restaurant 1 Cook
	 
	 	751050	 	F	 	 	 	 	 	H	 	 	 	 	 	Cub Club Guide
	 
	 	500140	 	F	 	 	 	 	 	H	 	 	 	 	 	Aquatics Supervisor
	 
	 	201050	 	P	 	 	 	 	 	H	 	 	 	 	 	Room Attendant
	 
	 	500150	 	P	 	 	 	 	 	H	 	 	 	 	 	Lifeguard
	 
	 	901050	 	F	 	 	 	 	 	H	 	 	 	 	 	Maintenance Technician
	 
	 	654050	 	P	 	 	 	 	 	H	 	 	 	 	 	Esthetician
	 
	 	654040	 	F	 	 	 	 	 	H	 	 	 	 	 	Esthetician Lead
	 
	 	307055	 	P	 	 	 	 	 	H	 	 	 	 	 	Banquet SetUp
	 
	 	500150	 	P	 	 	 	 	 	H	 	 	 	 	 	Lifeguard
	 
	 	600110	 	F	 	 	 	 	 	S	 	 	 	 	 	Dir of Retail Services
	 
	 	500150	 	P	 	 	 	 	 	H	 	 	 	 	 	Lifeguard
	
	 	500150	 	P	 	 	 	 	 	H	 	 	 	 	 	Lifeguard
	 
	 	304050	 	P	 	 	 	 	 	H	 	 	 	 	 	Confectionary Attendant
	 
	 	201055	 	P	 	 	 	 	 	H	 	 	 	 	 	House Attendant
	 
	 	500150	 	P	 	 	 	 	 	H	 	 	 	 	 	Lifeguard
	 
	 	307055	 	P	 	 	 	 	 	H	 	 	 	 	 	Banquet SetUp
	 
	 	208050	 	F	 	 	 	 	 	H	 	 	 	 	 	Condo Room Attendant
	 
	 	307055	 	P	 	 	 	 	 	H	 	 	 	 	 	Banquet SetUp
	 
	 	303050	 	P	 	 	 	 	 	H	 	 	 	 	 	Snack Bar Attendant
	 
	 	108521	 	F	 	 	 	 	 	H	 	 	 	 	 	Receiving Clerk
	 
	 	307055	 	P	 	 	 	 	 	H	 	 	 	 	 	Banquet SetUp
	 
	 	301150	 	P	 	 	 	 	 	H	 	 	 	 	 	Restaurant 1 Server
	 
	 	208050	 	P	 	 	 	 	 	H	 	 	 	 	 	Condo Room Attendant
	 
	 	500140	 	P	 	 	 	 	 	H	 	 	 	 	 	Aquatics Supervisor
	 
	 	304050	 	P	 	 	 	 	 	H	 	 	 	 	 	Confectionary Attendant
	 
	 	201050	 	P	 	 	 	 	 	H	 	 	 	 	 	Room Attendant
	 
	 	202050	 	P	 	 	 	 	 	H	 	 	 	 	 	Public Area Attendant
	 
	 	701050	 	F	 	 	 	 	 	H	 	 	 	 	 	Front Desk Agent
	 
	 	208055	 	P	 	 	 	 	 	H	 	 	 	 	 	Condo House Attendant
	 
	 	500150	 	P	 	 	 	 	 	H	 	 	 	 	 	Lifeguard

K-9

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Name	 	Position	 	F/P Time	 	Hourly Rate	 	 	Type	 	Salary	 	 	Title
	 
