Document:

Exhibit 10.1

MODIFICATION AGREEMENT

REGARDING

TIMESHARE PURCHASE AGREEMENT

This MODIFICATION AGREEMENT
REGARDING TIMESHARE PURCHASE AGREEMENT (this “Modification
Agreement”) is made and entered into as of the           
day of                         ,
2007 (the “Effective Date”), by and among
(i) OPBIZ, L.L.C., a Nevada limited liability company (“OpBiz”),
PH FEE OWNER, L.L.C., a Delaware limited liability company (“PH Fee”), TSP OWNER,
L.L.C., a Delaware limited liability company (“TSP Owner”),
jointly and severally (collectively hereinafter referred to as the “Seller”), and (ii) WESTGATE RESORTS, LTD.,
a Florida limited partnership (“Westgate Resorts”),
and WESTGATE PLANET HOLLYWOOD LAS VEGAS, LLC,
a Florida limited liability company (“Westgate Las Vegas”),
jointly and severally (hereinafter referred to collectively as the “Developer”).

RECITALS:

A.            On or as of December 10,
2004, OpBiz and Westgate Resorts entered into that certain Timeshare Purchase Agreement (the “TPA”)
pursuant to which, among other things, OpBiz agreed to sell and Developer
agreed to purchase that certain property defined in the TPA as the
Timeshare Property, all upon and subject to the provisions of the TPA.  On or as of November 30, 2006,
OpBiz transferred the Timeshare Property to Seller, subject to the TPA.  Westgate Resorts has assigned its rights as
purchaser under the TPA to Westgate Las Vegas, subject to the TPA and, in
particular (but not in limitation), subject to Westgate Resorts’ retained and
continuing obligations thereunder.

B.            The Seller and Developer wish to modify
certain terms of said TPA as provided herein.

NOW, THEREFORE, in consideration of the foregoing which is
incorporated herein by reference as if fully restated, the mutual
representations, warranties, covenants, certifications, promises and agreements
herein, and for other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties hereto, intending
to be bound to this Modification Agreement as an instrument under seal, hereby
agree as follows:

1.             Definitions, etc.  Capitalized terms used in this Modification Agreement without
definition shall have the meanings given to them in or pursuant to the TPA
if defined therein or pursuant thereto. 
References to the TPA in any and all other communi­cations and documents
shall be deemed to mean the TPA, as modified by this Modification Agreement.

2.             Reaffirmation.  The Developer and the Seller each for itself hereby reaffirms
and restates, as of the date hereof, all covenants, representations and
warranties made by the Developer and Seller, respectively, in the TPA and
in all other documents and agreements entered into by Developer and Seller to
date in connection with the Timeshare Property (col­lectively, the “TPA Documents”) including, without limitation, the Marketing
and Leasing Agree­ment, the Sales Center Lease, the Timeshare Property
Maintenance Agreement and the PHII Memorabilia and Licensing Agreement.  The Developer and the Seller each hereby
further repre­sents and warrants for itself that there is no default or event
of default by itself under any of the

TPA Documents and no event or circumstance which
would constitute a default or event of default by itself thereunder with notice
or the passage of time or both.

3.             Aggregate Maximum Marketing Fee
Amount.

(a)           Commencing with the effective date of this Modification Agreement, the
Aggregate Maximum Marketing Fee Amount, as defined in Section 3(f) of the
TPA, is the product of the following:

(52) x TCI x TCIP x 9%

where “TCI” means the
total number of Timeshare Intervals (determined in accordance with the
Timeshare Interval Measurement Principles) and Whole Ownership Units (see Section 12 below) corresponding to the total number of
Timeshare Units and Whole Ownership Units actually constructed in the Timeshare
Project, but not less than 1,000 Timeshare Units containing in the aggregate
not less than 2,000 “keys”; and “TCIP” means the
actual purchase price charged to and paid by or on behalf of purchasers of
Timeshare Intervals and Whole Ownership Units for the initial sale of all TCI.

(b)           In accordance with the Timeshare Interval Measurement Principles, where
Developer sells Timeshare Intervals in increments of less than one week and/or
more than one week and/or on the basis of less than the entirety of a
Timeshare Unit and/or for other than annual use (i.e., biannual use or other
similarly split use), the determination of the Aggregate Maximum Marketing Fee
Amount shall be adjusted to reflect same.

(c)           This Section 3 of this Modification
Agreement does not affect the PHII License Fee payable by Developer to Seller
under the TPA and PHII Licensing and Memorabilia Agreement, except as affected
by Subsection (b) above.

4.             Phases; Commencement and
Completion Dates.

(a)           Section 9(a) of the TPA is hereby modified to reflect the
following:

(1)           On or as of January 25, 2007, Developer commenced construction of
the Footers and Podium (defined below) as well as construction of
Phase 1 of the Timeshare Project, containing the units, keys and other
features described in Subsection (c) below.

(2)           The completion date pursuant to the construction contract between
Developer and Tutor-Saliba Corporation, its general contractor, is 940 days
from January 25, 2007.  Accordingly,
and in order to allow for possible delays in construction, the required Com­pletion
Date for Phase 1 of the Timeshare Project is November 21,
2009, which is 1060 days following
commencement under the January 25, 2007 construction contract between
Developer and Tutor-Saliba Corporation, subject to extension pursuant to
Section 44 of the TPA entitled “Force Majeure”.

(b)           The parties hereby acknowledge that, in order to efficiently and
effectively develop and construct the Timeshare Project, Developer has
commenced certain work which applies or will apply to all phases of the
Project.  This advance work consists of

(A)          footers which underpin or will underpin all
three (3) phases of the Timeshare Project (collectively, the “Footers”); and 

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(B)                               three (3) levels of infrastructure, lobby, support space, public space
and swimming pool(s), all of which apply or will apply to Phase 1 and
Phase 2 of the Timeshare Project (collectively, the “Podium”).

The parties agree, notwith­standing
Section 9(f) and Section 9(g) of the TPA, that commencement or
completion of the Footers and/or the Podium will not, of itself/themselves,
affect the require­ments in the TPA for commencement or completion of any Phase
of the Timeshare Project after commencement of Phase 1 as set forth in
Section 9 of the TPA.  Commencement
or completion of the Footers and/or the Podium shall not be construed to
constitute commencement of any Phase of the Timeshare Project after
Phase 1 for the purpose of the reversion provisions of Section 9(g)
of the TPA and related provisions..

(c)           Section 9(f)(iii) of the TPA is hereby modified to read as follows:

“(iii)   The Seller and/or the
Developer, as applicable, shall in writing notify the other party or parties to
this Agreement when the revenue threshold described in Subparagraph (ii) above
has been reached.  Not later than sixty (60) days thereafter, Developer shall submit all
necessary plans and permit applications for the applicable Phase(s) to all
applicable governmental agencies and shall commence (or recommence)
construction of the next phase(s) not later than thirty (30)
days following receipt of all permits and approvals necessary to
commence/recommence construction of such phase(s).”

(d)           The parties agree that the plans and specifications for the various
planned phases of the Timeshare Project include the following listed components
although nothing contained below or in this Modification Agreement is intended
to increase or decrease the Minimum Project Density or the minimum unit
phasing requirements delineated in Section 9(f)(i) of the TPA:

(1)            Phase 1 includes 636 units,
which may include up to 136 Whole Owner­ship
Units as defined in and subject to the provisions of Section 12
below, and includes 1,216 keys.  The aforesaid 136 Whole Ownership Units may
include up to 15 condominium units,
currently designated as “Penthouse Units”.  Phase 1 shall also include the following
amenities:

(A)                              at least one (1) Restaurant, as defined
in and in accordance with Section 10 below;
and

(B)                                facilities for providing room service for all
occupants of all anticipated phases of the Timeshare Property, in accordance with Section 10 below.

(2)           Phase 2 includes 504 keys and 252 units, none of which shall be Whole Ownership Units.

(3)           Phase 3 includes 1082 keys and 527 units, all of which may (but need not) be Whole
Ownership Units as defined in and subject to the provisions of Section 12 below. 
The aforesaid Whole Ownership Units may include Penthouse Units up to a
total number of Pent­house Units in the Timeshare Project, including Penthouse
Units in other Phases of the Time­share Project, not exceeding 28 Penthouse Units in the aggregate.

(4)           The Podium is designed to support Phase 1, Phase 2 and
Phase 3.

5.             Reversion.  The description and definition of the Reversion Property, referred
to in Section 9(g) of the TPA, and the Reversion Rider to the
Special Warranty Deed (copies of which are attached hereto as Exhibit 3 and incorporated herein by reference), shall
be modified

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to respect Developer’s commencement and, where
applicable, completion of con­struction of the Footers and the Podium.  Upon delivery of the Special Warranty Deed,
with Reversion Rider, any and all reversionary rights granted to the
Seller under the TPA or elsewhere have terminated with respect to the Timeshare
Project, except with respect to the Reversion Property described in the Special
Warranty Deed attached hereto as Exhibit 3.  The Deed shall describe the Reversion
Property in three dimensions, as air rights,
with lateral dimensions substantially
identical to the footprint of the Podium and with vertical
dimensions commencing at the upper surface of the Podium and
extending upward to infinity.  The
Special Warranty Deed will provide for automatic adjustment of the described
elevation and footprint of the Reversion Property to conform to the as-built
dimensions of the Footers and Podium.  The owner(s) of the Footers and the Podium
shall be forever obligated to provide and maintain support to the Reversion
Property and whatever may be constructed therein and thereon by Seller and its
successors and assigns.  Pursuant to the
aforesaid Deed and Reversion Rider, Seller shall retain, for itself and its
successors and assigns, and its/their invitees, a perpetual easement for access
to, upon and within the Footers and the Podium for the purpose of con­struction,
maintenance, demolition, rebuilding, restoration and repair of (and its
successors’ and assigns’) improvements, fixtures and personalty thereon (and
utilities, char, and related activities serving said improvements, fixtures and
personalty) and for the purpose of access to and enjoyment of the Reversion
Property by Seller, its successors and assigns, and its/their invitees
forever.

6.             Seller’s Approval of Development
Plan, Plans & Specifications, and Develop­ment Schedule.  The Developer represents and warrants that it has submitted to Seller,
con­temporaneously with submission to any governmental or quasi-governmental
agency or official and/or with sub­mission to any lender or other provider of
funds and/or upon reasonable re­quest by Seller, the Developer’s
development plan for the Timeshare Project and its Plans and Specifications and
Development Schedule for the Timeshare Project and any and all addenda,
updates, modifications, supplements and amendments thereto, to date.  All of the foregoing are listed on Schedule 9(e) attached hereto and incorporated herein
by reference (collectively, the “Development Documents”).  Seller hereby confirms that the Development
Documents listed on Schedule 9(e) have
been approved by Seller.  Notwithstanding
the foregoing, Seller expressly acknowledges and agrees that Seller and
Developer have specifically agreed that Developer shall have the right to
modify or alter the Plans and Specifications, with Seller’s approval, not to be
unreasonably withheld (which approval has not yet been given and is not hereby
given), for the sole purpose of recapturing previously shown convention,
commercial and common space, reconfiguring recaptured space for additional
residential units and modifying the swimming pool complex, all in compliance with this Modification
Agreement and the TPA.  Subject to the
fore­going, Westgate shall be obligated to complete such construction as
modified and approved by Seller pursuant to this Section (including but
not limited to the Podium and the Footers), in accordance with all permits
therefor.

7.             Completion Bond.  Seller and Developer confirm that the form and substance of the
Completion Bond, provided for in Section 9(n) of the TPA, is as attached
hereto as Schedule 9(n) and incorporated
herein by reference.  In accord­ance with
the requirements of the TPA, the Completion Bond shall be in place
for Phase 1 no later than the date of Deed Delivery, and the Parent
Guaranty shall be in place prior to commencement of any second building if any
two are under construction at the same time.

8.                                      Payment Bond or
Letter of Credit.

(a)           Seller and Developer agree that, in lieu of the Letter of Credit
required by Section 3(d) of the TPA, Developer may deliver a surety bond
in form and substance as set

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forth in Schedule 3(d) attached
hereto and incorporated herein by ref­erence (the “Payment Bond”).  The Payment Bond shall be issued by a surety
satisfactory to Seller and shall be subject to periodic review by Seller and
replacement if the quality of the Payment Bond or of said surety is materially
impaired.  In such a case, Seller in its
discretion may require replacement by a Letter of Credit meeting the
requirements of the TPA.

(b)           Notwithstanding Subsection (a)
above, if the surety under the Payment Bond cancels or declines to renew the
Payment Bond, then, prior to the effectiveness of any such cancellation or any
such expiration without renewal of the Payment Bond, Developer shall deliver to
Seller either (i) a Letter of Credit as required by Section 3(d) of
the TPA, or (ii) cash in the amount of $6,000,000,
to be held and applied by Seller as if it were the Letter of Credit required by
the TPA.  Failure of Developer to deliver
either item provided for in the preceding sentence by the date which is fifteen (15) days prior to the then-scheduled cancellation
or expiration shall be a default by Developer under the TPA and other
Transaction Documents, entitling Seller to, among other remedies, demand, prior
to cancellation or expiration, immediate payment under the Payment Bond or
Letter of Credit as applicable.

(c)           Notwithstanding Section 3(d) of the TPA, the Payment Bond or, if
applicable, the Letter of Credit shall remain outstanding (and shall be
continually renewed) until not later than December 31, 2013.

9.             Convention Center.  Notwithstanding anything to the contrary herein or in the TPA or in any
other document or agreement, the parties agree that Developer shall not
construct the Convention Center provided for in the TPA.

10.          Amenities at Timeshare Property; Restaurant; Room Service.

(a)           The TPA provides that, with the exception of check-in facilities
and swimming pool, which Developer may in its discretion construct at its cost
as part of the Timeshare Project for use by occupants of the Timeshare Project,
the Timeshare Project shall not include any amenities offered by Seller at the
Hotel/­Casino Property, including but not limited to gaming, conventions, hotel
use (including facilities developed for hotel use as well as hotel use of Time­share
Units as provided in the TPA), food and beverage, retail, entertainment
(live or otherwise) and other recreational facilities.  The TPA further provides that the Timeshare
Project does not include any right of the Developer to any use of or payment
associated with any activity at or about or asso­ciated with the Complex other
than development and marketing of Timeshare Intervals, such as, but not
limited to, gaming, conventions, hotel use (including facilities devel­oped for
hotel use as well as hotel use of Timeshare Units as provided herein
and therein), food and beverage, retail and entertainment.

(b)           Notwithstanding the provisions of the TPA described in Subsection (a), Devel­oper shall construct, as
part of Phase 1, in the main lobby level of the Timeshare Property in a
high visibility location mutually agreed by Seller and Developer, space for
installation, by Seller or its designee (the “Restaurant
Tenant”), of one restaurant, comprising not less than 8,500 square feet, including restaurant space and kitchen
and other related “back of house” facilities (collectively, the “Restaurant Space”). 
Developer shall lease the Restaurant Space to the Restaurant Tenant
for a total rent not in excess of $250,000 per
year, payable in equal monthly installments, for a period of ten (10) years, renewable at the Restaurant Tenant’s
discretion for three (3) consecutive periods of ten (10) years at the same terms and conditions, except that, for the duration of each renewal term, annual
rent shall be increased by a percent­age equal to the percentage increase in
the CPI for Las Vegas, Nevada during the just completed term, provided

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that
rent during any renewal term shall not be more than 125%
of the rent for the just completed term.  The Restaurant Tenant shall not be
required to pay any amounts allocated to landlord’s operating expenses, taxes,
CAM, insurance or any other amounts whatsoever under said lease (the “Restaurant Lease”), except that the Restaurant Tenant shall
pay for its own utilities (water, sewer, electricity, gas and telecom­munications).  Unless Developer participates in the
Restaurant as provided below, total rent paid under the Restaurant Lease shall
be paid to the Developer and shall not be part of Gross Rent and
Maintenance Fee Income under Section 18 and other applic­able pro­visions
of the TPA, and no operating expenses attributable thereto shall be treated as
Operating Costs under the TPA or Operating Expenses under the Maintenance
Agreement.

(c)           Notwithstanding the provisions of the
TPA described in Subsection (a),
Developer shall construct, to the extent not provided for in the
Restaurant Space as provided in this Agree­ment, in a location to be mutually
agreed by Seller and Developer, space for operation of a kitchen and
related necessary facilities for providing room service for all occupants of
all anticipated phases of the Timeshare Property (a ”Room Service Kitchen”).

(d)           On or prior to the date which is sixty (60) days following the designation of the Restaurant
Space as provided in Subsection (b) above
and approval thereof by Seller, the Restaurant Tenant shall notify Seller and
Developer whether the Restaurant Tenant wishes to provide room service for
all occupants of all anticipated phases of the Timeshare
Property, together with an estimated construction budget and revenue
projection for the Restaurant Space (a “Room Service Notification”). 
If the Restaurant Tenant notifies Seller and Developer that
the Restaurant Tenant will provide such room service for all
occupants of all anticipated phases of the Timeshare Property, then Developer shall provide as part
of the Restaurant Space an area to accommodate a Room Service Kitchen, in
addition to kitchen space and back-of-house space for the Restaurant.

(e)           Within thirty (30) days after delivery of
the Room Service Notification, Devel­oper shall elect in writing whether
to become a fifty percent (50%) participant in
the profits and losses arising from operation of Restaurant Tenant’s restaurant
in the Restaurant Space (the “Restaurant”).  If Developer so elects to become a fifty
percent participant, Developer shall become responsible to equally
contribute the capital in accordance with the build-out budget for the Restaurant.  Notwithstanding any such
participation by Developer, all operational, manage­ment, theming, culinary and
all other matters pertaining to the Restaurant shall be within the sole
discretion of Seller.  In the event
Developer so participates, then (A) total rent for the Restaurant Space
during the initial ten-year term of the Restaurant Lease shall be $500,000 per year; and (B) total rent paid under said
lease shall be part of Gross Rent and Maintenance Fee Income under
Section 18 and other applicable provisions of the TPA; and (C) except
as aforesaid, the Restaurant Lease shall be identical to the Restaurant Lease
described in the preceding sub­sections of this Section 10.

(f)            (1)           If the Restaurant Tenant operates the Room
Service Kitchen as provided above, then (A) revenue from operation of the
Room Service Kitchen shall not be part of Gross Rent and Maintenance Fee
Income, and (B) expenses of operation of the Room Service Kitchen shall not
be part of Operating Costs.

(2)           If the Restaurant
Tenant does not operate the Room Service Kitchen as provided above, then
(A) revenue from operation of the Room Service Kitchen shall be
part of Gross Rent and Maintenance Fee Income, and (B) expenses of
operation of the Room Service Kitchen shall be part of Operating Costs.

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(3)           If
the Room Service Kitchen is not part of the Restaurant Space, then, regardless
of who operates the Room Service Kitchen, unless
an alternate arrangement is made with a third-party operator and consented to
by both Seller and Westgate, Westgate shall pay all costs of installing
and equipping the Room Service Kitchen.

