Document:

Exhibit 10.19

 

THIRD AMENDMENT TO GROUND LEASE

 

This THIRD AMENDMENT TO GROUND LEASE (this “Third Amendment”) is made as of June 13, 2011, by and between TEXAS GAMBLING HALL & HOTEL, INC., a Nevada corporation (“Landlord”), and NP TEXAS LLC, a Nevada limited liability company (“Tenant”).

 

RECITALS

 

A.            Landlord and Station Casinos, Inc., a Nevada corporation (“Original Tenant”), entered into that certain Ground Lease dated June 1, 1995 (the “Ground Lease”), as amended by that certain First Amendment to Ground Lease dated June 30, 1995, as assigned by Original Tenant to Texas Station, Inc., a Nevada corporation (“Second Tenant”) pursuant to that certain Assignment, Assumption and Consent Agreement (Ground Lease) dated July 6, 1995 (the “Assignment”), as further amended by that certain Lease Amendment No. 1 dated December 23, 1996, as further amended by that certain Second Amendment to Ground Lease dated January 7, 1997, as further amended by that certain letter agreement between Bank of America NT&SA as Trustee of the TGH&H Real Estate Trust and Second Tenant, dated May 12, 2000, as further amended by that certain letter dated August 1, 2005 from William J. Bullard on behalf of Landlord to Glenn C. Christenson of Original Tenant and as further amended as a result of conveyances of certain portions of the Land to the City of North Las Vegas for roadway and other public purposes pursuant to (i) that certain Quitclaim Deed executed by Landlord, as grantor, in favor of the City of North Las Vegas, Nevada, as grantee, recorded on November 8, 2007, in Book 20071108 as Document No. 01378 in the Official Records of the Clark County Recorder, and (ii) that certain Quitclaim Deed executed by Landlord, as grantor, in favor of the City of North Las Vegas, Nevada, as grantee, recorded on November 8, 2007, in Book 20071108 as Document No. 01379 in the Official Records of the Clark County Recorder (collectively, the “Original Lease” and, as amended by this Third Amendment, the “Lease”).

 

B.            Subsequent to the Assignment, Second Tenant merged with and into Texas Station, LLC, as Nevada limited liability company (“Third Tenant”).

 

C.            Landlord and Third Tenant, along with German American Capital Corporation and JPMorgan Chase Bank, N.A., as “PropCo Lenders”, have entered into that certain Agreement (Re Texas Ground Lease) dated as of April 16, 2010 (the “Agreement”), pursuant to which the parties thereto agreed to, following the consent of Bank of America, N.A., Landlord’s mortgage lender (“BofA”), amend the Original Lease to memorialize the terms set forth in the Agreement.

 

D.            Subsequent to the Agreement, the Original Lease has been or is concurrently being assigned by Third Tenant to Tenant.

 

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E.             BofA has consented or is concurrently consenting to Landlord and Tenant amending the Original Lease as set forth in the Agreement, Landlord and Tenant desire to amend the Original Lease as provided herein.

 

AGREEMENT

 

NOW, THEREFORE, in exchange for the mutual promises and covenants contained herein, the sufficiency of which is hereby acknowledged by each of the undersigned, the undersigned parties agree as follows:

 

1.             As of the Effective Date (defined below), the Original Lease is hereby amended by deleting the fifth sentence in Article VII, Section A of the Ground Lease, which reads “The aggregate amount secured by all such deeds of trust shall not exceed eighty-five percent (85%) of the fair market value of Tenant’s leasehold interest under this Lease and all buildings and other improvements constructed on the Premises or to be constructed on the Premises during the Term.”  Such sentence will no longer have any force or effect from and after the Effective Date.

 

2.             As of the Effective Date, the Original Lease is hereby amended by deleting in its entirety Article I, Section J of the Original Lease.  Article I, Section J will no longer have any force or effect, and all references in the Original Lease to Article I, Section J shall be without effect, from and after the Effective Date.