	 	208050	 	P	 	 	 	 	 	H	 	 	 	 	 	Condo Room Attendant
	 
	 	500150	 	P	 	 	 	 	 	H	 	 	 	 	 	Lifeguard
	 
	 	301150	 	P	 	 	 	 	 	H	 	 	 	 	 	Restaurant 1 Server
	 
	 	301151	 	P	 	 	 	 	 	H	 	 	 	 	 	Restaurant 1 Host
	 
	 	301151	 	P	 	 	 	 	 	H	 	 	 	 	 	Restaurant 1 Host
	 
	 	701030	 	F	 	 	 	 	 	H	 	 	 	 	 	Front Desk Supervisor
	 
	 	201050	 	F	 	 	 	 	 	H	 	 	 	 	 	Room Attendant
	 
	 	201030	 	F	 	 	 	 	 	H	 	 	 	 	 	Floor Supervisor
	 
	 	304050	 	F	 	 	 	 	 	H	 	 	 	 	 	Confectionary Attendant
	 
	 	601050	 	P	 	 	 	 	 	H	 	 	 	 	 	Gift Shop Sales Associate
	 
	 	302115	 	F	 	 	 	 	 	S	 	 	 	 	 	Restaurant 1 Executive Chef
	 
	 	500150	 	P	 	 	 	 	 	H	 	 	 	 	 	Lifeguard
	 
	 	500120	 	F	 	 	 	 	 	S	 	 	 	 	 	Aquatics Manager
	 
	 	500140	 	P	 	 	 	 	 	H	 	 	 	 	 	Aquatics Supervisor
	 
	 	701051	 	F	 	 	 	 	 	H	 	 	 	 	 	Night Auditor
	 
	 	302160	 	P	 	 	 	 	 	H	 	 	 	 	 	Restaurant 1 Cook
	 
	 	208050	 	F	 	 	 	 	 	H	 	 	 	 	 	Condo Room Attendant
	 
	 	201050	 	P	 	 	 	 	 	H	 	 	 	 	 	Room Attendant
	 
	 	303050	 	P	 	 	 	 	 	H	 	 	 	 	 	Snack Bar Attendant
	 
	 	601050	 	P	 	 	 	 	 	H	 	 	 	 	 	Gift Shop Sales Associate
	 
	 	302165	 	P	 	 	 	 	 	H	 	 	 	 	 	Restaurant 1 Dishwasher
	 
	 	500150	 	P	 	 	 	 	 	H	 	 	 	 	 	Lifeguard
	 
	 	601040	 	F	 	 	 	 	 	H	 	 	 	 	 	Gift Shop Lead
	 
	 	203050	 	F	 	 	 	 	 	H	 	 	 	 	 	Laundry Attendant
	 
	 	201050	 	P	 	 	 	 	 	H	 	 	 	 	 	Room Attendant
	 
	 	208055	 	P	 	 	 	 	 	H	 	 	 	 	 	Condo House Attendant
	 
	 	500150	 	P	 	 	 	 	 	H	 	 	 	 	 	Lifeguard
	 
	 	500150	 	P	 	 	 	 	 	H	 	 	 	 	 	Lifeguard
	 
	 	208050	 	P	 	 	 	 	 	H	 	 	 	 	 	Condo Room Attendant
	 
	 	302165	 	P	 	 	 	 	 	H	 	 	 	 	 	Restaurant 1 Dishwasher
	 
	 	500150	 	P	 	 	 	 	 	H	 	 	 	 	 	Lifeguard
	 
	 	201030	 	F	 	 	 	 	 	H	 	 	 	 	 	Floor Supervisor
	 
	 	701050	 	F	 	 	 	 	 	H	 	 	 	 	 	Front Desk Agent
	 
	 	500150	 	P	 	 	 	 	 	H	 	 	 	 	 	Lifeguard
	 
	 	201030	 	F	 	 	 	 	 	H	 	 	 	 	 	Floor Supervisor
	 
	 	500150	 	P	 	 	 	 	 	H	 	 	 	 	 	Lifeguard
	 
	 	500150	 	P	 	 	 	 	 	H	 	 	 	 	 	Lifeguard
	 
	 	652050	 	P	 	 	 	 	 	H	 	 	 	 	 	Massage Therapist
	 
	 	203050	 	P	 	 	 	 	 	H	 	 	 	 	 	Laundry Attendant
	 
	 	601050	 	P	 	 	 	 	 	H	 	 	 	 	 	Gift Shop Sales Associate
	 
	 	208050	 	P	 	 	 	 	 	H	 	 	 	 	 	Condo Room Attendant
	 
	 	202050	 	F	 	 	 	 	 	H	 	 	 	 	 	Public Area Attendant
	 
	 	302160	 	F	 	 	 	 	 	H	 	 	 	 	 	Restaurant 1 Cook
	 
	 	500150	 	P	 	 	 	 	 	H	 	 	 	 	 	Lifeguard
	 
	 	351056	 	P	 	 	 	 	 	H	 	 	 	 	 	F&B - Restaurant 2 Bartender
	 
	 	500150	 	P	 	 	 	 	 	H	 	 	 	 	 	Lifeguard
	 
	 	208050	 	P	 	 	 	 	 	H	 	 	 	 	 	Condo Room Attendant
	 
	 	201055	 	P	 	 	 	 	 	H	 	 	 	 	 	House Attendant

K-10

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Name	 	Position	 	F/P Time	 	Hourly Rate	 	 	Type	 	Salary	 	 	Title
	 