11.          Shore Up.

(a)           Equal Sharing.  Notwithstanding anything to the contrary in
the TPA or in any other document or agreement, the parties agree that Seller
and Developer shall share equally in the Shore-Up and related obligations under
the TPA, except that the Developer alone, and not the Seller, shall be
obligated to pay any Whole Ownership Revenue Differential (defined below) – except (i) as provided in Section 12(b)
below with respect to the Whole Ownership Revenue Differential, which shall be
solely a Westgate obligation (and thus not included in the distributions and
allocations described in Section 18(b)(ii) of the TPA as modified by this
Agreement); and (ii) that Westgate shall be solely responsible for paying
capital expense deficits as provided in and subject to the provisions of
Section 6.2 and Section 6.3 of the Maintenance Agreement.

(b)           Modified Offset of Shore-Up Against Timeshare Advances.  The fifth unnumbered paragraph of Section 11.B of the Marketing
and Leasing Agreement is hereby modified to provide as follows in pertinent
part (new text is emphasized):

Notwithstanding anything to the contrary contained in this
Section 11, Marketing Fees payable to OpBiz shall be reduced by the amount
of Shore Up or Operating Ex­penses actually paid by Westgate due to OpBiz’ failure to pay when required to do so, together
with interest on the amount of Shore Up or Operating Expenses
so paid by Westgate at the rate of six percent (6%) per annum, but
the Timeshare Advance Pay­ments described below shall not, in any event, be
reduced below the minimums described herein. 
The amount of any such reduction not effected due to the minimum
Timeshare Advance Requirement below shall be available to be effected in any
subsequent year, if and to the extent Marketing Fees in such year exceed the
applicable minimum.

12.          Whole Ownership Units.

(a)           As provided in Section 4 above,
Developer may include in the Timeshare Project specified numbers of dwelling
units not subject to the timeshare plan but part of the Timeshare Project and
eligible for participation in the Rental Program at the Timeshare Project if
the owners so elect (the “Whole Ownership Units”);
provided that

(1)                                  Marketing Fees and PHII License Fees and
other amounts payable to Seller with respect to each Whole Ownership Unit shall
be calculated on the basis of the gross sale price of each Whole Ownership
Unit, multiplied by the applicable percentages (i.e., 9 percent
for calculation of Marketing Fees and 1 percent for
calculation of PHII License Fees); and

(2)                                  If sale of any Whole Ownership Unit(s) other
than Penthouse Unit(s) directly causes net hotel revenue received by Seller to
be reduced below the net hotel revenue that would have been received by Seller
if said unit(s) had been sold as Time­share Intervals subject to the timeshare
plan, as determined by Seller on a quarterly or other periodic basis, then
Developer shall pay to Seller the difference between

 7
 

(A)                              the net hotel revenue that would have been
received by Seller during the period in question if all such unit(s)
had been sold subject to the timeshare plan, as determined by Seller; and

(B)                                the net hotel revenue actually received by
Seller during the period in question.

Developer
shall pay said difference (the “Whole Ownership Revenue
Differential”) from Developer’s distributable proceeds under
Section 18(b) of the TPA as modified hereby, as a Shore-Up obligation by
Developer under the TPA, and as an exception to the equal sharing of
Shore-Up obligations described in Section 11
above.  In the event Developer’s
distributable proceeds as aforesaid are insufficient to pay the Whole Ownership
Revenue Differential in full, then, until all Whole Ownership Revenue
Differential has been paid in full, distributable proceeds under
Section 18(b) of the TPA as modified shall be paid to Seller.

(b)           If Developer includes any Whole Ownership Unit in the Timeshare
Project, then clause (iv) (“Fourth”) and clause (v) (“Fifth”) in
Section 18(b) of the TPA (allocating Gross Rent and Maintenance Fee
Income) shall be and hereby are deleted.

13.          Seller’s Approval of Developer’s Financing.

(a)           The Developer represents and warrants that it has submitted to Seller
copies of all financing and related documents and agreements pertaining to
Developer’s development and construction activities associated with the
Timeshare Property, and that all of the foregoing are listed on Schedule 9(q) attached hereto and incorporated herein
by reference (collectively, the “Developer Financing
Documents”).  Seller hereby
confirms that the Developer Financing Documents listed on Schedule
9(q) have been approved by Seller.

(b)           Notwithstanding anything to the contrary herein or in any other
document or agreement, Developer shall not cause or permit the pledge,
hypothecation or other encumbrance of any fund, payment or account due to or
payable to Developer or Seller in the nature of main­tenance fees or other
payments from Timeshare Interval Owners other than payments due for purchase of
their Timeshare Intervals.

14.          Parking Spaces.  Seller confirms that, pursuant to Section
6(d)(1) of the TPA, Seller will make available to Developer 636 parking spaces under the City Block Covenants,
subject to the requirements of the TPA and the City Block Covenants, including
but not limited to payments by Developer as provided for therein.  Developer agrees that the aforesaid satisfies
the Parking Requirement as provided in the TPA.

15.          Northwind Utilities.  Notwithstanding Section 6(e) of the TPA or
any other provision of the TPA or of any other document or agreement, Seller
has agreed

(a)                                  To provide, to Developer, whatever excess
capacity to which Seller may be entitled under the Northwind Utility
Agreement (as defined in the TPA) and related City Block Covenants
and under that certain Energy Service Agreement signed by Northwind
Aladdin, LLC (the “Energy Agreement”)
as it pertains to utility service from
Northwind for the Timeshare Project (referred to in the City Block Covenants as
the Music Parcel) to the extent of Seller’s interest therein; and in connection
therewith Seller agrees to consent, as Landlord under the Energy Agreement, to
the expansion of the Northwinds Facility for said purpose at the sole cost and
expense of Westgate, and to consent to any necessary modifications

 8
 

to
the Energy Agreement to permit said expansion as aforesaid; provided, however, that no such amendment shall
materially alter or modify the rights of Seller or modify the financial terms
pursuant to which service is provided to the Hotel/Casino Complex; and provided, further, that Seller’s obligations hereunder shall
be limited to whatever rights Seller currently has with respect to the “Music
Parcel” as defined in the Northwind Utility Agreement and the Energy Agreement;
and

(b)                                 To use commercially reasonable efforts
to cause Boulevard Invest, LLC to contribute its
excess capacity to Developer upon terms similar to paragraph (a)
above.  If the excess capacity from
Boulevard Invest, LLC is not made available to Developer by Seller as des­cribed
herein, after exhausting all commercially reas­onable efforts prior to
Deed Delivery, Developer shall
nevertheless proceed with Deed Delivery, in which event Seller’s sole
obligation shall be to continue to use commercially reasonable efforts to
secure such excess capacity of Boulevard Invest, LLC, until such time as
Developer notifies Seller that Developer has implemented an alternative energy
plan not involving the aforementioned excess capacity of Boulevard Invest, LLC.

Notwithstanding
the foregoing, in the event Seller requires the capacity provided to Developer,
Seller shall provide notice to Developer of such capacity need together with an
estimated date when such capacity will be needed by Seller.  Developer shall be obligated to take such
steps as are necessary, subject to approval by Northwinds, to provide for an
upgrade or expansion of the Northwinds Plant, or such other steps as shall be
sufficient to replace the capacity provided to Developer by Seller within the
time frame required by Seller.

16.          Management Termination.  If, at any time, Timeshare Unit
Vacancies avail­able for hotel use as provided herein are equal to or
fewer than twenty percent (20%) of the
aggregate number of keys in the Timeshare Property then completed, then
completed to date, then Manager may terminate the Timeshare Property Management
Agreement, attached as Exhibit 1, by
giving thirty (30) days notice of such
termination.

17.          Branding; Trademarks.

(a)           Developer must, and will cause the Association to, comply promptly and
fully with any and all directives and requirements of Seller with respect
to use and application of the Trademarks and the Brand Name as per the PHII
Licensing and Memorabilia Agreement (which was created pursuant to Section 10
of the TPA) and any and all other similar and/or corres­ponding agreements and
directives; the foregoing includes implementing and, as applicable, modifying
Developer’s and the Association’s implementation of applicable
Trademark materials and Brand materials from time to time to conform with the
licensor’s requirements thereunder.  Developer
must inform Seller within thirty (30) days
of any notice of default under or termination notice under the PHII Licensing
and Memorabilia Agreement and/or any and all other similar and/or corresponding
agreements and directives.

(b)           Developer must also conform the rooms and common areas in the Timeshare
Property to the visual and operational themes and concepts of the Hotel and
Casino.

(c)           Developer may not itself use the Trademarks or apply for international,
United States federal or state or territorial registration of any rights in the
Trademarks. Without Seller’s prior consent Developer may not use any of the
Trademarks as all or part of its legal name or any other trade or assumed name under which Developer does
business, and Developer discloses in any trade or assumed name filing that the Timeshare
Property is independently managed and

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that Developer has no
ownership rights in the Trademarks. 
Except as expressly permitted by Seller, Developer may not combine any
of the Trademarks with any other trademark service mark or logo.

(d)           Attached hereto as Exhibit 2
is the only logo currently approved by Seller for use in connection with the
Timeshare Property (the “Approved Logo”),
subject to subsection (e) below.  Developer agrees to immediately conform all
of its marketing efforts, with respect to both Timeshare Interval sales
and any other marketing related to the Timeshare Project, to the Ap­proved
Logo and to Seller’s requirements pertinent to the Brand Name and the
Trademarks. Seller reserves the right to revise the Approved Logo (as revised,
the “Revised Logo”), in which event
Developer shall conform the Timeshare Property and its marketing materials to
the Revised Logo.

(1)                               Those portions of any Revised Logo which
directly affect Developer’s marks or which directly affect the Timeshare
Property portion of the Approved Logo (e.g., the size or location of the phrase
“Towers by Westgate”) shall be subject to Developer’s approval, not to be
unreasonably withheld.

(2)                               Those portions of any Revised Logo which
arise from a change in Seller’s marks for reasons not solely related to the
Timeshare Property (e.g., a change in the font or phrasing or presentation of “ph”
or “Planet Hollywood” in the Revised Logo), and any portions of any Revised
Logo not described in clause (2)
above, shall be solely within the discretion of Seller.

Seller will
provide Developer sufficient advance notice of any Revised Logo so that
Developer has a reasonable opportunity to reduce inventory of such materials
and supplies utilizing any such previously Approved Logo and to otherwise alter
advertising and marketing programs to reflect such change.  Developer shall immediately cause all of its
marketing efforts with respect to both Timeshare Interval sales and any
other marketing related to the Timeshare Project to conform to the Revised
Logo.

(e)           Notwithstanding subsection (d) above,
the Approved Logo may be modified for use as large-scale signage on the
Timeshare Property, placed on upper floors and designed for visibility from
relatively long distances, provided that
any such modified logo, and its placement and arrangement, shall conform
substantially to the Approved Logo and shall, in each instance, be subject to
prior approval by Seller.

18.          Unit and Property Theming.  The TPA provides that the theming, design,
trade dress and operation of the Timeshare Project will be subject to Seller’s
approval, will be of a first class nature, and will be in keeping with the
Complex Standards.  Developer agrees to
conform to Seller’s requirements, in accord­ance with the foregoing, the
model unit currently in use in connection with sales and marketing of Timeshare
Units, and to ensure that all actual units will conform to Seller’s said
requirements.  All rooms and common areas in the Timeshare Property must
conform to and incorporate fully the visual and operational themes and concepts
of the Hotel and Casino.  Specifically,
but not in limitation, the art package in all Timeshare Units must include
Hollywood themed art and memorabilia specified by Seller and must not include
items which dilute said theming.  The
parties further acknowledge and agree that Seller has not approved the
aforesaid model unit, due to the Developer’s inclusion of an art package that
is not in conformance with and does not incorporate fully the visual and
operational themes and concepts of the Hotel and Casino as aforesaid.  Developer shall procure (from its own
suppliers in accordance with the TPA as modified and in accordance with the
Maintenance Agreement) and

 10
 

include, in the model unit and
in the Timeshare Units reasonable amounts of Hollywood-themed photos,
pictures and art acceptable to Seller in its reasonable discretion exercised in
accordance with the Complex Standards and the Operating Standard (as defined in
the Maintenance Agreement).

19.          Exclusivity.   Section 47 of the TPA is modified to
read as follows in pertinent part (modified text is emphasized):

47.          Exclusivity.  Until the first to occur of — (i) 100 Percent Sell-Out;
(ii) the exercise by Seller of its termination right in
Section 26(d), (iii) any uncured default by Seller or its related or
affiliated entities pursuant to the various agreements contemplated hereunder
(collectively, the “Termination Events”) — Developer and its affiliates will
not market, sell or contract for marketing or sale of timeshare interests in a
Westgate or any other timeshare product located on Las Vegas Boulevard.  The parties agree that the foregoing
restriction specifically excludes Westgate Flamingo Bay (to the extent owned by
Developer and/or its related and/or affiliated entities) (but the foregoing
exclusion does not affect or modify any other provisions of this Agreement
pertaining to Westgate Flamingo Bay; see Section 12).  The parties further agree that, commencing September 10, 2012, the foregoing
restriction shall be suspended for each year (see Section 4(d)) following
any year in which Developer achieves Net Interval Sales exceeding $100,000,000,
as verified by Seller in accordance with Section 4(f) (periodic reports, audits,
etc.) and related provisions hereof.

20.          VOA Rooms.  In addition to the Room Blocks provided for
in Section 16 of the TPA  and in
Section 9 of the Marketing and Leasing Agreement, Seller shall make
available to Developer an additional fifty (50) Room
Blocks in the Timeshare Property (the “VOA Room Blocks”) for
the sole purpose of Developer providing accommodations to purchasers who
execute Vacation Occupancy Agreements (the “try-it-before-you-buy-it” program),
provided that, for each VOA Room shall be booked and accounted for at a rate
equal to the higher of (i) seventy-five percent (75%)
of the Average Daily Rate (ADR) for the month of stay at the
Timeshare Property or (ii) the ADR for the month of stay at the Hotel and
Casino.

21.          Additional Sales Center Space.  If and when Developer has
reached capacity (in terms of the number of sales prospects which can be
accommodated), as verified by Seller in its reasonable discretion, in the Sales
Center under the Sales Center Lease referred to in Section 14 of the TPA
and in Section 10 of the Marketing and Leasing Agreement, Seller will in
good faith endeavor to identify and make available additional Sales Center
Space in the Hotel and Casino on terms comparable to said Sales Center Lease.

22.          Management Fee.  Clause (i) (“First”) in
Section 18(b) of the TPA is hereby amended to read in its entirety as
follows:

(i)                                    First, to pay the PHII License Fee, the Westgate
License Fee and any man­agement fee payable to any management company
(including but not limited to Affiliates of Manager and third-party
management companies); and

23.          Seller Approvals.  By accepting or approving
any­thing required to be observed, performed or fulfilled or to be given to
Seller pursuant to the TPA Documents, including (but not limited to) the
Convention Center Lease, Parent Guaranty, Completion Bond, Payment Bond and
Seller Development Documents, Seller shall not be deemed to have warranted or
represented the sufficiency, legality, effectiveness or legal effect of the
same, or of any term provision or condition

 11
 

thereof, and such acceptance or
approval thereof shall not be or constitute any warranty or representation with
respect thereto by Seller.

24.          Limitation on Parties’ Self-Help and
Equitable Remedies.  Notwithstanding
anything to the contrary in this Agreement or in the TPA or in the Maintenance
Agreement or in the Marketing and Leasing Agreement or in any other TPA
Document or in the Deed or in any other document or agreement, if there occurs
a dispute between or among the parties, or if there occurs a default or alleged
default under this Agreement or under the TPA or under the Mainten­ance
Agreement or under the Marketing and Leasing Agreement or under the Deed or
under any other TPA Document, then, until final resolution of said dispute or
event of default or alleged event of default via final and binding
adjudication, (i) no party shall avail itself of self-help remedies such
as withholding payment (other than authorized offsets such as in
Section 11.B of the Marketing and Leasing Agreement as modified hereby) or
seizure or otherwise, and (ii) no party shall avail itself of equitable
remedies except to prevent a party’s noncompliance with clause (i);
and (iii) all parties shall continue to pay and perform in accordance with
all applicable TPA Documents and other documents and agreements.

25.          Continuing Agreements; Entire Agreement; Partial Invalidity;
Modifications; Construction.  Except as expressly modified hereby, the
parties hereto ratify and confirm each and every pro­vision of the TPA and each
of the other TPA Documents as if the same were set forth herein.  This Modification Agreement and the other TPA
Documents are to be construed as comple­mentary.  However, in the event of an
irreconcilable conflict, this Modification Agree­ment shall control.  This Modification Agreement embodies the
entire understanding between the parties, and supersedes any and all prior
agreements and understandings, written or oral, formal or informal, regarding the
subject matter hereof.  Other than the
Exhibits and Schedules attached hereto (“Modification Documents”), there are no
other oral or written understandings, arrange­ments or agreements with respect
to the subject matter of this Modification Agreement.  In the event any term or pro­vision of this
Modification Agreement shall be held illegal, unenforceable or inoperative as a
matter of law, the remaining terms and provisions of this Modification
Agreement shall not be affected thereby, but each such term and provision shall
be valid and shall remain in full force and effect if the deletion of the
invalid provision shall not destroy the clear intent and purpose of this
Modification Agree­ment (or deprive either party of a material benefit
contemplated by this Modification Agreement). 
This Modification Agreement may not be modified orally, but only by an
agreement in writing signed by the party against whom enforcement of any
waiver, change, modification or discharge is sought.  This Modification Agreement shall not be
construed more strictly against one party than the other merely by virtue of
the fact that it may have been prepared by counsel for one of the parties.  The headings of various Sections in this
Modifica­tion Agreement are for convenience only and are not to be
utilized in construing the content or meaning of the sub­stantive provisions
hereof.  Each party acknowledges and
waives any claim contesting the existence and the adequacy of the consideration
given by the other in entering into this Mod­ification Agreement.  All recitals, Modification Documents, and
similar items referred to herein and attached or intended to be attached hereto
are incorporated into this Modification Agreement by reference as integral
parts of this Modification Agreement.

26.          Time of the Essence; Waivers; Extensions.  Time is of the essence with respect to this Modification
Agreement.  Whenever the time for
performance of any act here­under falls on a Saturday or Sunday or a
legal holiday in Orlando, Florida or Las Vegas, Nevada, such time shall be
ipso facto extended to the next Business
Day.  No waiver of any breach
of any agreement or provisions herein contained shall be deemed a
waiver of any preceding or succeeding breach thereof or of any other
agreement or provisions herein contained. 
No

 12
 

extension of time for performance of any obligations
or acts shall be deemed an extension of the time for perform­ance of
any other obligations or acts.

27.          Counterparts; Faxed Signatures;
etc.  This Modification Agreement may be executed in counterparts and/or
via use of multiple signature pages, each of which shall be deemed an
original.  It shall not be necessary that
all signatures of all parties, or that all signatures necessary to bind any
party, appear on the same counterpart or signature page.  Signatures hereon transmitted via
telefacsimile (fax) or similar means, in accordance with the notice
procedures in the TPA, shall be valid and binding on all parties so
transmitting.