 

3.             As of the Effective Date, the Original Lease is hereby amended by adding the following sentence to the end of Article I, Section I, Paragraph 1 of the Original Lease:

 

“Tenant hereby waives its right to exercise the Tenant’s Option for a twenty (20) year period, commencing on April 16, 2010 and expiring on April 16, 2030.”

 

4.             For the purposes of this Third Amendment, the “Effective Date” shall mean the date upon which the restructuring and other transactions relating to the Original Lease as set forth in the plan(s) of reorganization in connection with the voluntary cases in the United States Bankruptcy Court for the District of Nevada of Tenant, Original Tenant (the indirect owner of Tenant) and certain of their affiliates, which were commenced on July 29, 2009, are consummated.  Tenant shall give written notice to Landlord of the Effective Date no later than five (5) business days after the occurrence thereof, and such notice shall be conclusive evidence of the occurrence thereof.

 

5.             The terms and provisions of this Third Amendment shall be binding on and inure to the benefit of Landlord, Tenant and their respective successors, assigns, heirs, executors, administrators and representatives.

 

6.             Except as amended herein, the Original Lease remains in full force and effect, and Landlord and Tenant ratify the Original Lease as amended herein.

 

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7.             All capitalized terms used in this Third Amendment but not defined herein shall have the meaning ascribed thereto in the Original Lease.

 

8.             This Third Amendment shall be governed by and construed in accordance with the laws of the State of Nevada.

 

9.             This Third Amendment may be executed in any number of counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument.

 

[REMAINDER OF PAGE LEFT INTENTIONALLY BLANK; SIGNATURE PAGE FOLLOWS]

 

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IN WITNESS WHEREOF, the parties have executed this Third Amendment as of the date and year first above written.

 

 

	
 
    	
 
    	
LANDLORD
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Texas   Gambling Hall & Hotel, Inc.,
    
	
 
    	
 
    	
a   Nevada corporation
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   W. J. Bullard
    
	
 
    	
 
    	
Name:
    	
W.J.   Bullard
    
	
 
    	
 
    	
Title:
    	
Secretary
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
TENANT
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
NP   Texas LLC,
    
	
 
    	
 
    	
a   Nevada limited liability company
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Thomas M. Friel
    
	
 
    	
 
    	
Name:
    	
Thomas   M. Friel
    
	
 
    	
 
    	
Title:
    	
Senior   Vice PresidentExhibit 10.20

 

GLENN C. CHRISTENSON

EXECUTIVE VICE PRESIDENT

CHIEF FINANCIAL OFFICER

CHIEF ADMINISTRATIVE OFFICER

 

May 12, 2000

 

via hand delivery

 

Ms. Fern Price, Trust Officer

BANK OF AMERICA, N.A.

300 South Fourth Street, Third Floor

Las Vegas, Nevada  89101

 

Re:                               Ground Lease dated June 1, 1995, as amended (the “Lease”), between TGH&H Real Estate Trust, as successor landlord (“Landlord”), and Texas Station, Inc., as successor tenant (“Tenant”).

 

Dear Ms. Price:

 

This letter agreement will confirm that, pursuant to Section I.C.2 of the Lease, Landlord and Tenant have agreed that (a) the annual Rent (as defined in the Lease) for the first Rental Period (as defined in the Lease) shall be $3,450,000 per year, subject to adjustment pursuant to subsection (b) of that Section, and (b) the first Rental Period shall commence on August 1, 2000.  Except as expressly modified hereby, the Lease remains in full force and effect.

 

If the foregoing accurately sets forth Landlord’s agreement with respect to these matters, please so indicate by executing the attached copy of this letter in the space provided below and returning it to me as soon as possible.