	 	201050	 	P	 	 	 	 	 	H	 	 	 	 	 	Room Attendant
	 
	 	500110	 	F	 	 	 	 	 	S	 	 	 	 	 	Dir of Aquatics
	 
	 	703020	 	F	 	 	 	 	 	S	 	 	 	 	 	Revenue Manager
	 
	 	203050	 	F	 	 	 	 	 	H	 	 	 	 	 	Laundry Attendant
	 
	 	304050	 	P	 	 	 	 	 	H	 	 	 	 	 	Confectionary Attendant
	 
	 	601050	 	P	 	 	 	 	 	H	 	 	 	 	 	Gift Shop Sales Associate
	 
	 	500150	 	P	 	 	 	 	 	H	 	 	 	 	 	Lifeguard
	 
	 	109520	 	F	 	 	 	 	 	S	 	 	 	 	 	IT Manager
	 
	 	208050	 	P	 	 	 	 	 	H	 	 	 	 	 	Condo Room Attendant
	 
	 	500140	 	P	 	 	 	 	 	H	 	 	 	 	 	Aquatics Supervisor
	 
	 	653050	 	P	 	 	 	 	 	H	 	 	 	 	 	Nail Technician
	 
	 	301151	 	P	 	 	 	 	 	H	 	 	 	 	 	Restaurant 1 Host
	 
	 	208050	 	P	 	 	 	 	 	H	 	 	 	 	 	Condo Room Attendant
	 
	 	201050	 	P	 	 	 	 	 	H	 	 	 	 	 	Room Attendant
	 
	 	108510	 	F	 	 	 	 	 	S	 	 	 	 	 	Director of Finance
	 
	 	500150	 	P	 	 	 	 	 	H	 	 	 	 	 	Lifeguard
	 
	 	208050	 	P	 	 	 	 	 	H	 	 	 	 	 	Condo Room Attendant
	 
	 	701051	 	F	 	 	 	 	 	H	 	 	 	 	 	Night Auditor
	 
	 	701051	 	P	 	 	 	 	 	H	 	 	 	 	 	Night Auditor
	 
	 	302160	 	P	 	 	 	 	 	H	 	 	 	 	 	Restaurant 1 Cook
	 
	 	208050	 	F	 	 	 	 	 	H	 	 	 	 	 	Condo Room Attendant
	 
	 	651050	 	P	 	 	 	 	 	H	 	 	 	 	 	AVEDA Advisor
	 
	 	301150	 	P	 	 	 	 	 	H	 	 	 	 	 	Restaurant 1 Server
	 
	 	652050	 	P	 	 	 	 	 	H	 	 	 	 	 	Massage Therapist
	 
	 	303030	 	P	 	 	 	 	 	H	 	 	 	 	 	Snack Bar Supervisor
	 
	 	500150	 	P	 	 	 	 	 	H	 	 	 	 	 	Lifeguard
	 
	 	601040	 	F	 	 	 	 	 	H	 	 	 	 	 	Gift Shop Lead
	 
	 	304050	 	P	 	 	 	 	 	H	 	 	 	 	 	Confectionary Attendant
	 
	 	500150	 	P	 	 	 	 	 	H	 	 	 	 	 	Lifeguard
	 
	 	301151	 	F	 	 	 	 	 	H	 	 	 	 	 	Restaurant 1 Host
	 
	 	751050	 	P	 	 	 	 	 	H	 	 	 	 	 	Cub Club Guide
	 
	 	751050	 	P	 	 	 	 	 	H	 	 	 	 	 	Cub Club Guide
	 
	 	500150	 	P	 	 	 	 	 	H	 	 	 	 	 	Lifeguard
	 
	 	303050	 	P	 	 	 	 	 	H	 	 	 	 	 	Snack Bar Attendant
	 
	 	301151	 	P	 	 	 	 	 	H	 	 	 	 	 	Restaurant 1 Host
	 
	 	601050	 	P	 	 	 	 	 	H	 	 	 	 	 	Gift Shop Sales Associate
	 
	 	208050	 	P	 	 	 	 	 	H	 	 	 	 	 	Condo Room Attendant
	 
	 	500150	 	P	 	 	 	 	 	H	 	 	 	 	 	Lifeguard
	 
	 	500150	 	P	 	 	 	 	 	H	 	 	 	 	 	Lifeguard
	 
	 	108550	 	F	 	 	 	 	 	H	 	 	 	 	 	Accounting Clerk
	 
	 	304050	 	P	 	 	 	 	 	H	 	 	 	 	 	Confectionary Attendant
	 
	 	303050	 	P	 	 	 	 	 	H	 	 	 	 	 	Snack Bar Attendant
	 
	 	751050	 	P	 	 	 	 	 	H	 	 	 	 	 	Cub Club Guide
	 
	 	303050	 	P	 	 	 	 	 	H	 	 	 	 	 	Snack Bar Attendant
	 
	 	301150	 	P	 	 	 	 	 	H	 	 	 	 	 	Restaurant 1 Server
	 
	 	500150	 	P	 	 	 	 	 	H	 	 	 	 	 	Lifeguard
	 
	 	500150	 	P	 	 	 	 	 	H	 	 	 	 	 	Lifeguard
	 
	 	302160	 	F	 	 	 	 	 	H	 	 	 	 	 	Restaurant 1 Cook
	 
	 	202050	 	F	 	 	 	 	 	H	 	 	 	 	 	Public Area Attendant

K-11

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Name	 	Position	 	F/P Time	 	Hourly Rate	 	 	Type	 	Salary	 	 	Title
	 