28.          Further Assurances.  Each party, at any time, and from time to time, shall deliver to the
other party such additional and other documents and agreements, and shall do
and perform such other matters, as the other party may reasonably request,
to fully effect the purposes of this Modification Agreement.

[END OF PAGE.]

 13
 

IN
WITNESS WHEREOF, the parties have executed this Modification
Agreement, effective for all purposes as of the Effective Date set forth on the
first page hereof.

	
  

  	
  Seller:

  	
  TSP OWNER,
  L.L.C.,

  	 

	
   

  	
   

  	
  a Delaware
  limited liability company

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Print:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
  Developer:

  	
  WESTGATE RESORTS, LTD.,

  	 

	
   

  	
   

  	
  a Florida
  limited partnership

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
  By:

  	
   

  	
   

  	 

	
   

  	
   

  	
  Print:

  	
   

  	
   

  	 

	
   

  	
   

  	
  Title:

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
  WESTGATE
  PLANET HOLLYWOOD LAS

  VEGAS, LLC, a Florida limited liability company

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
  By:

  	
   

  	
   

  	 

	
   

  	
   

  	
  Print:

  	
   

  	
   

  	 

	
   

  	
   

  	
  Title:

  	
   

  	
   

  	 

							

 

The undersigned join in the foregoing Agreement
solely for the purpose of consenting to the pro­visions of the TPA, as modified
hereby, in their capacities as owner and operator, respectively, of the
Hotel/Casino Property.

	
  PH FEE OWNER, L.L.C.,

  a Delaware limited liability company

  	
   

  	
  OPBIZ, L.L.C.,

  a Nevada limited liability company

  
	
  By:

  	
   

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
  Print:

  	
   

  	
   

  	
   

  	
  Print:

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
   

  	
  Title:

  	
   

  	
   

  
									

 

	
  Exhibits & Schedules:

  
	
   

  
	
  Schedule 9(e)

  	
   

  	
  Development Documents

  
	
  Schedule 9(n)

  	
   

  	
  Completion Bond

  
	
  Schedule 3(d)

  	
   

  	
  Payment Bond

  
	
  Schedule 9(q)

  	
   

  	
  Developer Financing
  Documents

  
	
  Exhibit 1

  	
   

  	
  Timeshare Property
  Management Agreement

  
	
  Exhibit 2

  	
   

  	
  Approved Logo

  
	
  Exhibit 3

  	
   

  	
  Reversion Rider

  

 

 14

Schedule 9(e)

Development Documents

Schedule
9(n)

Completion
Bond

Bond No.

Premium

Know All Men By
These Presents,  that
we, Westgate Planet Hollywood Las Vegas, LLC, a Florida limited liability company
as Principal, and
                                                                                                         ,
a corporation organized under the laws of the State of Nevada, and authorized
to transact the business of surety in the State of Nevada as Surety, are held
and firmly bound unto Planet Hollywood Towers by Westgate Condominium Owners
Association, Inc., (hereinafter referred to as Obligee), in the penal sum of
TWO HUNDRED MILLION AND 00/100 DOLLARS ($200,000,000.00) for which sum, well
and truly to be paid, we bind ourselves, our heirs, administrators, successors
and assigns, jointly and severally, firmly by these presents.

This bond is given
pursuant to Section 119A.340 of the Nevada Revised Statutes to assure lien-free
completion of the improvements described in Principal’s “Planned Construction
Statement,” a copy of which is attached hereto and incorporated herein by
reference, for the timeshare plan known as Planet Hollywood Towers by Westgate,
a Vacation Ownership Resort, situated in the County of Clark, State of Nevada.

Surety, for value
received, hereby agrees that the matters set forth in Nevada law which might
release the Surety pursuant to law, shall not in any way release Surety from
the obligation of this bond or reduce Surety’s obligation thereunder.

Surety, for value
received, does hereby waive the right granted to Surety under Nevada law to
require that Obligee proceed independently against Principal to enforce this
obligation, but reserves to itself any right under said Nevada law to require
that Obligee proceed jointly against Principal and Surety in any such action.

The condition of this
obligation is such that if Principal shall complete or cause to be completed
said improvements free of liens and claims on or before the latest completion
date specified in said “Planned Construction Statement,” or an extension thereof
given in writing by Obligee to Principal and assented to in writing by Surety,
then this obligation shall be null and void; otherwise, it shall remain in full
force and effect.

This obligation may be
reduced from time to time proportionate to the percentage of the covered
improvements which have been completed, upon presentation to the Surety and
Obligee of a statement of an architect or engineer familiar with the project
certifying the percentage completion of the improvements.

A suit or action on this
bond must be filed within two years after the latest completion date set forth
in the “Planned Construction Statement” or any extension thereof given in
writing by Obligee to Principal and assented to in writing by Surety.

The terms, conditions and
coverage of this bond have been approved by the State of Nevada, Real Estate
Division, Projects Registration Section.

In Witness Whereof, Principal and Surety
have caused these presents to be duly Signed and sealed this        day
of                  ,2007.

 

	
  

  	
   

  	
   

  	
   

  
	
  Signature of
  Principal

  	
  Signature of Surety

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Westgate Planet
  Hollywood Las

  	
   

  	
   

  
	
  Vegas, LLC,
  Westgate Resorts, Inc.,

  	
   

  
	
  Manager, David
  A. Siegel, President

  	
   

  
							

 

Note:      Bond must bear corporate
seal of Surety.  If name or state and
date of incorporation are specified in seal, Surety’s signature need not bear
Notary’s acknowledgment.  Otherwise,
Notary’s acknowledgment is required.

G:\JSC\Out of State Timeshare\10918 Westgate Planet Hollywood\Bonds\Completion Bond.doc

 

	
  State of California

  

  Planned
  Construction Statement

  

  RE 611A (Rev. 7/00)

  	
   

  	
  Department
  of Real Estate

  Subdivisions

  

  Read instructions on reverse

  side before completing.

  

 

	
  Size or

  Quantity

  	
   

  	
  Description and Location

  (include type of construction, materials, electrical and mechanical

  features, as well as common area lot number/letter)

  	
   

  	
  Cost

  Estimate

  	
   

  	
  Percent

  Complete

  	
   

  	
  Estimated

  Completion

  Date

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  General Conditions

  	
   

  	
  $

  	
  8,000,000

  	
   

  	
  0

  	
   

  	
  8/25/09

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Cranes

  	
   

  	
  $

  	
  2,666,667

  	
   

  	
  0

  	
   

  	
  8/6/08

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Concrete

  	
   

  	
  $

  	
  16,000,000

  	
   

  	
  0

  	
   

  	
  8/6/08

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Reinforcing

  	
   

  	
  $

  	
  10,044,444

  	
   

  	
  0

  	
   

  	
  8/6/08

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Masonry

  	
   

  	
  $

  	
  625,896

  	
   

  	
  0

  	
   

  	
  8/6/08

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Steel

  	
   

  	
  $

  	
  5,029,377

  	
   

  	
  0

  	
   

  	
  8/6/08

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Millwork

  	
   

  	
  $

  	
  1,511,111

  	
   

  	
  0

  	
   

  	
  2/18//09

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Thermal and Moisture Protection

  	
   

  	
  $

  	
  1,299,146

  	
   

  	
  0

  	
   

  	
  11/10/08

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Doors, Frames and Hardware

  	
   

  	
  $

  	
  3,644,444

  	
   

  	
  0

  	
   

  	
  3/12/09

  	
   

  

 

 2
 

 

	
  State of California

  

  Planned
  Construction Statement

  

  RE 611A (Rev. 7/00)

  	
   

  	
  Department
  of Real Estate

  Subdivisions

  

  Read instructions on reverse

  side before completing.

  

 

	
  Size or

  Quantity

  	
   

  	
  Description and Location

  (include type of construction, materials, electrical and mechanical

  features, as well as common area lot number/letter)

  	
   

  	
  Cost

  Estimate

  	
   

  	
  Percent

  Complete

  	
   

  	
  Estimated

  Completion

  Date

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Glass and Glazing,
  including exterior curtain wall

  	
   

  	
  $

  	
  25,048,345

  	
   

  	
  0

  	
   

  	
  11/10/08

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Carpet and Resilient
  Flooring

  	
   

  	
  $

  	
  800,000

  	
   

  	
  0

  	
   

  	
  4/9/09

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Painting

  	
   

  	
  $

  	
  2,044,444

  	
   

  	
  0

  	
   

  	
  3/12/09

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Drywall and Ceilings

  	
   

  	
  $

  	
  16,605,005

  	
   

  	
  0

  	
   

  	
  2/20/09

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Tile and Stonework

  	
   

  	
  $

  	
  8,243,533

  	
   

  	
  0

  	
   

  	
  3/26/09

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Specialty Hardware and Equipment

  	
   

  	
  $

  	
  177,778

  	
   

  	
  0

  	
   

  	
  3/26/09

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Window Washing Davit Bases

  	
   

  	
  $

  	
  44,444

  	
   

  	
  0

  	
   

  	
  11/10/08

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Fireprotection

  	
   

  	
  $

  	
  3,852,306

  	
   

  	
  0

  	
   

  	
  5/20/09

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Elevators/Escalators

  	
   

  	
  $

  	
  10,541,333

  	
   

  	
  0

  	
   

  	
  10/15/08

  	
   

  

 

 3
 

 

	
  State of California

  

  Planned
  Construction Statement

  

  RE 611A (Rev. 7/00)

  	
   

  	
  Department
  of Real Estate

  Subdivisions

  

  Read instructions on reverse

  side before completing.

  

 

	
  Size or

  Quantity

  	
   

  	
  Description and Location

  (include type of construction, materials, electrical and mechanical

  features, as well as common area lot number/letter)

  	
   

  	
  Cost

  Estimate

  	
   

  	
  Percent

  Complete

  	
   

  	
  Estimated

  Completion

  Date

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Trash and Linen Chutes

  	
   

  	
  $

  	
  88,889

  	
   

  	
  0

  	
   

  	
  10/15/08

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Mechanical and Plumbing

  	
   

  	
  $

  	
  30,306,925

  	
   

  	
  0

  	
   

  	
  2/18/09

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Electrical

  	
   

  	
  $

  	
  33,116,022

  	
   

  	
  0

  	
   

  	
  2/18/09

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Contingency - 5%

  	
   

  	
  $

  	
  8,984,505

  	
   

  	
  0

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Contractors Fee - 6%

  	
   

  	
  $

  	
  10,781,406

  	
   

  	
  0

  	
   

  	
  8/26/09

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Total Cost

  	
   

  	
  $

  	
  199,456,022

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Project to be
  constructed to the following codes: 2000 Int’l Building Code, National
  Electric Code 2002, Uniform Mechanical & Plumbing Code & Int’l Fire
  Code 2000

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

This Planned Construction
Statement and the Bond to which it is attached cover only 250 residential units
in Phase 1 and specifically excludes the structure and the shell from the third
floor down to the bottom.  Furthermore,
the Bond shall not be deemed effective until the structure and the shell from
the third floor down to the bottom have been certified as complete by a
licensed architect or general contractor.

 

 4

Schedule 3(d)

TIMESHARE ADVANCE AND MARKETING FEE

Payment
Bond

Bond No.                                         

KNOW ALL BY THESE
PRESENTS

That we, Westgate Resorts, Ltd., as principal, and Liberty Mutual Insurance Company, a
corporation duly organized and existing under and by virtue of the laws of the
State of Massachusetts, as Surety, are held and firmly bound unto OpBiz,
L.L.C., a Nevada limited liability company (“OpBiz”), as Obligee, in the sum of
Six Million and 00/100 Dollars
($6,000,000.00), lawful money of the United States of America, for
which payment well and truly to be made, we bind ourselves, our heirs,
executors, jointly and severally, firmly by these presents.

WHEREAS, the said
Principal and said Obligee have entered into a Timeshare Purchase Agreement, dated December 10, 2004, as
amended/affected by Modification Agreement dated                 ,
2007 (collectively, the “Agreement”),
which Agreement which is made a part hereof and incorporated herein by
reference, except that nothing said therein shall alter, enlarge, expand or
otherwise modify the term of the bond as set out below, and

WHEREAS, the
Agreement provides for, among other things, payment by the Principal to the
Obligee of Timeshare Advances and Marketing Fees from time to time as provided
in the Agreement.

NOW, THEREFORE,
THE CONDITION OF THIS OBLIGATION IS SUCH, that if the Principal shall timely
and faithfully make all Timeshare Advance and Marketing Fee payments as
required under said Agreement (the “Obligations”), then this obligation shall
be null and void, otherwise to remain in full force and effect.

PROVIDED, HOWEVER,
THAT THIS BOND IS EXECUTED BY THE PRINCIPAL AND SURETY AND ACCEPTED BY THE
OBLIGEE SUBJECT TO THE FOLLOWING EXPRESS CONDITIONS:

1.               The
term of this bond shall be from the date hereof to                             , 2008, subject to continuation by an
annual extension certificate.  Surety
shall provide notice of nonrenewal to Obligee at least sixty (60) days prior to the end of the
term then in effect.

2.               The
liability of the Surety under this bond shall not be cumulative and shall in no
event exceed the amount as set forth in this bond or in any additions, riders,
or endorsements properly issued by the Surety as supplements thereto.

3.               It
is understood and agreed that the obligation of the Surety may be terminated by
the Surety by giving sixty (60) days
advance written notice to the Obligee. 
However, neither cancellation  or
nonrenewal by Surety, nor the failure or inability of the Principal to file a
replacement bond in the event of cancellation or nonrenewal shall itself
constitute a loss to the Obligee recoverable under this bond or any renewal or
continuation thereof.

4.               This
Bond is irrevocable during the term hereof and, subject to a default by
Principal of its Obligations, shall be unconditional.

SIGNED, SEALED AND DATED THIS           
day of                         ,
20      .

	
  

  	
   

  	
  WESTGATE RESORTS, LTD.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Accepted by:

  	
   

  	
  LIBERTY MUTUAL INSURANCE
  COMPANY

  
	
   

  	
   

  	
   

  
	
  OpBiz,
  L.L.C.

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  	
  Address:

  	
   

  	
   

  
	
  3667 Las Vegas
  Blvd, South

  	
   

  	
   

  	
   

  	
   

  
	
  Las Vegas, NV
  89109

  	
   

  	
   

  
									

 

Schedule 9(q)

Developer Financing Documents

I.
SCHEDULE OF CONSTRUCTION LOAN DOCUMENTS

by and between:

Residential
Funding Company, LLC as Administrative Agent and Lender, Dorfinco Corporation
as Lender, Westgate Planet Hollywood Las Vegas, LLC as Borrower, and Westgate
Resorts, Ltd., Westgate Resorts, Inc., Central Florida Investments, Inc., the
David A. Siegel Revocable Trust, and David A. Siegel, as Guarantors, jointly
and severally

1.                                       Construction
Loan Agreement

2.                                       $400,000,000.00
Secured Promissory Note

3.                                       Deed
of Trust, Security Agreement, Assignment of Leases, Rents and Profits and
Fixture Filing

4.                                       Full
Guaranty

5.                                       Assignment
of Construction Items

6.                                       Assignment
of Contracts, Licenses, Permits and Other Intangibles (w/consents)

7.                                       Assignment
of Management Agreement

8.                                       Agreement
and Consent to Assignment of Construction Items (General Contractor, Architect
& Engineer)

9.                                       Hazardous
Substances Remediation and Indemnification Agreement

10.                                 Notice
of Commencement

11.                                 UCC
Financing Statements (FL & NV)

12.                                 Post-Closing
Assurances Agreement

13.                                 Closing
Certificates and Minutes of Resolutions

14.                                 Other
Ancillary Closing Documents.

II.
SCHEDULE OF RECEIVABLES LOAN DOCUMENTS

by and between:

Westgate
Planet Hollywood Las Vegas, LLC, as Borrower, and Dorfinco Corporation as
Lender

1.                                       Loan
and Security Agreement

2.                                       Secured
Promissory Note (Receivables Facility)

3.                                       Secured
Promissory Note (Presales Facility)

4.                                       Guaranty
and Subordination Agreement

5.                                       Limited
and Conditional Guaranty and Subordination Agreement

6.                                       Affiliate
Subordination Agreement

7.                                       Assignment
of Timeshare Receivables

8.                                       Assignment
of Presales

9.                                       Presales
Custodial and Escrow Agreement

10.                                 Presales
Certification and Checklist

11.                                 Lockbox
Agreement

12.                                 Deposit
Account Agreement

13.                                 UCC
Financing Statement

14.                                 Post-Closing
Assurances Agreement

15.                                 Closing
Certificates and Minutes of Resolutions

16.                                 Other
Ancillary Documents

Loan and
Security Agreement between Residential Funding Corporation and Westgate
Vacation Villas, Westgate Lakes, Westgate Towers, Westgate Flamingo Bay,
Westgate Resorts & Westgate South Beach

1.                                       Loan
and Security Agreement between Residential Funding Corporation and Westgate
Vacation Villas, Westgate Lakes, Westgate Towers, Westgate Flamingo Bay,
Westgate Resorts & Westgate South Beach dated November 30, 2002

2.                                       Secured
Promissory Note (Receivable Facility)

3.                                       Guaranty
and Subordination Agreement

4.                                       Affiliate
Subordination Agreement

5.                                       Assignment
of Timeshare Receivables

6.                                       Lockbox
Agreement

7.                                       UCC
Financing Statement

III.
SCHEDULE OF OTHER AGREEMENTS PERTAINING TO DEVELOPER’S DEVELOPMENT AND
CONSTRUCTION

1.                                       Tutor
Saliba Corporation Construction Agreement; between Westgate Planet Hollywood
Las Vegas, LLC and Tutor Saliba Corporation, dated January 22, 2007

Exhibit
1

Timeshare
Property Management Agreement

Exhibit
2

Approved
Logo

Exhibit 3

REVERSION RIDER

The Reversion Parcels identified on Exhibit “3”
and Exhibit “4” of the Grant, Bargain
and Sale Deed and incorporated herein (hereinafter “Reversion Parcel 1” and “Reversion
Parcel 2”, respectively) are subject to the provisions of this Exhibit “5” of the Grant, Bargain
and Sale Deed.

 If the Grantee does not timely
commence construction of the improvements to be placed upon Reversion Parcel 1
and Reversion Parcel 2 in accordance with the terms set forth in this Exhibit “5”, then each of Reversion
Parcel 1 and Reversion Parcel 2, respectively, shall revert to the Seller as
set forth herein or, in the alternative at Seller’s election, a perpetual
easement upon Reversion Parcel 1 and Reversion Parcel 2. The reversion of
either Reversion Parcel 1 and/or Reversion Parcel 2 shall be at no cost to
Seller. Further, Seller shall have full right, title and authority to receive,
retain, use and modify any and/or all of Developer’s plans, and shall have all
of the rights of Developer in and to any and all construction contracts,
subcontracts, architect agreements and similar and related documents and
agreements pertinent to the Timeshare Project or any part thereof in the
reversion of either Reversion Parcel 1 and/or Reversion Parcel 2.  Further, Grantee acknowledges that in the
event of a reversion of Reversion Parcel 1 as set forth herein, Reversion
Parcel 2 shall also revert to Grantor.