 

 

	
 
    	
 
    	
Sincerely,
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
TEXAS STATION, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/S/    GLENN C. CHRISTENSON
    
	
 
    	
 
    	
 
    	
Glenn   C. Christenson
    
	
 
    	
 
    	
 
    	
Senior   Vice President
    
	
 
    	
 
    	
 
    	
Treasurer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
AGREED   to and ACCEPTED this              day of May, 2000
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
TGH&H REAL ESTATE TRUST
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
By:
    	
Bank   of America, N.A., as Trustee of the TGH&H Real Estate Trust under Trust   Agreement dated January 8, 1997
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
bcc:
    	
Frank   J. Fertitta, III
    	
 
    	
 
    	
 
    
	
 
    	
Blake   L. Sartini
    	
 
    	
 
    	
 
    
	
 
    	
Scott   M Nielson
    	
 
    	
 
    	
 
    
	
 
    	
William   W. Warner
    	
 
    	
 
    	
 
    
	
 
    	
Richard   J. Haskins
    	
 
    	
 
    	
 
    
	
 
    	
John   HertigExhibit 10.21

 

ASSIGNMENT, ASSUMPTION AND CONSENT AGREEMENT
 (GROUND LEASE)

 

THIS ASSIGNMENT, ASSUMPTION AND CONSENT AGREEMENT (this “Assignment”) is made as of July 6, 1995, by and between STATION CASINOS, INC., a Nevada corporation (“Assignor”), in favor of TEXAS STATION, INC., a Nevada corporation and a wholly owned subsidiary of Assignor (“Assignee”).

 

FOR VALUE RECEIVED, Assignor hereby grants, conveys, transfers and assigns to Assignee all of Assignor’s rights, titles and interests in, to and under that certain Ground Lease, dated as of June 1, 1995, by and between Texas Gambling Hall & Hotel, Inc., a Nevada Corporation, as Landlord and Assignor as Tenant (as modified, amended or supplemented from time to time, the “Lease”), which Lease relates to, among other things, that certain real property located in the City of North Las Vegas, State of Nevada, more particularly described in Exhibit “A” attached hereto.

 

Assignor hereby covenants that it will, at any time and from time to time, upon written request therefor, at Assignee’s sole expense and without the assumption of any additional liability thereby, execute and deliver to Assignee, its successors and assigns, any new or confirmatory instruments and take such further acts as Assignee may reasonably request to fully evidence the assignment contained herein and to enable Assignee, its successors and assigns to fully realize and enjoy the rights and interests assigned hereby.

 

Assignee hereby accepts the foregoing assignment and agrees to assume, pay, perform and discharge, as and when due, all of the agreements and obligations of Assignor under the Lease arising and to be performed or discharged after the date hereof, and agrees to be bound by all of the terms and conditions of the Lease.

 

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

 

This Assignment may be executed in any number of counterparts, each of which shall be deemed an original, but all of which when taken together shall constitute one and the same instrument.  The signature page of any counterpart may be detached therefrom without impairing the legal effect of the signature(s) thereon and attached to any other counterpart

 

 

IN WITNESS WHEREOF, Assignor and Assignee have caused their duly authorized representatives to execute this Assignment as of the date first above written.

 

 

	
ASSIGNOR:
    	
 
    	
STATION   CASINOS, INC.,
    
	
 
    	
 
    	
a   Nevada corporation
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 
    
	
 
    	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
 
    	
Its:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
ASSIGNEES:
    	
 
    	
TEXAS   STATION, INC.,
    
	
 
    	
 
    	
a   Nevada corporation
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 
    
	
 
    	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
 
    	
Its:
    

 

 

CONSENT AND RELEASE

 

The undersigned hereby consents to and acknowledges the foregoing assignment and assumption and hereby releases Assignor from any and all liability arising under the Lease.+

 

 

	
 
    	
 
    	
TEXAS   GAMBLING HALL & HOTEL, INC.,
    
	
 
    	
 
    	
a   Nevada corporation
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 
    
	
 
    	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
 
    	
Its:

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