	 	208030	 	P	 	 	 	 	 	H	 	 	 	 	 	Condo Floor Supervisor
	 
	 	500111	 	F	 	 	 	 	 	S	 	 	 	 	 	Asst. Dir of Aquatics
	 
	 	203050	 	F	 	 	 	 	 	H	 	 	 	 	 	Laundry Attendant
	 
	 	301151	 	P	 	 		 	 	H	 	 	 	 	 	Restaurant 1 Host
	 
	 	500150	 	P	 	 	 	 	 	H	 	 	 	 	 	Lifeguard
	 
	 	301151	 	P	 	 	 	 	 	H	 	 	 	 	 	Restaurant 1 Host
	 
	 	108050	 	P	 	 	 	 	 	H	 	 	 	 	 	Human Resources Asst
	 
	 	601050	 	P	 	 	 	 	 	H	 	 	 	 	 	Gift Shop Sales Associate
	 
	 	304050	 	P	 	 	 	 	 	H	 	 	 	 	 	Confectionary Attendant
	 
	 	701050	 	F	 	 	 	 	 	H	 	 	 	 	 	Front Desk Agent
	 
	 	201050	 	P	 	 	 	 	 	H	 	 	 	 	 	Room Attendant
	 
	 	500150	 	P	 	 	 	 	 	H	 	 	 	 	 	Lifeguard
	 
	 	301150	 	P	 	 	 	 	 	H	 	 	 	 	 	Restaurant 1 Server
	 
	 	702050	 	F	 	 	 	 	 	H	 	 	 	 	 	Reservations Agent
	 
	 	208050	 	P	 	 	 	 	 	H	 	 	 	 	 	Condo Room Attendant
	 
	 	351040	 	P	 	 	 	 	 	H	 	 	 	 	 	F&B - Restaurant 2 Bar Lead
	 
	 	500150	 	P	 	 	 	 	 	H	 	 	 	 	 	Lifeguard
	 
	 	500150	 	P	 	 	 	 	 	H	 	 	 	 	 	Lifeguard
	 
	 	303030	 	F	 	 	 	 	 	H	 	 	 	 	 	Snack Bar Supervisor
	 
	 	302060	 	F	 	 	 	 	 	S	 	 	 	 	 	Restaurant 2 Cook
	 
	 	601050	 	P	 	 	 	 	 	H	 	 	 	 	 	Gift Shop Sales Associate
	 
	 	302165	 	P	 	 	 	 	 	H	 	 	 	 	 	Restaurant 1 Dishwasher
	 
	 	500150	 	P	 	 	 	 	 	H	 	 	 	 	 	Lifeguard
	 
	 	100110	 	F	 	 	 	 	 	S	 	 	 	 	 	General Manager
	 
	 	500150	 	P	 	 	 	 	 	H	 	 	 	 	 	Lifeguard
	 
	 	201050	 	P	 	 	 	 	 	H	 	 	 	 	 	Room Attendant
	 
	 	301150	 	P	 	 	 	 	 	H	 	 	 	 	 	Restaurant 1 Server
	 
	 	652050	 	P	 	 	 	 	 	H	 	 	 	 	 	Massage Therapist
	 
	 	500150	 	P	 	 	 	 	 	H	 	 	 	 	 	Lifeguard
	 
	 	301151	 	P	 	 	 	 	 	H	 	 	 	 	 	Restaurant 1 Host
	 
	 	500150	 	P	 	 	 	 	 	H	 	 	 	 	 	Lifeguard
	 
	 	201050	 	P	 	 	 	 	 	H	 	 	 	 	 	Room Attendant

041584-0102\8959301.1

K-12exv10w1

Exhibit 10.1

AMENDMENT NO. 2 TO AGREEMENT

     This Amendment No. 2 to Agreement, effective as of February 23, 2011 (the “Effective Date”)
(this “Amendment No. 2”), amends that certain Agreement, effective as of September 18, 2006,
between Global Industries, Ltd., a Louisiana corporation (hereinafter referred to as the “Company”)
and William J. Doré, an individual (hereinafter referred to as “Mr. Doré”) (the “Original
Agreement”), as subsequently amended by that certain Amendment to Agreement, effective as of
December 5, 2008 (“Amendment No. 1” and together with the Original Agreement, the “Agreement”).

W I T N E S S E T H:

     WHEREAS, Mr. Doré and the Company desire to amend the Agreement as set forth herein;

     NOW, THEREFORE, in consideration of the mutual promises herein contained and for other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Mr. Doré
and the Company agree as follows:

	 	1.	 	Amendments. The Agreement is amended as follows:

     Clause (iii) of Subsection (c) of Section 2 of the Agreement is hereby deleted in its entirety
and the following shall replace such clause (iii) of Subsection (c) of Section 2 of the Agreement:

     “(iii) provided that Mr. Doré has timely elected under the Consolidated Omnibus Budget
Reconciliation Act of 1985, as amended (“COBRA”) to continue the medical benefits (the “Medical
Benefits”) for Mr. Doré and his spouse on the Retirement Date, if she was covered as of the