I.                                         REVERSION PARCEL 1

(A)                              Triggering Event. 
Grantor and Grantee agree that once the revenue generated from the
unsold Timeshare Units within Phase 1 of the Timeshare Project exceeds:

(1)                                  the maintenance fees owed in connection
therewith; and

(2)                                  Operating Costs; and

(3)                                  the current interest expense then due on any
construction financing owed by Developer relative thereto

(the
“Reversion Parcel 1 Commencement Triggering Event”)

Grantor
shall send written notice to Grantee (the “Reversion Parcel 1 Triggering Notice”)
notifying Grantee that they have sixty (60) days to submit plans and
specifications to all applicable governmental agencies relative to the
construction of Phase Two and then Developer shall be required to commence
construction of Phase Two not later than thirty (30) days following receipt of
the last of all permits and approvals necessary to construct same. In the event
Grantee fails to timely satisfy the requirements set forth in the preceding
sentence, Reversion Parcel 1 and Reversion Parcel 2 shall revert to Grantor.

(B)                                Termination of Right of Reversion
as to Reversion Parcel 1 and Reversion Parcel 2. The foregoing right of reversion with
respect to Reversion Parcel 1 shall automatically terminate with respect to
Reversion Parcel 1 at such time that:

(1)                                 Grantee has provided Grantor satisfactory
evidence that Phase Two consist of at least two hundred fifty (250) Timeshare
Units in one building and completes Grantee’s

construction obligations
concerning the Timeshare Project, including Minimum Project Density.

(2)                                  the Grantee has provided evidence of delivery
to the State of Nevada of the completion bond(s) required pursuant to that
certain Timeshare Purchase Agreement dated December 10, 2004, as amended and
modified by that certain Modification Agreement Regarding Timeshare Purchase
Agreement dated         , 2007
(collectively, the “TPA”) and has provided to Grantor the Parent Guaranty, as
provided in Section 9(n) of the TPA with
respect to the construction of Phase Two.

(3)                                  Developer shall have commenced construction
of Phase Two upon Reversion Parcel 1.

Upon the occurrence of the foregoing Items 1 through 3 of this Section
I(B), the right of reversion as to Reversion Parcel 1 shall terminate. Grantor
shall, upon request of Grantee, execute and cause to be recorded among the
Clark County, Nevada land records, at Grantee’s expense, a notice of said
termination (“Termination of Reversion”) in form and substance satisfactory to
Grantor and Grantee in their reasonable discretion.  Said notice shall include a legal description
for Reversion Parcel 1.  Thereupon, the
possibility of reversion as to Reversion Parcel 1, described herein, shall
terminate and be null and void as to the property so described.

(C)                                Limitations on Grantor in the
Event of Reversion.  In the event of a reversion of Reversion
Parcel 1 and Reversion Parcel 2 to Grantor, Grantor agrees as follows:

(1)                                  Until the occurrence of a Fully Sold Project,
to the extent of Timeshare Units in the portion of the Timeshare Project
actually completed by Grantee,

(A)                              Phase Two and any subsequent phase shall not be developed or marketed
as timeshares, and appropriate provisions shall be mutually negotiated relating
to non-competition and interference with Grantee’s timeshare sales and
marketing efforts in the portion of the Timeshare Project actually constructed
by Grantee; and

(B)                                all applicable provisions of the TPA Agreement – including but not
limited to provisions concerning marketing fees, marketing locations,
exclusivity, Vacation Rentals, Maintenance Agreements and easements – shall
continue in full force and effect;

provided that the foregoing shall not limit or
otherwise affect Grantor’s activities with respect to anything other than
Timeshare Units; and

(2)                                  After occurrence of a Fully Sold Project to
the extent of Timeshare Units in the portion of the Timeshare Project actually
completed by Grantee, Grantor may develop and/or sell Phase Two and any
subsequent phases of the Timeshare Project without regard to the aforesaid
limitations, including but not limited to a competing timeshare project and/or
a competing timeshare developer.

(D)                               Reversion/Termination of Rights.  If
there is a reversion of Reversion Parcel 1 and Reversion Parcel 2 pursuant to
this Section I of this REVERSION RIDER,
all right, title and interest of Grantee with respect to Reversion Parcel
1 and Reversion Property 2 under the TPA, and all right, title and
interest of Grantee with respect to the Reversion Property under all other
applicable Timeshare Development Documents, shall immediately terminate; and
Grantee shall execute, seal, acknowledge and deliver such instruments of
conveyance and such other

documents
and agreements as may be necessary or appropriate to confirm said termination
and complete said reversion.

II.                                     REVERSION PARCEL 2

(A)                              Triggering Event. 
Grantor and Grantee
agree that once the revenue generated from the unsold Timeshare Units within
Phase Two exceeds:

(1)                                  the maintenance fees owed in connection
therewith; and

(2)                                  Operating Costs; and

(3)                                  the current interest expense then due on any
construction financing owed by Developer relative thereto

(the
“Reversion Parcel 2 Commencement Triggering Event”)

Grantor
shall send written notice to Grantee (the “Reversion Parcel 2 Triggering Notice”)
notifying Grantee that they have sixty (60) days to submit plans and
specifications to all applicable governmental agencies relative to the
construction of Phase Three and then Developer shall be required to commence
construction of Phase Three not later than thirty (30) days following receipt
of the last of all permits and approvals necessary to construct same. In the
event Grantee fails to timely satisfy the requirements set forth in the
preceding sentence or in the event that the construction of Phase 3 is not
commenced by Grantee on or before November 21, 2013, Reversion Parcel 2 shall
revert to Grantor.

(B)                                Termination of Right of Reversion
as to Reversion Parcel
2. The foregoing right of
reversion with respect to Reversion Parcel 2 shall automatically terminate with
respect to Reversion Parcel 2  at such
time that:

(1)          Grantee has provided Grantor satisfactory evidence that Phase Three
consists of at least 250 Timeshare Units in one building and completes Grantee’s
construction obligations concerning the Timeshare Project, including Minimum
Project Density.

(2)          the Grantee has provided evidence of delivery to the State of Nevada of
the completion bond(s) required pursuant to that certain Timeshare Purchase
Agreement dated December 10, 2004, as amended and modified by that certain
Modification Agreement Regarding Timeshare Purchase Agreement dated        ,
2007 (collectively, the “TPA”) and has provided to Grantor the Parent Guaranty,
as provided in Section 9(n) of the TPA with
respect to the construction of Phase Three.

(3)          Developer shall have commenced construction of Phase Three upon
Reversion Parcel 2.

Upon
the occurrence of the foregoing Items 1 through 3 of this Section II(B), the
right of reversion as to Reversion Parcel 2 shall terminate. Grantor shall,
upon request of Grantee, execute and cause to be recorded among the Clark
County, Nevada land records, at Grantee’s expense, a notice of said termination
(“Termination of Reversion”) in form and substance satisfactory to Grantor and
Grantee in their reasonable discretion. 
Said notice shall include a legal description for Reversion Parcel
2.  Thereupon, the possibility of
reversion as to Reversion Parcel 2, described herein, shall terminate and be
null and void as to the property so described.

(C)                                Limitations on Grantor in the
Event of Reversion.  In the event of a reversion of Reversion
Parcel 2 to Grantor, Grantor agrees as follows:

(1)                                  Until the occurrence of a Fully Sold Project,
to the extent of Timeshare Units in the portion of the Timeshare Project
actually completed by Grantee,

(A)                               Phase Three and any subsequent phase shall
not be developed or marketed as timeshares, and appropriate provisions shall be
mutually negotiated relating to non-competition and interference with Grantee’s
timeshare sales and marketing efforts in the portion of the Timeshare Project
actually constructed by Grantee; and

(B)                                all applicable provisions of the TPA
Agreement – including but not limited to provisions concerning marketing fees,
marketing locations, exclusivity, Vacation Rentals, Maintenance Agreements and
easements – shall continue in full force and effect;

provided that the foregoing shall not limit or
otherwise affect Grantor’s activities with respect to anything other than
Timeshare Units; and

(2)                                  After occurrence of a Fully Sold Project to
the extent of Timeshare Units in the portion of the Timeshare Project actually
completed by Grantee, Grantor may develop and/or sell Phase Three and any
subsequent phases of the Timeshare Project without regard to the aforesaid
limitations, including but not limited to a competing timeshare project and/or
a competing timeshare developer.

(D)                               Reversion/Termination of Rights, 
If there is a
reversion of Reversion Parcel 2 pursuant to this Section II of this REVERSION RIDER, all right, title and interest
of Grantee with respect to Reversion Parcel 1 and Reversion Property 2
under the TPA, and all right, title and inter­est of Grantee with respect
to the Reversion Property under all other applicable Timeshare Development
Documents, shall immediately terminate; and Grantee shall execute, seal,
acknowledge and deliver such instruments of conveyance and such other documents
and agreements as may be necessary or appropriate to confirm said termination
and complete said reversion.

III.                                 ASSIGNMENT TO PREVENT REVERSION
OF REVERSION PARCEL 1 AND/OR REVERSION PARCEL 2

(A)                              In order to prevent a reversion of either
Reversion Parcel 1 and/or Reversion Parcel 2 as contemplated herein, Grantee’s
rights to develop the Timeshare Property (or applicable portion) may be
assigned, such assignment and assignee subject to the prior approval of the
Grantor in its reasonable discretion, such approval not to be unreasonably
withheld, conditioned or delayed.  In the
event of an assignment pursuant to this Paragraph III(A) of this Reversion
Rider (Exhibit “5”):

(i)                                     The assignee shall in writing assume all of
the obligations of the Grantee under the TPA, the Timeshare Development
Agreements and all other applicable docu­ments and agreements; and, with
respect to the portion of the Timeshare Property so assigned, Grantor shall
remain bound by all applicable provisions of the TPA and this Agreement,
including but not limited to provisions concerning marketing locations, exclusivity,
management rentals and easements; and

(ii)                                  Grantee shall be and remain liable for any
and all acts and omissions, and all events and circumstances, occurring or
arising on or prior to the effective date of the assignment; and

(iii)                               With respect to the portion of the Timeshare Property so assigned, the
assignee shall be liable for any and all acts and omissions, and all events and
circumstances, occurring or arising after the effective date of the assignment;
and

(iv)                              With respect to the TPA and the other Timeshare Development Documents,
including but not limited to the Marketing and Leasing Agreement,

(a)                                  the Grantee and the assignee, to the extent
of their respective interests in the Timeshare Property, shall be severally
responsible for compliance with all applicable obligations owed to the Grantor,
pro rata in accordance with their respective interests in the Timeshare
Property, or on such other basis as may agreed upon in writing among the
Grantee, the assignee and the Grantor; and

(b)                                 all of the Grantor’s applicable obligations
shall be owed to both the Grantee and the assignee, pro rata in accordance with
their respective interests in the Timeshare Property, or on such other basis as
may agreed upon in writing among the Grantee, the assignee and the Grantor; and

(v)                                 Thereupon, the Grantee shall be released from
liability hereunder with respect to the interests so assigned, subject to
Section III(A)(ii) above.

IV.                              ADVANCE WORK

Grantor
and Grantee acknowledge that as of the date hereof, Grantee has satisfied all
obligations to commence construction with respect to Phase 1 of the Timeshare
Project by completing, among other thing, certain advance work. This advance
work consists of:

(C)                                footers which underpin or will underpin all
three (3) phases of the Timeshare Project (collectively, the “Footers”); and

(D)                               four (4) levels of infrastructure, lobby,
support space, public space and swimming pool(s), all of which apply or
will apply to Phase 1 and Phase 2 of the Timeshare Project
(collectively, the “Podium”).

Notwithstanding
Section 9(f) and Section 9(g) of the TPA or anything contained in
this REVERSION RIDER to the contrary,
commencement or completion of the Footers and/or the Podium will not, of
itself/themselves, affect the require­ments in the TPA for commencement or
completion of any Phase of the Timeshare Project after commencement of
Phase 1 or any requirement set forth in Items I or II above.  Commencement or completion of the Footers
and/or the Podium shall not be construed to constitute commencement of any
Phase of the Timeshare Project after Phase 1.

V.                                    EASEMENT AND SHARED USE AGREEMENT

In the event of a reversion of Reversion Parcel 1 and/or Reversion
Parcel 2 as set forth in Sections I or II above, then:

(A)                              the Grantee shall be forever obligated to provide and maintain support
to Reversion Parcel 1 and Reversion Parcel 2, as the case may be; and

(B)                                there is hereby granted to the Grantor and its successors and assigns,
pursuant to the provisions of Exhibit “6” attached hereto, which agreement
shall be effective upon the occurrence of a reversion of either Reversion
Parcel 1 and/or Reversion Parcel 2 as set forth herein, wherein Grantor and
its/their invitees, shall have a perpetual easement for access to, upon and
within the Footers and the Podium, all as more particularly set forth therein.

ANY AND ALL TERMS NOT
SPECIFICALLY DEFINED IN THIS EXHIBIT “5” SHALL HAVE THE MEANING ASCRIBED TO
SUCH TERM IN THE TPA (AS MODIFIED).Exhibit 10.2

TIMESHARE PROPERTY
MAINTENANCE & MANAGEMENT AGREEMENT

FOR

PLANET HOLLYWOOD TOWERS
BY WESTGATE

BETWEEN

OPBIZ, LLC (“Manager”)

AND

WESTGATE PLANET
HOLLYWOOD LAS VEGAS, LLC (“Developer”)

and

CFI RESORTS MANAGEMENT,
INC. (“RMI”)

September 10, 2007

TIMESHARE PROPERTY MAINTENANCE & MANAGEMENT AGREEMENT

This
Timeshare Property Maintenance & Management
Agreement (“Agreement”) is
dated as of September 10, 2007 and is made effective as of the Effective
Date (defined below) by and among Westgate Planet Hollywood
Las Vegas, LLC, a Florida limited liability company (“Developer”); CFI Resorts Management,
Inc., a Florida corporation (“RMI”); and OpBiz, LLC, a Nevada limited liability company (“Manager”).  Developer,
RMI and Manager are sometimes referred to collectively in this Agreement as the
“Parties” and individually as a “Party.”

RECITALS

A.
                                Developer
has purchased from PH FEE OWNER, L.L.C.,
a Delaware limited liability company and TSP
OWNER, L.L.C., a Delaware limited liability company (jointly and
severally hereinafter referred to as the “Seller”),
affiliates of Manager, certain real property situated in Clark County, Nevada
more particularly described on Exhibit A
attached hereto and incorporated herein, together with related assets
(hereinafter referred to as the “Timeshare Property”),
which is located adjacent to “Planet Hollywood Hotel and
Casino” (hereinafter referred to as the “Hotel and
Casino”); and

B.                                     Manager,
as Seller, and WESTGATE RESORTS, LTD., a Florida
limited partnership (“Westgate Resorts”),
an affiliate of Developer, as purchaser (Westgate Resorts is referred to
in the TPA, defined below, as Developer), entered into that certain Timeshare
Purchase Agreement dated as of December 10, 2004 as modified by that
certain Modification Agreement Regarding Timeshare Purchase Agreement dated as
of September 10, 2007 between Seller and Westgate Resorts (collectively,
the “TPA”). 
Pursuant to the TPA, Developer and RMI have agreed to execute a
master Maintenance & Management Agreement (the “Master Agreement”)
pursuant to which RMI will manage the Timeshare Property.

C.                                     Pursuant
to the terms of this Agreement, Developer and RMI (Developer and RMI are
referred to collectively herein as “Westgate” and
any reference to Westgate means each and/or both of Developer and/or RMI as the
context may require) desire to engage Manager to assist both RMI and Developer,
and to perform certain management services with respect to the Timeshare
Property; and Manager desires to be so engaged pursuant to the terms, conditions
and provisions of this Agreement.

AGREEMENTS

In
consideration of the mutual promises, covenants and agreements contained
herein, and for other good and valuable consideration, the receipt and adequacy
of which are hereby acknowledged, the Parties agree as follows:

1.              GENERAL PROVISIONS

1.1.                 Subject
to the provisions of this Agreement and during the Operating Term (defined
below) hereof, Westgate engages Manager as an independent contractor, and
Manager agrees to be so engaged, to provide rental vacancy management for the
Westgate Inventory as well as other delegated management services as specified
herein relative to the management of the Timeshare Property, and to otherwise
consult with, advise and assist Westgate in the management and operation of the
Timeshare Property as described in this Agreement during the Operating Term.  Pursuant to this Agreement,

Manager will offer under exclusive license, the
rental, management and maintenance of all Westgate Inventory at rates and terms
to be deter­mined by Manager in its commer­cially reasonable business
judgment.  RMI has or will be
engaged by the condominium association (the “Association”) created
in connection with the Timeshare Project to provide management services to
the Asso­ciation. Subject to the terms in this Agree­ment, the recipient and
beneficiary of Manager’s services hereunder will be RMI and Developer jointly,
unless otherwise specified herein. 
Westgate hereby covenants to use its best commercially reasonable
efforts to renew and keep in effect the Master Agreement so long as this
Agreement is in effect.

1.2.                 Manager’s
operation and management duties include the management, operation and
maintenance of the Commercial Unit.

1.3.                 Notwithstanding
anything contained herein to the contrary, RMI reserves the right, subject to
the Operating Standard, to manage, supervise, operate and control all as­pects
of guest relations, concierge services, reservations, check in, and check
out for all (i) Timeshare Interval Owners, (ii) exchange guests,
and (iii) vacation package guests (i.e., prospective purchasers
purchasing a vacation package from Westgate or its affiliates
or otherwise generated by Westgate’s marketing efforts).

2.              DUTIES OF WESTGATE

2.1.          Westgate
must, subject to the terms of this Agreement and in light of Manager’s obli­gations
hereunder, cause each Unit within the Timeshare Property to be furnished,
equipped, and, in consultation with Manager, refurbished (a) at least at a
level of service and quality gen­erally considered and classified by Interval
International or any other company providing exchange services with respect to
the Timeshare Property to be Five Star, or otherwise have the equivalent
highest possible exchange company rating; and (b) in accordance with the
Operating Standard, as defined in Section 3.1
below.

2.2.          Notwithstanding anything to the contrary in this Agreement, Westgate,
and not Manager or its delegee(s) (see, e.g., Section 3.5
below), is responsible for and will separately accomplish:
(a) Reservations made by Timeshare Interval Owners for occupancy in the
Timeshare Project; and (b) Check-in by Timeshare Interval Owners and/or
their guests for occupancy in the Timeshare Project; (c) Reservations made by
timeshare exchanges for occupancy in the Timeshare Project; (d) Check-In by
timeshare exchanges for occupancy in the Timeshare Project.

2.3.          RMI shall be solely responsible for the administrative aspects of the
Association’s activities, including, without limitation, the billing,
accounting and collection of maintenance fees and real estate taxes.

RMI is responsible for
producing the Association annual budget, which must be satis­factory to Manager
in all respects (including but not limited to reserves and contingencies and
accounting for uncollectible accounts), such approval not to be unreasonably
with­held.  The approved Association
annual budget for each year must be delivered to Manager on or before
September 15 in the year prior to the year in which said budget
is to be effective.

 2
 

2.4.          Assignment by Westgate.  See Section 14.1 below.

2.5.          Obligations of Westgate

2.5.1.                    Except as
otherwise expressly permitted under this Agreement, the TPA, the Marketing and
Leasing Agreement or any other agreement executed in further­ance of the TPA
(the “Transaction Documents”), without Manager’s
consent, Westgate may not publish any advertising materials or promotional
materials which promote rentals of Westgate Inventory. The foregoing shall not
limit West­gate’s activities pertaining to sale of Timeshare Intervals and
Whole Ownership Units at the Timeshare Property, so long as such activity is
otherwise in accord­ance with the TPA, the Marketing and Leasing Agreement and
the PHII License Agreement.

2.5.2.                    Westgate
shall do or cause to be done all such acts and things in or about the Timeshare
Property that are within Westgate’s control, in good faith and exercising
prudent commercial judgment, and Manager’s belief to be necessary to comply
with all applicable legal requirements and the terms of all insurance policies,
terms of all other agreements Westgate has entered relating to the Timeshare
Property, and to discharge any lien, encumbrance, or charge on or with respect
to the Timeshare Property and the operation thereof.

2.5.3.                    To
the extent required pursuant to this Agreement, Westgate will promptly take all
actions reasonably necessary to remedy any non-compliance with the Operating
Standard following written notice from Manager.

2.5.4.                    Westgate
must promptly notify Manager of any litigation filed or threatened against
Westgate involving the Trademarks, as well as any apparent third-parry infringe­ment
of the Trademarks of which Westgate becomes aware and must cooperate fully with
Manager on such matters.

2.5.5.                    On
Friday, January 11, 2008, and on every
Friday thereafter, Westgate shall deliver to Manager weekly reports, in form
and substance satisfactory to Manager in its reasonable discretion (each,
a “Westgate Inventory Release Report”),
including, among other things, Westgate’s best commercially reasonable
estimates of Westgate Inventory (broken down by category in accordance with the
definition of Westgate Inventory provided in this Agreement) which will be
available to Manager hereunder, and dates when said Westgate Inventory is
projected to be available to Manager for rental hereunder, said
projections to be applicable to each day of a three (3)
year period (1,095 days) commencing
on the date of each Westgate Inventory Release Report, except that such reports
delivered prior to September 30, 2009 shall
cover a three (3) year period (1,095 days) com­mencing on said date.  Westgate acknowledges that Manager, in order
to fulfill its bookings related to Westgate Inventory, is relying on the
Westgate Inventory Release Report(s), with the understanding that the Westgate
Inventory Release Reports are projections and not absolute predictions.  The Parties shall work together in good faith
to maximize revenues relative to the rental of Westgate Inventory.

2.5.6.                    Obtain and provide any required Asso­ciation and
other approval for any actions that Manager must receive prior approval for, as
required by the Association

 3
 

Declaration, Articles,
and Bylaws (“Association Governing
Documents”), attached as Exhibit B, to the extent same
is within Westgate’s control and subject to compliance with the Association
Governing Documents.

2.6.          Maintenance of Insurance Coverage

2.6.1.                    At
all times during the Operating Term, Westgate shall obtain or cause the
Association to maintain insurance with respect to the Timeshare Property with
coverages con­sistent with industry standards and any additional coverages
determined appro­priate by Westgate and Westgate’s institutional lender(s) and
as may be required by the Association Governing Documents.   Any premiums for said insurance shall be
Operating costs funded under the Operating Budget.

2.6.2.                    With respect
to any claim arising under any policy of insurance required hereunder, the
parties agree that each shall cooperate with one another to do the following:

2.6.2.1.                       cause
to be investigated all damage to or destruction of the Timeshare Property, as
it becomes known to Westgate, and report to Manager any such incident that is
material, together with the estimated cost of repair thereof;

2.6.2.2.                       prepare
any and all reports required by any insurance company as the result of a claim
or threatened claim under any policy obtained by such party hereunder, acting
as the sole agent for all other named insured additional insured, mortgagees
and loss payees; and

2.6.2.3.                       retain
all consultants and experts, including architects, engineers, project managers,
accountants and attorneys, as needed, to assist in analyzing any loss or
damage, determining the nature and cost of repair and preparing and presenting
any proofs of loss or claims to any insurers; or otherwise investigating any
personal injury, property damage, or other claim.

2.6.3.                    All
insurance policies provided for in this Section 2.6 and Section 3.3.18 must include:

2.6.3.1.                       Manager
and Westgate as parties insured thereunder, as their interests may appear;

2.6.3.2.                       where
applicable, mortgage (loss payable) endorsement(s) in favor of
Mortgagee(s), as their interests may appear;

2.6.3.3.                       where
applicable and permitted under the applicable policy, the insurer’s waiver of
subrogation rights against Manager and Westgate; and

2.6.3.4.                       a
requirement that the insurer provide to all named insureds at least thirty (30) days prior written notice of cancellation
on material change (other than increases in coverage) in the terms and
provisions of the applicable policy.

 4
 

2.6.4.                    Evidence of insurance

2.6.4.1.                       As
soon as practicable prior to the effective date of the applicable coverages,
the Party obtaining the insurance coverages under this Section 2.6
and Section 3.3.18 will pro­vide the
other Party with insurance certificates evidencing that the applicable
insurance requirements of this Agreement have been satisfied. As soon as
practicable prior to the expiration date of each such policy, the Party obtain­ing
such insurance will provide the other Party with insurance certificates evidencing
renewal of existing or acquisition of new coverages.

2.6.4.2.                       On
request of the other Party, each Party must furnish the other with a schedule
of insurance obtained by such Parry under this Section 2.6
and Section 3.3.18, listing the policy
numbers of the insurance obtained, the names of the companies issuing such
policies, the names of the parties insured the amounts of coverage, the
expiration date or dates of such policies and the risks covered thereby.

2.6.5.                    Review of Insurance.  All
insurance policy limits provided under this Section 2.6
and Section 3.3.18 may be reviewed by the
Parties annually following the commencement of the Operating Term, or sooner if
reasonably requested by either Party, to determine the suitability of such
insurance limits in view of exposures reasonably anticipated over the ensuing
Operating Year.  Westgate and Manager
hereby acknowledge that changing practices in the insurance industry and
changes in law and cus­tom may necessitate additions to types or amounts
of coverage during the Operating Term. 
The Parties will comply with any other insurance require­ments the other
reasonably requests in order to protect the Timeshare Property and the
respective interests of Westgate and Manager.

2.6.6.                    Deductibles/Insurance Proceeds.   Notwithstanding
anything contained in this Agreement to the contrary, the parties acknowledge
and agree that any uninsured loss or deductible required to be paid under any
policy of insurance maintained by any of the parties to this Agreement is an
Operating Cost to the extent of any dif­ference between the amount of any
special assessment or otherwise received by the Condominium Association
pursuant to the Association Governing Documents and the amount of any such
uninsured loss or deductibles.  The Association
Budget, adopted from time to time shall include adequate provisions for payment
of any contingency including insurance deductibles.  Moreover, the parties agree that Westgate
shall have final authority with respect to the disposition or applica­tion of
any insurance proceeds with respect to any claim or loss under any policies of
insurance with respect to the Timeshare Project or Timeshare Property subject
to the requirements of (i) Section 13.6,
(ii) the Association Governing Documents and (iii) the requirements of Westgate’s
institutional lenders.

2.7.          Proprietary information

2.7.1.                    Westgate
acknowledges that the proprietary information of Manager includes, but is not limited to: any computer software,
reservation systems, guest informa­tion generated in connection with the
reservation process (see, e.g., Section 5.1 below),
or any other similar information designated, from time to time by Manager, and
may also include management services of Manager’s designee or assignee

 5
 

(the foregoing is referred to herein as Manager’s
“Proprietary Information”). Manager’s
Proprietary Information and the goodwill asso­ciated therewith are
the sole and exclusive property of Manager and may be used by Manager and
its Affiliates for any purpose.

2.7.2.                    Manager acknowledges that the Proprietary Information of
Westgate includes, but is not limited to, computer software and
reservation system used in connection with the owner and guest check-in
process, owners’ list, purchaser information, sales prospects and lead lists,
owner and exchange guest information, Timeshare Property Guest Information,
defined in Section 5.1 below, and any
other similar information designated from time to time by Westgate.  Westgate’s Proprietary Information and the
goodwill associated therewith are the sole and exclusive property of Westgate
and may be used by Westgate and its Affiliates for any purpose.

2.7.3.                    The
provisions of this Section 2.7
will survive the expiration or sooner termination of this Agreement.

2.8.          Covenants. Representations and Warranties of Westgate.  Westgate
represents and warrants to Manager the following:

2.8.1.                    Each
of Developer and RMI is duly organized, validly existing, and in good standing
under the laws of the state of its organization, is duly qualified to do business
in the state in which the Timeshare Property is located, and has full power,
Authority, and legal right to execute, perform, and timely observe all of the
provisions of this Agreement to be performed or observed by Westgate. Each of
Developer and RMI’s execution, delivery and performance of this Agreement have
been duly authorized by all necessary action on the part of Westgate.

2.8.2.                    This
Agreement constitutes a valid and binding obligation of each of Developer and
RMI and does not and will not constitute a breach of or default under any of
the organizational or governing documents of either of Developer and RMI or
the terms, conditions, or provisions of any law, order, rule, regulation,
judgment decree, agree­ment, or instrument to which either of Developer and RMI
is a party or by which either or any substantial portion of either’s assets
(including the Timeshare Property) is bound or affected.

2.8.3.                    No
other approval of any third party (including any ground lesser or the holder of
any Mortgage or the Association) is required for each of Developer and RMI’s
execution and performance of this Agreement that has not been obtained prior to
the execution of this Agreement.

2.8.4.                    Each
of Developer and RMI Westgate, at its own expense, will maintain in full force
and effect throughout the Operating Term its legal existence and the rights
required for it timely to observe and perform all of the terms and conditions
of this Agreement.

2.8.5.                    Westgate
holds (or will hold prior to the Opening Date) and must maintain
throughout the Operating Term all Approvals necessary to permit the ownership
and operation of the Timeshare Property in accordance with the Operating
Standard and Legal Requirements.

 6
 

2.8.6.                    To
its actual knowledge, there is no litigation, proceeding or governmental
investigation pending or threatened against Westgate or any Affiliate that
could adversely affect the validity of this Agreement or the ability of
Westgate to comply with its obligations under this Agreement.

2.8.7.                    No
broker or finder was retained by Westgate to render services in connection with
any of the transactions contemplated hereby, and no fees are due to any third
party with respect hereto.

2.9.          [omitted]

2.10.                Authorization to Mortgage Timeshare Property.  See Section 14.1 below.

2.11.                       Protection of Manager’s Interest.  Westgate will
defend, indemnify and hold Manager harmless from and against any and all
losses, damages, costs and expenses that Manager may incur should this
Agreement be terminated by any Mortgagee so long as such termination is not
caused by an Event of Default by Manager.

3.              DUTIES AND LIMITATIONS OF MANAGER

3.1.           Operating Standard.   In fulfilling its duties hereunder, Manager will, in
consultation with Westgate, establish and conform to operating standards, policies
and programs and in effect from time to time for application equally to the
Hotel and Casino and to the Time­share Property.  In this regard, all in-room amenities in the
Timeshare Property shall be substantially the same as in the Hotel and Casino.  Notwithstanding anything contained
in this Agreement to the contrary, Manager has the right to identify all
operational and related amenities, fixtures and equipment for the Timeshare
Property, such as, but not limited to, the following:

(a)                            In-room amenities, including but not limited to, telephone, television and
cable/­channel equipment and programming, internet access capability, bathroom
products and supplies, bedroom products and supplies, such as bed linens, duvet
and pillows; work area products and supplies, and in-room retailing;

(b)                           Guest common amenities, including but not limited to, room service menu
offerings, dry cleaning, newspaper service, compendium services, key pack
contents;

(c)                            Tower common area amenities, including but not limited to, vending, ice,
mini-bar products, concierge;

(d)                           Global standardization of property specifications and suppliers, including
but not limited to, conforming the rooms and common areas in the Timeshare
Property to the visual and operational themes and concepts of the Hotel and
Casino; overall product suppliers and specifications such as electronic
equipment, pouring rights, sundry offerings, car rental; and

(e)                            Any standardization required by Manager’s designee, including but not
limited to, hotel reservation and yield management computer system and network
tie-in, “bill

 7
 

to room” capabilities, overall
hotel operator “manual” compliance relative to Westgate Inventory.

The Manager’s standards,
policies, programs and objectives of operation for the Time­share Property, as
described herein and as illustrated by (but not confined by) the fore­going,
are hereinafter referred to collectively as the “Operating
Standard”.  To remain
competitive and respond to new technology, guest needs, and market conditions;
Manager from time to time may modify, alter, change, delete or add to the
standards, policies and programs that comprise the Operating Standard.  Manager agrees that the Operating Standard is
subject to the PHII Licensing
& Memorabilia Agreement and that the Hotel and Casino bear the Planet
Hollywood theme.  As noted above, the Operating Standard
includes conforming the rooms and Commercial Unit to the visual and operational
themes and concepts of the Hotel and Casino.

Notwithstanding the foregoing
provisions of this Section 3.1,
Westgate may provide, for the benefit of the Timeshare Property, from Westgate’s
separate suppliers, any group or category of items stated to be within Manager’s
discretion as provided above, provided that
any such provision must be on materially better financial and other terms
(viewed on an overall basis, and including consideration of the effect
thereof on Manager’s overall contractual relations with all of its suppliers),
as determined by Manager; and provided further
that any such items must be of equal or better quality to those identified by
Manager and in any event in conformance with the Operating Standard, all as
deter­mined by Manager.

3.2.           Subject
to the overriding obligation to comply and ensure compliance with the Operating
Standard (including but not limited to the
visual and operational themes and concepts of the Hotel and Casino)
at all times, the initial furnishing of the Units will be within Westgate’s
discretion subject to the provisions of Section 9(b) of the TPA and except
to the extent within Manager’s discretion as provided in Section 3.1 above. 
Westgate shall cause all furnishings,
fixtures, equipment and amenities placed in the Timeshare Property to meet or
exceed the existing equivalents with respect to same contained within the Hotel
and Casino, and in any event to conform in all respects to the Operating
Standard as enforced by Manager. 
Examples of items within Westgate’s discretion,
to be exercised in accordance with this
Section 3.2, include, but are not limited to,

actual construction and furnishing of the Units,
including wallpaper, floor coverings, cabinetry, appliances, built-ins, if any,
and furniture

3.3.           Duties of Manager

3.3.1.                    During
the Operating Term, Manager will: (i) manage and operate the Timeshare
Property as an integrated operation with the Hotel and Casino, except with res­pect to
Timeshare Interval Owners as provided in Section 1.3 and Section 2.2; (ii) direct and supervise the
Timeshare Property Personnel (as defined below) regarding the man­agement and
operation of the Timeshare Property on a day-to-day basis in ac­cordance
with the Operating Standard, the Operating Plan and the terms of this
Agreement; (iii) implement or effectuate the Operating Plan
in accordance with the Operating Budget; and (iv) provide other
advice, assistance and recommendations to Westgate to promote the efficient
operation of the Time­share Property.

 8
 

3.3.2.                    During
the planning and construction phase of the Timeshare Project, Manager
will advise and consult with Westgate on construction programming issues
including, without limitation, front and back of house specifications; amenity
offerings, including food and beverage, retail/sundry, if any; and related
opera­tions; and in-room amenities, all of which must comply with Section 3.1.

3.3.3.                    Subject
to the provisions of Section 3.1,
Manager will coordinate the design, construction and installation of any renova­tions,
improvements, repairs, or replacements of FF&E, building systems, or other
physical components of the Timeshare Property that may be undertaken, including
the expenditure of reserves designated as part of the Operating Budget.

3.3.4.                    Manager
will negotiate and execute, in consultation with Westgate, and manage/­monitor
all service contracts, operating leases, licenses and other agreements
pertinent to the management and operation of the Timeshare Property,
including Timeshare Property Amenities, as provided herein.  All such contracts, leases, licenses and
agreements shall be paid as Operating Cost pursuant to the then-applicable
Operating Budget.

3.3.5.                    Manager
will establish and maintain personnel policies and practices relating to the
employment and engagement of personnel for Timeshare Property all of whom shall
be employed by Manager and whom shall carry out Manager’s duties here­under (“Time­share Property Personnel”) including:
(i) policies and practices relating to terms and conditions of employment,
screening, selection, training, supervision, com­pensation, bonuses, severance,
pension plans and other employee benefits, dis­cipline, dismissal, transfer and
replacement; and (ii) policies and practices relating to the exercise by
any Timeshare Property Personnel of rights under the National Labor Relations
Act or any applicable labor laws in relation to the Timeshare Property
(including union organization, recognition and withdrawal of recognition,
union elections, contract negotiation on a single-employer or multi-employer
basis, grievances, unfair labor practice charges, strikes and lockouts).

“Timeshare Property
Personnel” does not include any person employed by Westgate to
perform the services reserved to Westgate as set forth in Section 1.3
and Section 2.2.  Westgate may in its reasonable
discretion adopt separate per­sonnel policies and practices relating to its
personnel engaged in such services and other services performed by Westgate
with respect to operation of Time­share Vacancies (not including Westgate
Inventory rented by Manager) and the Association, provided that any such
separate policies and practices shall conform in all respects to the Operating
Standard. All costs relative to the foregoing are part of the Operating Costs
and shall be included within the Operating Budget.

Manager’s policies and practices related to
Timeshare Property Personnel need not be identical to Manager’s policies and
practices related to Manager’s personnel who are not Timeshare Property
Personnel.

3.3.6.                    Manager
will hire, pay, transfer and dismiss all Timeshare Property Personnel in
accordance with the policies adopted pursuant to Section 3.3.5.

 9
 

3.3.7.                    Manager
will cause the Timeshare Property Personnel employed by Manager to be available
to consult with Westgate at Westgate’s reasonable request concern­ing policies
and procedures affecting the conduct of the business of the Timeshare Property
and its compliance with the Operating Standard.

3.3.8.                    Maintain
in consultation with Westgate complete books of account and records relating to
Manager’s services consistent with GAAP and otherwise in accordance with
Manager’s customary accounting policies, practices and systems.