Retirement Date, under the Company’s group health plan as in effect on the Retirement Date,
reimbursement monthly of (x) the amount of the COBRA premium paid by Mr. Doré less (y) the cost or
expense then payable by senior executives of the Company for Medical Benefits and the Company
further agrees to continue Mr. Doré’s eligibility for Medical Benefits under the Company’s group
health plan in effect from time to time after the COBRA coverage expires until eligibility for
Medical Benefits under the Company’s group health plan as in effect from time to time after the
COBRA coverage expires and until the death of Mr. Doré and with respect to his Covered Dependents
until the later to occur of April 30, 2011 and Mr. Doré’s death provided that in each case Mr. Doré
(or his estate) continues to pay to the Company monthly the amount specified in clause (y); and
provided further, that (1) if Mr. Doré becomes re-employed with another employer and is eligible
to receive medical benefits under another employer provided plan, the Medical Benefits shall be
secondary to those provided under such other plan during such applicable period of eligibility and
(2) upon Mr. Doré becoming eligible to receive Medicare benefits, the Medical Benefits shall be
primary to Medicare during the Consulting Period but thereafter the Medical Benefits shall be
secondary to those provided by Medicare to
the extent permitted by law. “Covered Dependant” shall mean Mr. Dore’s spouse on his
Retirement Date and shall

 

 

mean any other legal spouse of Mr. Dore at the time he is covered for
health insurance as provided herein or at the time of his death.”

	 	2.	 	Remainder of Agreement Not Affected. Except as set forth in Section 1 hereof,
the terms and provisions of the Agreement shall remain in full force and effect and are
hereby ratified and confirmed.
	 
	 	3.	 	Definitions References

	 	(a)	 	Unless otherwise specifically defined herein, each term used
herein which is defined in the Agreement shall have the meaning assigned to such
term in the Agreement.
	 
	 	(b)	 	On and after the effective date of this Amendment No. 2 (i) all
references in the Agreement to the Agreement shall be deemed to refer to the
Agreement as amended by this Amendment No. 2, and (ii) all references to
“hereof”, “hereunder”, “herein”, “hereby” and other similar references contained
in the Agreement as well as each reference to “this Agreement” and each other
similar reference contained in the Agreement shall refer to the Agreement, as
amended by this Amendment No. 2.

	 	4.	 	Counterparts. This Amendment No. 2 may be executed in one or more
counterparts, each of which shall be deemed to be an original, but all of which shall
constitute one and the same agreement.

 

 

IN WITNESS WHEREOF, the parties have executed this Amendment No. 2 as of the Effective Date.

	 	 	 	 	 
	 	GLOBAL INDUSTRIES, LTD.

 	 
	 	By:  	/s/ Edgar G. Hotard
 	 
	 	 	Name:  	Edgar G. Hotard 	 
	 	 	Title:  	Lead Director 	 
	 
	 	 	 
	 	 	                  /s/ William J. Doré
 	 
	 	 	William J. Doré

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00188-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00188-of-00352.parquet"}]]