3.3.9.                    Subject
to the limits on Manager’s obligations as set forth in Section 3.4 and
other applicable provisions of this Agreement, Manager will keep the Timeshare
Property and the FF&E in good operating order, repair and condition,
consistent with the Operating Standard, including making necessary
replacements, improvements, additions and substitutions thereto.  Except as agreed to by Manager, Manager will
not be responsible for any extraordinary repairs or replacements.  Determination of the necessity for and the
means of executing extraordinary repairs or replacements shall be in Manager’s
sole discretion.  In addition, Manager
may make minor repairs or replacements which are required to be made in the ordinary
course of business, emergency repairs or replacements which threaten the life,
safety, or welfare of guests of the Timeshare Property or the Hotel and Casino,
repairs or replacements, which if not made, are reasonably likely to result in
physical damage to or loss to the Timeshare Property, and/or repairs or
replacements which are reasonably likely to cause the operations of the
Timeshare Property to be materially impaired. Any other repairs or replacements
not permitted by the foregoing provisions of this Section shall be included
within the Operating Budget and planned for in advance by Manager and
Westgate.  Manager shall endeavor to
provide prior or contem­poraneous or prompt subsequent notice to Westgate of
emergency and extra­ordinary repairs and replacements not included within the
Operating Budget and planned for in advance as aforesaid.

3.3.10.              Supervise
and negotiate and purchase all inventories, provi­sions, consumable supplies
and operating supplies that are necessary and proper to maintain and operate
the Timeshare Property, and for use in the management and operation of the
Timeshare Property;

3.3.11.              With
Westgate’s cooperation, prepare the annual Operating Plan, as defined in Section 4, for each Operating Year;

3.3.12.              Develop,
in cooperation with and subject to Westgate’s approval, an annual Operating
Budget for the Timeshare Property and the Association, as further described in Section 4.

3.3.13.              Collect,
account for and remit to governmental authorities all applicable excise, sales,
occupancy and use taxes or similar governmental charges collectible by
the Timeshare Property and arising from Westgate Inventory and other
operations (other than the sale of Timeshare Interest or vacation packages by
Westgate) directly from patrons or guests, or as part of the sales price of any
goods, services, or displays, including gross receipts, admission, or similar
or equivalent taxes duties, levies or charges;

 10
 

3.3.14.              Collect
all charges, rent and other amounts due from guests, lessees and conces­sionaires
of the Timeshare Property, as a fiduciary, and use those funds, as well as
funds from other sources as may be available to the Timeshare Property, in
accordance with the terms of this Agreement.

3.3.15.              Consult
and cooperate with Westgate regarding Developer’s personnel to take such
actions as Manager reasonably determines are necessary for the Timeshare
Property to become (or remain) in compliance with the Operating Standard.

3.3.16.              Consult with and otherwise advise Westgate in the
creation of an annual marketing plan for the
Timeshare Property.

3.3.17.              Consult
with and otherwise advise Westgate in connection with Westgate’s duties and
obligations under this Agreement.

3.3.18.              Avail
itself of Manager’s yield management system (which may, but need not,
be the same system that Manager utilizes in connection with the operation
of the Hotel and Casino), in filling Westgate Inventory vacancies
committed timely to Manager’s hotel operation in accordance with the TPA.

3.3.19.              During
the Operating Term, Manager shall maintain insurance with respect to
the performance of its duties hereunder with coverages consistent with
industry standards for hotel/timeshare managers in Las Vegas.

3.3.19.1.                 With
respect to any claim arising under any policy of insurance required hereunder,
Manager promptly will (a) cause to be investigated all damage to or destruction
of the Timeshare Property, as it becomes known to Manager, and report to
Westgate any such incident that is material, together with the estimated cost
of repair thereof; (b) in consultation with Westgate, prepare any and all
reports required by any insurance company as the result of a claim or
threatened claim under any policy obtained by such party hereunder, acting as
the sole agent for all other named insured additional insured, mortgagees and
loss payees; and (c) assist Westgate in retention of all consultants and
experts, including architects, engineers, project managers, accountants and
attorneys, as needed, to assist in analyzing any loss or damage, determining
the nature and cost of repair and preparing and presenting any proofs of loss
or claims to any insurers; or otherwise investi­gating any personal injury,
property damage, or other claim.

3.3.19.2.                 Manager
and Westgate agree to collaborate efforts to obtain and maintain any insurance
required under this Agreement.

3.3.20.              Collect
all rent, revenue and other amounts received by Manager from rental of the
Westgate Inventory, as well as the performance of its obligations hereunder,
and deposit and use such sums as required by Section
9.3.4.

3.4.           Limitations on Manager’s Duties and on Manager’s Liability

3.4.1.                    The
Parties agree that the Operating Account is to be funded with (i) mainten­ance fee
revenue and other Association funds, if any, all of which is Westgate’s respon­sibility
to collect and remit, in accordance with Section 9.3.1 and
other

 11
 

applicable provisions hereof; and (ii) rental
revenue from Westgate Inventory, which is Manager’s responsibility, as Manager
hereunder, to collect and remit.  Manager’s
duties under this Agreement are subject to timely actual receipt by Manager of
Association and Westgate funds pursuant to clause (i) above and any funds
required to be provided by Westgate pursuant to its Shore-Up obligations under
Section 18(c) of the TPA as modified by the Modification Agreement.

3.4.2.                    Manager’s
Shore-Up obligations under Section 18(c) of the TPA as modified by
the Modification Agreement shall be conditioned upon timely actual receipt by
Manager of all maintenance fees and other amounts paid by Timeshare Interval
Owners, in accordance with the then-applicable Operating Plan and
Operating Budget.

3.4.3.                    Anything
in this Agreement to the contrary notwithstanding, Manager will be excused
from its obligations hereunder (i) to the extent and whenever Manager
is prevented from performing such obligations by reason of the occurrence
of a Force Majeure (as set forth in Section 44 of the TPA); (ii) to the
extent Manager may be prevented from performing such obligations as a result
of any breach by West­gate of any provision hereof (including,
without limitation, Westgate’s obligation to remit maintenance fee revenue as
provided in Section 3.4.1 above);
or (iii) to the extent and wherever there is herein provided a
limitation on Man­ager’s abilities to expend funds in respect of the Timeshare
Property when failure to expend such funds may reasonably prevent Manager from
meeting its obliga­tions hereunder.

3.4.4.                    In
connection with any insurance coverages required or obtained under this Agreement,
neither Manager nor any insurance broker which may be retained by Manager
or its Affiliates makes any warranty or representation regarding the
advisability, nature, or extent of the insurance coverages provided by Manager
for the benefit of Westgate or any other coverages that Westgate should
consider for the pro­tection of Westgate, the Timeshare Property and its
operations.  Westgate must rely
exclusively on its own insurance advisors with respect to all insurance
matters.

3.4.5.                    Any
and all financial projections, analyses and budgets prepared by Manager under
this Agreement, if any, are intended to assist in operating the Timeshare
Property, but are not to be relied on by Westgate or any third party as to the
accuracy of the information contained therein or the results predicted. Manager
does not guarantee the accuracy of the information contained in such
projections and budgets, nor does it guarantee the results of such projections
and budgets, and Westgate acknowledges that Manager will not be held responsible
by Westgate or any third party for any divergence between such projections and
budgets and actual operating results achieved. If Westgate provides any such
financial projections or budgets to a third party, Westgate is obligated to
advise such third party in writing of the substance of the disclaimer set forth
in this Section 3.4.5.  The failure of the Timeshare Property to
achieve any Operating Plan for any Operating Year is not an Event of Default
under this Agreement and does not entitle Westgate to claim a breach by Manager
or to terminate this Agreement.

 12

3.4.6.                    If
any environmental, construction, personnel, real property-related, or other
problems arise at the Timeshare Property during the Operating Term that
(a) re­late to the operation of the Timeshare Property prior to the
Operating Term or to activities undertaken prior to the Operating Term at the
Timeshare Property or on the real property on which the Timeshare Property
is situated, or (b) are caused by sources outside of the Timeshare
Property, then, except to the extent not covered by casualty insurance
proceeds, Manager’s services under this Agreement do not extend to management
of any abatement or other correction of such problems and Westgate will retain
full managerial and financial responsibility for and control over abating or
correcting such problems.

3.4.7.                    Subject
to the provisions of Section 3.1,
none of Manager, its affiliates and its and their respective officers,
trustees, directors, employees, agents or successors will have any liability of
any nature whatsoever with respect to the design, construc­tion, initial
furnishing, equipping or decoration of the Timeshare Property, including
with respect to any advice, assistance, recommendations or other services or
approvals furnished or given by Manager or its Affiliates in connection with
any initial or any other construction, alteration or renovation of the
Timeshare Property. If Manager or any Affiliate thereof review and/or approve
any plans, specifications, budgets or the like in connection with any initial
or any other construction, altera­tion or renovation of the Timeshare Property,
no such review or approval will im­pose on Manager or its Affiliate any
responsibility for the content thereof, for any errors or defects con­tained
therein or for any other matter related to the design or construction thereof
or the cost thereof.

3.5.           Delegation by Manager.

3.5.1.                    Manager
will have the right to delegate some or all of its responsibilities under
this Agreement to one or more of: (i) any Affiliate or Affiliates of
Manager; or (ii) Starwood or any other nationally recognized hospitality
management company; or (iii) with Westgate’s approval, not to
be unreasonably withheld, any other third party manager.  Notwithstanding the foregoing, Manager
expressly acknowledges and agrees that Manager shall not be entitled to, nor
shall Manager delegate any responsibilities or duties hereunder, in whole or in
part, to any Competitor of West­gate. 
Any such delegee must assume and agree to be bound by all applicable
terms and provisions of this Agreement and the terms of any subordination or
other agreement entered into by Manager in connection with any Westgate’s
financing of the Timeshare Property.  At
Westgate’s request, Manager will deliver to Westgate an executed counterpart of
the instrument effecting any such delega­tion by Manager and assumption by
the delegee.  Upon such
engagement and delegation, any and all references herein to Manager shall
mean such delegee(s) to the extent thereof. 
Notwithstanding any such delegation, Manager will remain liable to Westgate
pursuant to the terms, covenants, and conditions contained in this Agreement
and any such delegation will not relieve Manager of any obligation or liability
resulting from a failure of performance hereunder.

3.5.2.                    Notwithstanding
Section 3.5.1, Manager agrees that
during the Operating Term and provided that this Agreement has not been
terminated, Manager may not and must not permit any Affiliate to, own, operate,
manage, license or franchise any timeshare, vacation club, fractional ownership
or similar facility within Clark

 13
 

County, Nevada. 
For clarity, this Section 3.5.2
will not apply to any of Manager’s delegees selected as described in Section 3.5.1.

3.6.           Representations and Warranties of Manager.  Manager represents and warrants to Westgate the following:

3.6.1.                    Manager
is a corporation duly organized, validly existing, and in good standing under
the laws of the state of its organization, is duly qualified to do business in
the state in which the Timeshare Property is located, and has full power,
authority, and legal right to execute, perform, and timely observe all of the
provisions of this Agreement to be performed or observed by Manager. Manager’s
execution, delivery, and performance of this Agreement have been duly
authorized by all necessary corporate action on the part of Manager.

3.6.2.                    This
Agreement constitutes a valid and binding obligation of Manager and does not
and will not constitute a breach of or default under the organizational and
governing documents of Manager or the terms, conditions, or provisions of any
law, order, rule, regulation, judgment, decree, agreement, or instrument to
which Manager is a party or by which it or any substantial portion of its
assets is bound or affected.

3.6.3.                    No
approval of any third party is required for Manager’s execution and perform­ance
of this Agreement that has not been obtained prior to the execution of this
Agreement.

3.6.4.                    Manager,
at its own expense, will maintain in full force and effect throughout the
Operating Term its legal existence and the rights required for it timely to
observe and perform all of the terms and conditions of this Agreement.

3.6.5.                    To
its actual knowledge, there is no litigation, proceeding or governmental
investigation pending or threatened against Manager that could adversely affect
the validity of this Agreement or the ability of Manager to comply with its
obliga­tions under this Agreement.

3.6.6.                    No
broker or finder was retained by Manager to render services in connection with
any of the transactions contemplated hereby, and no fees are due to any third
party with respect hereto.

3.6.7.                    Manager
(or an Affiliate of Manager) (or Manager’s delegee) owns the rights to the
Brand Name and Manager has the right to use the Brand Name at the Timeshare
Property in the manner contemplated in this Agreement.

3.7.          [omitted]

3.8.          Estoppel Certificates. 
On request at any time and from time to
time during the Oper­ating Term, Manager must execute, acknowledge, and deliver
to Westgate or any Mort­gagee, within thirty (30) days
following Manager’s receipt of written request therefor, a certificate:
(i) certifying that this Agreement has not been modified and is in full
force and effect (or, if there have been modifications, that the same is in
full force and effect as modified and specifying the modifications);
(ii) stating whether, to the knowledge of the signatory of such
certificate, any default by Westgate exists, including any Event of

 14
 

Default, and if so, specifying each default of
whish the signatory may have knowledge; and (iii) providing any additional
information reasonably requested by Westgate or a Mortgagee; provided, however, that in no event will Manager be required
to agree to any modifications or waivers with respect to this Agreement or
other agreements in effect between the Parties. On similar notice, Manager will
be entitled to a similar certificate from Westgate, any Mortgagee (with respect
to any Mortgage), or any ground lessor (with respect to any ground lease).

3.9.          Use of Affiliates by Manager. 
In fulfilling its obligations under this
Agreement, Manager may from time to time use the services of one or more of its
Affiliates.  Subject to the terms of 3.1,
if an Affiliate of Manager performs services Manager is required to provide
under this Agreement, Manager will be ultimately responsible to Westgate for
its Affiliate’s performance, and Westgate will not pay more for the Affiliate’s
services and expenses than Manager would have been entitled to receive under
this Agreement had Manager performed the services. If an Affiliate of Manager
otherwise performs services for or provides goods to the Time­share Property,
such goods or services will be supplied at prices and on terms at least
as favorable to the Timeshare Property as if Manager had done so generally
available in the relevant market and consistent with the terms made available
to similar timeshare properties.

3.10.                Purchasing.   In the performance of Manager’s obligations
under this Agreement, Manager shall have total discretion in choosing and
purchasing all applicable goods and services from vendors chosen by
Manager.  All such purchases shall be at
prices and on terms which are competitive. 
For purposes of determining competitiveness, the goods and/or services
which are being purchased may be grouped in reasonable categories, rather than
being com­pared item by item.  In respect
of such purchases, Westgate understands and acknowl­edges that Manager and/or
its Affiliates may receive certain payments, fees, commissions or
reimbursements from vendors, and that Manager and/or its Affiliates may have
investments in such vendors and may profit from such payments, fees or
reimbursements; provided that, if and to the
extent that Manager delegates to an Affiliate in accordance with clause (i) of Section 3.5.1, any
payments, fees, commissions or reimbursements from vendors to said Affiliate
will be treated as part of Gross Rent and Maintenance Fee Income to the
extent to the extent attributable to the Timeshare Property.  Similarly to the provisions of Section 3.1, Westgate may provide, for the benefit of the
Timeshare Property, from Westgate’s separate suppliers, any group or category
of goods and services, provided that
any such provision must be on materially better financial and other terms
(viewed on an overall basis, and including consideration of the effect thereof
on Manager’s overall contractual relations with all of its suppliers), as
determined by Manager; and provided further
that any such items must be of equal or better quality to those identified by
Manager and in any event in conformance with the Operating Standard, all as
determined by Manager.

3.11.     Mortgage Provisions.

3.11.1.              On
reasonable advance notice from Westgate’s lender(s), Manager will accord to
such lender and its agents the right to enter on any part of the Timeshare
Property at any reasonable time for the purposes of examining or inspecting the
same, or examining or making extracts from books of account and financial
records of the Timeshare Property; provided, however,
that any expenses incurred in con­nection with such activities are paid or
reimbursed by Westgate.

 15
 

3.11.2.              Without
limiting the obligations of Westgate under Section 2.10,
Manager hereby acknowledges that Manager will, upon the request of Westgate,
enter into one or more subordination agreements with Westgate’s
lender(s) or with respect to any deed of trust contemplated by the
financing agreement(s) on customary terms reasonably acceptable to Manager
the effect of which will be to permit such lender(s) following a default
by Westgate under any such deed of trust to terminate this Agreement and
acquire title to the Timeshare Property by foreclosure, deed-in-lieu thereof or
otherwise free of any claims or interest of Manager, other than claims relating
to fees and expenses payable to Manager for any period during which Manager
performed its services hereunder for the benefit of such Mortgagee. Westgate
hereby acknowledges that to the extent there is any conflict between this
Agreement and any such subordination agreement, Manager’s compliance with the
terms of such subordination agreement may not cause a breach or default on the
part of Manager under this Agreement.

3.11.3.              Subject
to the limits on Manager’s obligations as set forth in Section 3.4 and
other applicable provisions of this Agreement, Manager will cause the Timeshare
Property to be operated in compliance with all of the covenants and terms of
any financing agreement now or hereafter entered into and of which Westgate
have given or hereafter gives Manager notice, except to the extent of any
inconsistency with this Agreement.

3.11.4.              To
the extent that Manager prepares or submits any information to Westgate
from time to time pursuant to this Agreement, Manager will, if so
requested by Westgate’s lender(s) from time to time, provide the
requesting lender with a copy of that information.

3.11.5.              Manager
must promptly provide each lender of whom Manager has notice with copies of all
notices received from any governmental agency or department with respect to the
Timeshare Property or from any private litigant (except for any litigation
relating to personal injury and seeking damages that are fully covered by
insurance except for any deductible).

3.11.6.              To
the extent that Manager enters into transactions relating to the Timeshare
Property with any of the Manager’s Affiliates, Manager will, upon request from
any Mortgagee, identify and list all such transactions, summarize the material
terms thereof, and provide reasonable evidence that such terms are on terms
competitive with the terms of an arms-length transaction available from
third-party providers.

3.11.7.              Upon
request from any Mortgagee from time to time, Manager will confirm the terms of
this Section for the benefit of any Mortgagee.

3.11.8.              Any
and all costs and expenses incurred by Manager in performing its agreed
obligations under this Section 3.11
are deemed Operating Costs.

4.              OPERATING PLAN AND OPERATING BUDGET

4.1.          On
or before November 1 of each year during the
term of this Agreement, Manager will prepare and deliver to the
Association and Westgate for their review and approval by Westgate a
proposed operating plan (the “Operat­ing Plan”)
and operating budget (the “Operating Budget”)
for the next ensuing calendar year (the “Operating Year”),

 16
 

with annualized projections of gross
operating revenue and operating costs for such Operating Year. The Operating
Budget shall incorporate the terms and conditions of the Association
Budget for the Operation of the Timeshare Property (the “Association
Budget”) for the applicable Operating Year which shall be
established and provided to Manager as provided in Section 2.3
above.

4.2.          The
proposed Operating Plan and Operating Budget for the next ensuing Operating
Year must be prepared in a manner consistent with Manager’s standard planning
and budgeting requirements with such additions and modifications thereto are
deemed appropriate by Manager and will contain the following items, which will
be set forth for each month of such Operating Year:

(i)                        subject
to the limits on Manager’s obligations as set forth in Section 3.4
and other applicable provisions of this Agreement, estimated results
of operations, including estimated operating costs and estimated gross revenue
from mainten­ance fees, from hotel occupancy of Westgate Inventory, from rent,
and from other sources;

(ii)                     a
description of proposed capital improvements to be made during such ensuing
Operating Year and itemized estimated Capital Expenses and Repair and
Maintenance Expenses therefor (the “Capital Budget”),
which Capital Budget includes capitalized lease ex­penses and a contingency
line item, as set forth below;

(iii)                  subject
to the limits on Manager’s obligations as set forth in Section 3.4
and other applicable provisions of this Agreement, state­ment of
cash flow, including a schedule of any anticipated requirements for funding by
Westgate; together with the following supporting data: (x) estimates of
total labor costs, including both fixed and variable labor (y) estimates
of the average daily house rate and occupancy; and (z) an estimate
of Management Fees;

(iv)                 the
proposed rates for Timeshare Property rental and hotel usage including room
rates for individuals and groups, charges for room service, food and beverage
and for use of recreational or other guest facilities or amenities at the
Timeshare Property, billing policies with respect to the operation of the
Timeshare Property, price schedules, rates and rate schedules and all rents,
lease charges and concession charges for all areas of the Timeshare Property;
and

(v)                    amounts
and payment schedules for maintenance
fees to be paid by Timeshare Interval Owners for the Operating Year in
question.  As provided in the TPA, the
direct operating costs, replacement reserves and other customary and
appropriate expenses of the Timeshare Project shall be allocated to each
Timeshare Interval in the Timeshare Property as a maintenance fee.

As a condition to
Manager’s obligations hereunder, Westgate shall obtain and timely provide to
Manager (A) any required Asso­ciation and other approval for rental rates
(if and only if required by Association Governing Documents, attached
hereto as Exhibit B) and
maintenance fees and payment schedules, and (B) any and all information
and projections necessary or appropriate for Manager to produce and update the
proposed Operating Budget, which such information shall specifically include,
but shall not be limited to, revenue histories and revenue projections for
timeshare maintenance fees.

 17
 

4.3.          Pre-Approved Items in Operating Budget.  The
Parties agree that the Operating Budget shall include, among other line items,
the following line items:

4.3.1.                    all
Timeshare Property Personnel Costs (including all employment costs relating to
the Manager Executive Team to the extent attributable to the Timeshare Project)
incurred by Manager in accordance with the Operating Plan;

4.3.2.                    the
per diem charge, as established from time to time, for personnel of Manager or
its Affiliates (including the Manager Executive Team) assigned to special
projects for the Timeshare Property;

4.3.3.                    all
Operating Costs;

4.3.4.                    payments
made or incurred by Manager or its Affiliates, or its or their employees
to third parties for goods and services (i) in accordance with
the Operating Plan, (ii) as otherwise approved in writing by Westgate
or (iii) permitted under this Agreement;

4.3.5.                    all
taxes and similar assessments (other than Manager’s franchise, excise and
income taxes) levied against any reimbursements payable to Manager under
this Agreement for expenses incurred for Westgate’s account; and

4.3.6.                    charges
for the Timeshare Property’s equitably allocated share of all costs and
charges payable or incurred (without mark-up to Manager or its
Affiliates) to third parties including the following: (i) amounts
owed or paid to travel consortia groups, electronic distribution channels
(including the Global Distribution Systems), Internet-booking services, and
providers of network communications services in connection with processing
reservations for the Timeshare Property; (ii) amounts owed or paid to
centralized payers of travel agents’ commissions as Manager or its Affiliates
may contract with for the processing of such commissions earned for
reservations consumed at the Timeshare Property; (iii) charges for the
cost of preparing, printing and dis­tributing operations manuals, accounting
bulletins, employee handbooks, forms and similar publications; (iv) the
costs of printing employee handbooks and forms, and (v) costs incurred by
Manager on behalf of Timeshare Prop­erty Personnel and the Manager Executive
Team in attending management conferences and seminars organized by the
corporate divisions of Manager and its Affiliates, and any costs of Corporate
Personnel in presenting and/or training the Timeshare Property Personnel and
the Manager Executive Team at such conferences and seminars.

4.4.           Reserves.
 The Operating Plan and Operating Budget shall
provide for the following reserves:

(a)                            Association Reserve Funds:  Westgate shall cause the Association to budget and collect
reserves for Capital Expenses (defined in Section 6.1
below) and Repair and Maintenance Expenses (defined in Section 6.2
below) with respect to all portions of the Timeshare Property com­mitted to the
Timeshare Plan (the “Association Reserve Funds”)  The Asso­ci­ation Reserve Funds shall be
maintained in separate segregated accounts (the “Association
Reserve Funds Account”) as required by the Association Governing
Documents and in accord­ance with Section 9.3.

 18
 

(b)                           RM Reserve Funds.  The Manager shall, as a line item of the Operating Budget,
maintain reserves for the repair and maintenance of furniture, fixtures,
equipment, carpeting, other in-room amenities covered by Section 3.1,
and other similar items which are otherwise cus­tomarily reserved as
part of a hotel operation (hereinafter referred to as the “RM Reserve
Funds”).  The RM Reserve Funds
shall be main­tained in sep­arate segregated accounts (the “RM Reserve Funds Account”) in accordance with Section 9.3.

Neither the Association Reserve Funds Account,
nor the RM Reserve Funds Account, nor any funds therein, shall be pledged or
hypothecated or in any way encum­bered.

4.5.          The
parties acknowledge and agree that in order for Manager to fulfill its
obligations hereunder, an initial Operating Plan and Operating Budget must be approved
by Man­ager and Westgate.  Accordingly,
it is an express condition precedent to Manager’s obligations hereunder that
the initial Operating Plan and Operating Budget be approved by Manager and
Westgate, both parties acting reasonably and in good faith.  Thereafter, the proposed Operating Plan and
Operating Budget prepared by the Manager as afore­said, and approved by
Westgate, will become the Operating Plan and Operating Budget for
the ensuing Operating Year. 
If Westgate and Manager do not mutually approve an Operating Plan
and Operating Budget prior to the commencement of an Operating Year, then the
Operating Plan and Operating Budget for the Operating Year in question shall be
the Operating Plan and Operating Budget for the prior Operating Year, with such
adjustments, not exceeding ten percent (10%),
as Manager in its commercially reason­able discretion deems appropriate (“Interim Operating Plan and Budget”).  Such Interim Operating Plan and Budget shall
remain in effect until the new Operating Plan and Operating Budget have been
agreed to by the parties and adopted.

4.6.          During
each Operating Year during the Operating Term, and subject to the limits on
Manager’s obligations as set forth in Section 3.4 and
other applicable provisions of this Agreement, Manager will cause the Timeshare
Property to be operated in general ac­cordance with the approved Operating Plan
and Operating Budget for such Operating Year, as the same may be modified from
time to time in accordance with this Agreement.

4.7.          Subject
to the limits on Manager’s obligations as set forth in Section 3.4
and other applicable provisions of this Agreement,  if in Manager’s reasonable judgment any
expenditures are required on an emergency basis to avoid imminent physical
damage to the Timeshare Property or injury to Persons or property, Manager
may, subject to the last sentence of this Section 4.5,
make such expenditures, whether or not provided for or within the amounts
provided for in the approved Operating Plan and Operating Budget for the Operating
Year in question, as may reasonably be required to avoid or mitigate such
damage or injury. Such expendi­tures shall be treated as Operating Costs or
Capital Expenses and Repair and Maintenance Expenses as determined by Manager.
Manager will notify Westgate as promptly as reason­ably possible of the making
of any such expenditures.  Westgate will
promptly reimburse Manager therefor, to the extent not provided for in the
approved Operating Plan and Operating Budget for the Operating Year in question,
and Manager may con­dition its making of any such expendi­ture upon actual
receipt by Manager of sufficient funds to pay or reimburse Manager for all
costs and expenses thereof, or upon receipt from Westgate of confirmation
in writing of its reimbursement obligations hereunder, all
in accordance with Section 3.4.

 19
 

4.8.          If
any expenditures are required to comply with any applicable legal requirements
or to cure or prevent any violation thereof the existence of which does not
create an imminent threat of physical damage to the Timeshare Property or
injury to persons or property, Manager may elect in its sole discretion, either
to: (i) subject to the last sentence of this Section 4.6,
make such expenditures, whether or not provided for or within the amounts
provided for in the approved Operating Plan and Operating Budget for the
Operating Year in question, as may be necessary to comply with such legal
requirements or to remove or prevent the violation thereof; or
(ii) diligently contest in good faith the alleged violation.  Westgate will promptly reimburse Manager
therefor, to the extent not provided for in the approved Operating Plan and
Operating Budget for the Operating Year in ques­tion, and Manager may con­dition
its making of any such expendi­ture upon actual receipt by Manager of
sufficient funds to pay or reimburse Manager for all costs and expenses
thereof, or upon receipt from Westgate of confirmation in writing of its
reimbursement obligations hereunder, all in accordance with Section 3.4.

5.              BOOKS AND RECORDS: FINANCIAL STATEMENTS

5.1.          During
the Operating Term, Manager will cause books of account and other records
relating to or reflecting the results of the operation of the Timeshare
Property under the control of Manager to be kept in accordance with GAAP.  Information provided by Timeshare Property
guests at check-in for Timeshare Property marketing purposes in accordance with
the Marketing and Leasing Agreement, and information pertinent to Timeshare
Interval Owners and their “exchangees” staying at the Timeshare Property and
checking in with Westgate and not with Manager (collectively, the “Timeshare Property Guest Information”) shall be Westgate’s
sole and exclusive property and shall be treated as confidential by Manager as
more particularly set forth in the Transaction Documents.  Except as stated in the immediately preceding
sentence, all of Manager’s books of account and other financial records –
including but not limited to information relating to occupancy of Westgate
Inventory (other than occupancy by Timeshare Interval Owners and their “exchangees”
as aforesaid) or occupancy of the Hotel and Casino, such as, but not limited
to, guest profiles, contract information (e.g., addresses, phone numbers,
facsimile numbers and email addresses), histories, preferences and other
information obtained in the ordinary course of business from the rental of
Westgate In­ventory or from the rental of a room at the Hotel and Casino – are
Manager’s sole and exclusive property, but, to the extent related directly to
Manager’s management and operation of the Timeshare Property, will be
available to Westgate at reasonable times for exam­ination, audit, inspection
and copying, all at Westgate’s expense, for the sole purpose of verifying
Manager’s management and operation as provided herein.  Notwith­standing the foregoing, Westgate is
entitled to receive, and Manager shall provide in the ordinary course, all
pertinent information concerning Operating Costs, Capital Expenses, Repair and
Maintenance Expenses, and related financial information, to the extent
pertinent to management and operation of the Timeshare Property.

5.2.          Manager
must cause its personnel to prepare and deliver reasonably detailed monthly
operating reports to Westgate that reflect operational results of the Timeshare
Property for each month of the Operating Year on or before the twentieth (20th) day of the month following the month
(or partial month) to which such operating report relates. The reports
will be in a format (which may be amended from time to time) mutually
agreed upon by Westgate and Manager.  At
a minimum, monthly operating reports must include: (i) a balance sheet
including current month and prior year-end comparisons and differences in reasonable
detail; (ii) an income and expense statement for the month in question and
for

 20
 

the elapsed portion of the current Operating
Year through the end of such month; (iii) a statement of net cash flow
from operations in reasonable detail for such month and such elapsed portion of
the current Operating Year; (iv) a statement of the amount of the Man­agement
Fee and any other amounts payable or expenses reimbursable to Manager; and
(v) a schedule of Capital Expenses and Repair and Maintenance Expenses
showing, in reasonable detail, items budgeted, actual expenditures to date and
the amount of expenditures projected for completion. Such reports will also set
forth variances that have occurred and that are anticipated between the
applicable Operating Plan and actual results in a monthly variance report (along
with the statements mentioned above). Westgate will cooperate with Manager in
effecting the Timeshare Property Personnel’s preparation of such reports
(including allocating a sufficient number of Westgate’s personnel to work
in such regard). Manager will make available to Westgate members of the
Manager Executive Team as reasonably requested by Westgate to respond to
questions Westgate may have regarding such monthly reports.

5.3.          Within
forty-five (45) days after the end
of each of Westgate’s fiscal quarters during the Operating Term, Manager must
deliver to Westgate unaudited balance sheets, income statements and cash-flow
statements prepared in accordance with GAAP consistently applied, and certified
by the Manager as presenting fairly in all respects the financial condition and
results of operations of the Timeshare Property as of the end of such fiscal
quarter. Such reports will also set forth in comparative form the corresponding
figures for the current Operating Year to date, and the corresponding figures
for the entire corres­ponding period of the preceding Operating Year, in each
case subject to footnotes and normal year-end adjustments (the “Quarterly Financial Statements”). Concurrently with the
delivery of the Quarterly Financial Statements, Manager will deliver to
Westgate a management discussion and analysis describing any differences
between the reported financial results under the Quarterly Financial Statements
and the Operating Plan for the corresponding year-to-date, and including any other
information reasonably requested by Westgate. Westgate will cooperate with
Manager in effecting the Timeshare Property Personnel’s preparation of
such reports (including allocating a sufficient number of Westgate’s
personnel to work in such regard). Manager will make available to Westgate
members of the Manager Executive Team as reasonably requested by Westgate
to res­pond to questions Westgate may have regarding such Quarterly Financial
Statements.

5.4.          Within
sixty (60) days after the end of
each Operating Year during the Operating Term, Manager will deliver to Westgate
unaudited balance sheets, income statements and cash-flow statements prepared
in accordance with GAAP consistently applied (the “Operating
Year Financial Statements”), presenting fairly in all material
respects the financial condition of the Timeshare Property as of the end of the
applicable Operating Year and the results of operations of the Timeshare
Property during that Operating Year. The Operating Year Financial Statements
will be in form and substance reasonably acceptable to Westgate. Concurrently
with the delivery of the Operating Year Financial Statements, Manager will
deliver to Westgate a management discussion and analysis describing any
differences between the reported financial results under the Operating Year
Financial Statements and the Operating Plan for the corresponding Operating
Year, and including any other information reasonably requested by Westgate
or any Mortgagee. Westgate will cooperate with Manager in effecting the Timeshare
Property Personnel’s preparation of such reports (including allocating
a sufficient number of Westgate’s personnel to work in such regard).
Manager will make available to Westgate members of the Manager Executive
Team as reasonably requested by Westgate to

 21
 

respond to questions Westgate may have regarding
such Operating Year Financial Statements.

5.5.          By
April 30 of each Operating Year
(beginning with April 30 following the first Operating Year ending after the
Effective Date), Westgate will cause to be prepared and delivered, as an
Operating Cost, certified Financial Statements for the preceding Operating
Year. The Certified Financial Statement will consist of a balance sheet, a
statement of earnings and retained earnings and a statement of cash flows. The
Certified Financial Statements will contain a certificate of the Designated
Accountant to the effect that subject to any qualifications contained therein,
the financial statements fairly present in conformity with GAAP, the financial
position, and results of operations and cash flows of the Timeshare Property
for the Operating Year then ended. The Certified Financial Statements delivered
pursuant to this Section 5.5, and all
information contained therein, are binding and con­clusive on the Parties
unless, within sixty (60) days following the
delivery thereof, either Party delivers to the other Party written notice of
its objection thereto setting forth in reas­onable detail the nature of such
objection. If the Parties are unable thereafter to resolve any disputes between
them with respect to the matters set forth in the Certified Financial
Statements within sixty (60) days
after delivery by either Party of the aforesaid written notice, either Party
has the right to cause such dispute to be resolved by arbitration conducted in
accordance with the provisions of Section 12
below.

5.6.          Westgate
is responsible for preparing all of the financial statements and reports
required to be prepared and delivered hereunder to any lender of the Timeshare
Property.

5.7.          Notwithstanding
anything contained herein to the contrary, Westgate reserves the right
to require Manager to prepare separate financial statements for owner
occupancy and for hotel occupancy of the Timeshare Property in such form as may
be reasonably requested by Westgate.

6.              CAPITAL EXPENSES AND REPAIR AND MAINTENANCE EXPENSES

6.1.          Ordinary Repair and Maintenance
Expenses.  Subject
to the limits on Manager’s obligations as set forth in Section 3.4 and other applicable provisions of this
Agreement, Manager shall disburse or obligate Timeshare Property funds
including, without limitation, Association Reserve Funds and RM Reserve
Funds  for repair and maintenance items
other than daily opera­tions expense items, including but not limited to items such as repair and maintenance of furniture,
fixtures and equipment and other components of the Timeshare Property
(collectively, “Repair and Maintenance Expenses”)  in the ordinary course and as provided in the
applicable Operating Budget and Operating Plan.

6.2.          Ordinary
Capital Expenses. 
Subject to the limits on Manager’s obligations as set
forth in Section 3.4 and other
applicable provisions of this Agreement, Manager shall disburse or
obligate Association Reserve Funds for the addition and replacement of capital
expense and improvement items and other
components of the Timeshare Property (collectively, “Capital Expenses”) in the ordinary course and as provided in
the applicable Operating Budget and Operating Plan.  In the event of insufficient funds
in the Association Reserve Funds, Westgate shall pay any deficit into the
Association Reserve Fund.

6.3.          Extraordinary or Emergency Capital Expenses
and Repair and Maintenance Expenses.  Subject
to the limits on Manager’s obligations as set forth in Section 3.4 and

 22
 

other applicable provisions of this Agreement,
Manager shall disburse or obligate Time­share Property funds for Capital
Expenses and Repair and Maintenance Expenses not provided for
in the applicable Operating Budget or Operating Plan to the extent
Manager determines necessary, including but not limited to emergency or extra­ordinary
Capital Expenses and Repair and Maintenance Expenses to address threats to
the life, safety, or welfare of guests of the Timeshare Property or
the Hotel and Casino, and Capital Expenses and Repair and Maintenance Expenses
which, if not made, are reasonably likely to result in physical damage to or
loss to the Timeshare Property, and/or Capital Expenses and Repair and
Maintenance Expenses to prevent the reasonable likelihood of immediate material
impairment to the operations of the Timeshare Property.  Determina­tion of the necessity for and
the means of executing such extraordinary or emergency Capital Expenses and
Repair and Maintenance Expenses shall be in Manager’s sole but reasonable
discretion.  Manager shall endeavor to
provide prior or contemporaneous or prompt subsequent notice to Westgate of
emergency and extra­ordinary Capital Expenses and Repair and Maintenance
Expenses  not included within the
Operating Budget and planned for in advance as aforesaid.  In the event of insufficient funds in the
applicable Operating Budget and available reserves (including the Association
Reserve Funds Account and the RM Reserve Funds Account) and available
insurance proceeds for any such extraordinary or emergency Repair and
Maintenance Expenses contemplated in this Section 6.3,
Westgate and Manager shall each pay half of any deficit for Repair and
Maintenance Expenses (defined in Section 4.4).  In the event of insufficient funds
in the applicable Association Reserve Funds and available insurance
proceeds for any such extraordinary or emergency Capital Expenses
contemplated in this Section 6.3, Westgate
shall pay any deficit.  In the event
Westgate provides bridge funding in advance of receipt of insurance proceeds or
a special assessment for that item, Westgate shall be entitled to reimbursement
thereof from the receipt of any insurance proceeds or special assessment as
aforesaid.

6.4.          The
Timeshare Property (including the Timeshare Property building, adjacent
grounds, FF&E and Timeshare Property equipment and operating supplies)
shall, subject to the reasonable advice and input of Westgate, be maintained
and repaired by Manager in a manner sufficient to permit the maintenance and operation
of the Timeshare Property in accordance with the Operating Standard and as
contemplated in the Operating Plan in effect from time to time and as required
by the Association Governing Documents.

6.5.          As
part of its duties, Manager will perform physical inspections of
the Timeshare Property from time to time, using Timeshare Property
Personnel or third-party consultants as Manager reasonably determines as
contemplated is the Operating Plan (the cost of which is an Operating Cost),
consider the useful life of the Timeshare Property’s physical plant, evaluate
the Timeshare Property’s need for capital replacements and upgrades.  Manager, subject to the reasonable advice and
input from Westgate, shall incorporate any such proposed capital replacements
or upgrades into the proposed Operating Budget. 
Subject to the timely actual receipt by Manager of sufficient funds
to pay or reimburse Manager for all costs and expenses thereof, to the extent
any such capital replacements or upgrades are emergencies or legal requirements
and are not included in the then-applicable approved Operating Plan, Manager
shall proceed in accordance with Sections 3.3.9, 4.5
and 4.6 or other applicable provision hereof
to ensure the Timeshare Property remains or is brought into
conformance with the Operating Standard.

6.6.          If
the design or construction of the Timeshare Property (including, without
limitation, any work included in the Initial Capital Program) is defective, and
the defective condition

 23
 

causes physical damage to the Timeshare Property,
poses a risk of injury to people or property, or is not in compliance with one
or more Operating Standards, upon notice from Manager, Westgate shall as
expeditiously as possible remedy such defect, Westgate’s obligation to proceed
expeditiously shall apply regardless of whether or when insurance proceeds may
be available to cover the necessary expenditures.

7.              PERSONNEL

7.1.          During
the Operating Term, Manager will manage all aspects of the Timeshare Property’s
human resources functions and will implement at the Timeshare Property the
Manager’s personnel policies and procedures applicable to the Timeshare
Property Personnel.  Westgate may in its reasonable
discretion adopt separate per­sonnel policies and practices relating to its
personnel engaged in activities contemplated by Section 1.3
and Section 2.2 provided
that any such separate policies and practices shall conform in all
respects to the Operating Standard.  In
addition, such personnel policies and practices shall reflect the Timeshare
Property’s location in Las Vegas.

7.2.          In
connection with the management of the Timeshare Property’s human resources
functions, Manager and Westgate have the responsibilities and exercise the
rights set forth below:

7.3.          Westgate
and Manager will each appoint individuals to act as liaison with the other in
connection with the operational aspects of this Agreement.  The Manager and Westgate will fully cooperate
in causing Westgate and Manager to comply with their respective obligations
under this Agreement. The liaisons appointed by Manager will be employees of
Manager or an Affiliate of Manager.  The
liaisons appointed by Westgate will be employees of Westgate or an Affiliate of
Westgate.

7.4.          The
terms of employment, including hiring, training, supervision, compensation,
bonuses, employee benefits, discharge, transfer and replacement of all
Timeshare Property Personnel will be established and administered by Manager.

7.5.          All
Timeshare Property personnel will be employees of Manager or an Affiliate of
Manager, or of a contractor providing labor to the Timeshare Property. All Time­share
Property personnel costs (including all employment costs relating to the
Manager’s Executive Team) are deemed Operating Cost.

8.              CENTRALIZED SERVICES; MARKETING OF HOTEL OCCUPANCY OF TIMESHARE PROPERTY

8.1.          Centralized Services.  
During the Operating Term, Manager will
furnish or cause its affiliates to furnish to the Timeshare Property the
benefits of certain services (the “Centralized Services”),
and Westgate will cause the Timeshare Property to participate in any or all
such Centralized Services as reasonably required by Manager. Except as
otherwise indicated from time to time by Manager and identified in the
Operating Plan, parti­cipation by the Timeshare Property in all Centralized
Services is mandatory. Without limiting the generality of the foregoing,
Manager will provide, and Westgate will cause the Timeshare Property to
participate in, centralized marketing, sales and reservation services
consistent with this Agreement.  With respect
to the Westgate Inventory Manager agrees to include the Timeshare Property in
the brand identity and national

 24
 

advertising programs conducted as part of any
marketing programs for the Hotel and Casino Property.

8.2.          Centralized Services Charges. 
Manager and its Affiliates are entitled to be paid for
any Centralized Services based on the reasonable estimate made by Manager
and its Affiliates of the costs and expenses incurred in providing such
services, which estimate of costs may include (i) equitably allocated
salaries (including payroll taxes and employee benefits) of Manager’s
and/or its Affiliates’ personnel involved in the provision of the Centralized
Services and of Manager’s and/or its Affiliates’ personnel who may perform
duties for the Timeshare Property and the Hotel and Casino and other properties
des­ignated by Manager and/or an Affiliate, (ii) overhead costs allocable
to the provision of the Centralized Services, (iii) recovery of
development costs, promotion costs, costs of operating, upgrading and
maintaining such services and costs of all equipment employed in the rendition
of such services. The costs for participating in the Centralized Services
(collectively, the “Centralized Services
Charges”) will be determined between the Hotel and Casino
Property and the Timeshare Property as part of the Operating Plan in an
equitable manner using sound accounting methodology and any practices used to
determine such allocations to the Timeshare Property (including internal
audits, if any) will be disclosed to Westgate upon written request.  Any such Centralized Services Charges shall
be included as part of the Operating Plan and the Operating Budget for the
Timeshare Property.  Any Centralized
Service Charges shall be limited to the actual cost of provision thereof and
shall not include any additional administrative fees and/or costs.  In addition, if equipment and/or software is
installed and main­tained at the Timeshare Property in connection with the
provision of any Central­ized Services, all costs thereof will be charged to
the operation of the Timeshare Property either as an Operating Cost or as
a Capital Expense and/or Repair and Maintenance Expense, as determined by the
terms herein.

8.3.          New and Substitute Centralized Services.  If in the future a third party delegee of
Manager adopts for the Timeshare Property Centralized Services which are
substitutions for one or more of the Centralized Services (“Substitute Centralized Services”), then Westgate is required
to accept such Substitute Centralized Services. 
If in the future a Substitute Centralized Service is adopted by Manager
or an Affiliate, then Westgate must accept such Substitute Centralized Service
unless Westgate in its reasonable discretion determines that to do so would be
materially adverse to the management and rental operation of the Timeshare
Property.  If in the future Manager or
its delegee adopts Centralized Services in the future for which then exists no
analogous Centralized Service (“New Centralized Services”),
such New Centralized Services shall apply to the Time­share Property and shall
be paid for in accordance with this Agreement, subject to consent of Manager
and Westgate in their reasonable discretion.

8.4.          Hotel Occupancy Marketing and Sales.  Manager will
maintain a marketing and sales program that promotes the brand identity of
Manager and its Affiliates, advertises to Manager’s and its Affiliates’ markets
and secures bookings for any affiliated hotels and resorts, including hotel
bookings for Westgate Inventory in the Timeshare Property (the “Centralized Marketing Program”). In addition, Manager will,
as appropriate, include the Timeshare Property in any brand identity and
national advertising programs conducted as part of the Centralized Marketing
Program.

8.4.1.                    In
addition to affiliating the Timeshare Property with the Centralized Marketing
Program, Manager may develop and implement in consultation with Westgate

 25
 

a specific marketing program for Westgate
Inventory at the Timeshare Property consistent with all marketing of the Hotel
and Casino and following Manager’s policies and guidelines taking into account
the characteristics of the Hotel and Casino and Manager’s and Westgate’s desire
to market the Timeshare Property along with the Hotel and Casino in a fully
coordinated and seamless manner, which will provide for the planning,
publicity, internal communications, organizing and budgeting activities to be
undertaken, and which may include the following in Manager’s discretion:

8.4.1.1.                       production,
distribution and placement of promotional materials relating to
the Timeshare Property, including materials for the promotion of employee
relations;

8.4.1.2.                       development
and implementation of promotional offers or programs that benefit the Timeshare
Property and are undertaken by Manager in connec­tion with the Hotel and Casino
and potentially other properties;

8.4.1.3.                       attendance
of Timeshare Property Personnel at conventions, meetings, seminars, conferences
and travel congresses;

8.4.1.4.                       selection
of and guidance to, as required, advertising agency and public relations
personnel; and

8.4.1.5.                       preparation
and dissemination of news releases for national and international trade and
consumer publications.

8.4.2.                    Development
and implementation of the Timeshare Property’s individual marketing program for
Westgate Inventory will be accomplished substantially by Timeshare Property
Personnel and/or personnel from Westgate’s Affiliates, supervised and directed
by the Manager, with periodic assistance from Corporate Personnel with marketing
and sales expertise.  The program must
comply with Manager’s sales, advertising and public relations policies and
corporate identity requirements, as they may be modified from time to time; provided however, Westgate may pub­lish advertising materials
or implement advertising programs of its own or maintain any website of its own
regarding the sale and marketing of Timeshare Interests subject to compliance
with the Licensing Agreement (as defined in Section 10
below).  The cost of the development and implementation
of the Timeshare Property’s marketing program for the Westgate Inventory is an
Operating Cost and the estimated costs therefor for each Operating Year will be
included in the Operating Plan for such Operating Year.

During the term of this Agreement, Westgate has
the right to use the Timeshare Property Guest Information, subject to the
Transaction Documents, for the purpose of the development and implementation
of the Timeshare Property’s marketing program for interval sales.

8.4.3.                    Manager
has the right to obtain, and at the request of Manager, Westgate has
the right but not the obligation to provide, updated photographs of the
Timeshare Property or the Hotel and Casino (the expense of which will be an
Operating Cost of the Timeshare Property) from time to time, in accordance
with Manager’s specifications for property photography, as such specifications
may exist from time

 26
 

to time. In the event Westgate provides the
property photography, Westgate will ensure that the property photography includes
unlimited usage rights granted for the benefit of Manager with respect to its
marketing and promotion of the Timeshare Property.

Notwithstanding anything contained in this Section 8 to the contrary, both Parties agree to comply with
the terms and conditions of the Marketing and Leasing Agreement with respect to
the implementation of any of the programs set forth in this Section 8.

8.5.           Reservations:

8.5.1.                    Manager
will secure hotel bookings for the Westgate Inventory through Manager’s
reservations offices and other distribution systems (which may, but need not,
be the same as used by Manager with respect to the Hotel and Casino), and will
encourage the use of the Timeshare Property by tourists, special groups,
travel congresses, travel agencies, airlines and other recognized sources of
hotel business for the Time­share Property. 
Manager may develop a sales program, represent the Timeshare Property at
appropriate conventions and travel con­gresses, and list the Timeshare Property
printing of general tariff bulletins.

8.5.2.                    Except
as otherwise provided herein, Westgate may not maintain, hyperlink to or
otherwise use in connection with the Westgate Inventory toll-free or similar
tele­phone line or communications device (including, without limitation, any website
or internet booking service) for making hotel reservations that is
independent of the reservations telephone line and communications
device(s) maintained by Manager or its Affiliates for the Westgate
Inventory at the Timeshare Project. The toll-free reservations telephone line
or similar telephone number and other communications devices of Manager
and its Affiliates (and those Services to which Manager and/or its Affiliates
subscribe or in which they otherwise participate) for making Timeshare
Property reservations is the only telephone reserva­tions line and
communications device for the Westgate Inventory  (but not the Timeshare Units that have been
sold to Timeshare Interval Owners); provided however,
subject to the foregoing, Manager will permit Westgate to maintain: (i) a
hyperlink from its own website to Manager’s reservations website for the
Timeshare Property; (ii) toll-free telephone reserva­tions system that
automatically feed to Manager’s toll-free reservations service for the
Timeshare Property; and (iii) subject to Manager’s approval, any similar
links using such technology as is available during the Operating Term.
Notwithstanding the foregoing, nothing contained herein is intended to prevent
or prohibit Westgate from utilizing any of the foregoing methods to establish
reserva­tions with respect to Timeshare Interval Owners or timeshare exchanges
at the Timeshare Property.

8.5.3.                    Westgate
permits Manager to, and Manager will, load into the reservations
system maintained by Manager and its Affiliates for the Westgate Inventory
at Timeshare Property, and maintain on a current basis, the total
available Westgate Inventory and all associated room rates.  Manager and its affiliates are entitled
to be paid for the Centralized Services based on the charges set forth in the
Operating Plan as affected by Section 8.3.

 27

9.              FEES AND EXPENSES

9.1.          Management Fee  For
the services Manager provides in accordance with this Agreement, Westgate must
pay Manager a Management Fee in accordance with the following:

9.1.1.                    For
each year of the Operating Term, Manager will be paid a Management Fee equal to
the sum of the following: (i) four percent (4%) of
the Gross Rent and Maintenance Fee Income from the Timeshare Property
for a given Operating Year and (ii) two percent
(2%) of all rental revenue derived from non-residential leasing
and licensing activity at the Timeshare Property, if any, during a given
Operating Year, except rent from the Restaurant (defined in the TPA as modified
by the Modification Agreement).

9.1.2.                    The
Management Fee for each year of the Operating Term will be paid monthly
in arrears based on the Operating Budget approved by the parties as
provided herein. Each monthly installment of the Management Fee is due and
payable on the date Manager furnishes to Westgate the monthly operating report
as required by Section 5.2.  For the purpose of calculating and
disbursing monthly install­ments of the Management Fee, Maintenance Fees
collected in advance from Timeshare Interval Owners shall be allocated ratably
over the period for which said Maintenance Fees were prepaid.  The Management Fee shall be subject to annual “true-up”
following the end of each year based upon the actual receipts under clauses (i) and (ii) of
Section 9.1.1 above.

9.1.3.                    Within
thirty (30) days after Manager
generates the Operating Year Financial Statements for any applicable Operating
Year, Manager will cause to be prepared and delivered to Westgate a statement
showing the calculation and payment of the Management Fee for that Operating
Year, and appropriate adjustments will be made for any overpayment or
underpayment of the Management Fee during such Operating Year. The Party owing
money as a result of the over­payment or underpayment during such Operating
Year will pay such amount to the other Party within thirty
(30) days after such statement has been delivered by Manager to
Westgate.

9.2.          Place and Means of payment.  
All amounts payable to Manager or its
Affiliates under this Agreement (a) must be paid to Manager in United
States Dollars, in immediately available funds, but sub­ject to any withholding
tax, value added tax and any other assessment, tax, duty, levy or charge
required under the applicable laws of any applic­able jurisdiction; and
(b) must be made to Manager electronically by wire transfer out of the
Oper­ating Account on the date specified for payment in Section 8.2,
8.3, or 9.l, as applicable.

9.2.1.                    Any
and all amounts that may become due to Manager from Westgate under
this Agreement and which are not timely paid will bear interest from and
after the respective due dates thereof until the date on which the amount is
received in the bank account designated by Manager, at an annual rate of
interest equal to the lesser of (a) the prevailing lending rate of Manager’s
principal bank for working capital loans to Manager plus three
percent (3%), or (b) the highest rate permitted by applicable
law.

 28
 

9.2.2.                    Any
and all amounts that may become due to Westgate from Manager under this
Agreement and which are not timely paid will bear interest from and after the
respective due dates thereof until the date on which the amount is received in
the bank account designated by Westgate, at an annual rate of interest equal to
the lesser of (a) the prevailing lending rate of Westgate’s principal bank
for working capital loans to Westgate plus three percent (3%),
or (b) the highest rate permitted by applicable law.

9.3.          Bank Accounts

9.3.1.                    Westgate
and Manager shall establish the following bank accounts (the “Bank Accounts”):

9.3.1.1.                       Westgate
shall establish an operating account or accounts, in the name of the
Association, into which all funds received from maintenance fees, tax
payments and other amounts due to the Association from or with respect to all
Timeshare Units (“Association Operating
Funds”) will be deposited and utilized to pay Operating Costs
in accordance with the Operating Budget (the “Association
Account”).  The Association
Account, and all deposits therein and withdrawals therefrom, shall comply in
all respects with the Association Governing Documents and applicable law.

Neither the Association Account, nor any funds
therein, nor any rights to any maintenance fees or other amounts payable by
Timeshare Interval Owners to the Association, shall be pledged or hypothecated
or in any way encum­bered.  Westgate
shall ensure that all maintenance fees and other amounts payable by Timeshare
Interval Owners to the Association shall be paid by Timeshare Interval Owners
directly to the Association Account or, in the alternative, to RMI which hereby
agrees to immediately deliver same, as a fiduciary, to the Association Account.

Westgate agrees to establish a monthly automatic
withdrawal from the Association Account which will be automatically deposited
into the Operating Account, defined below, in an amount equal to one-twelfth (1/12) of the annual Maintenance Fee income
provided for in the Operating Budget, less the portion thereof allocated to
Association Reserve Funds and the Asso­ciation Reserve Funds Account in
accordance with Section 4.4.  Any withdrawals from the Association Account
other than as described in the preceding sentence must be approved by both
Parties.  Westgate shall cause the
Association Account depository to agree, in writing, to the foregoing automatic
withdrawals and to the foregoing limitation on other withdrawals.

The Association Governing Documents and
applicable law require Westgate and RMI to maintain the Association Reserve
Funds and Association Re­serve Funds Account separate from the Operating
Account described below.

9.3.1.2.                       Manager
shall establish an operating account or accounts, bearing the name of the
Timeshare Property, on which Manager is the sole signatory, into which Westgate
or the Association shall deposit such funds as are required to be deposited
therein as provided for in Section 9.3.1.1, and
such other

 29
 

funds as may be credited by Manager to the
account of the Timeshare Property, including applicable rental revenue from
Manager’s rental of Westgate Inventory, and from which will be paid all
Operating Costs and all other charges and amounts due to Manager under this
Agreement (the “Operating Account”).  Neither the Operating Account, nor any funds
therein, shall be pledged or hypothecated or in any way encumbered by Manager
or Westgate.

9.3.1.3.                       Manager
shall establish the RM Reserve Funds Account (see Section 4.4)
either as a separate account or as a sub-account of the Operating
Account, in Manager’s discretion.  In
either event, neither the RM Reserve Funds Account, nor any funds therein,
shall be pledged or hypothecated or in any way encumbered by Manager or Westgate.

9.3.1.4.                       Manager
and/or Westgate shall establish such other accounts as Westgate and Manager
mutually determine to be necessary or desirable.

9.3.2.                    Any
withdrawal from the Operating Account shall be made in accordance with
the terms of this Agreement and Manager’s standard accounting policies and
practices. Westgate and Manager will establish mutually acceptable controls to
ensure accurate reporting of all transactions involving such accounts. As deter­mined
appropriate by Manager, accounts must require positive pay and electronic
reconciliation features to reduce possibilities of fraud. Programming costs
related thereto is an Operating Cost payable under the applicable Operating
Budget.

9.3.3.                    Manager
will have no liability or responsibility for any loss suffered in any of
the Bank Accounts unless resulting from the intentional misconduct, fraud
or misappropriation of or by Manager.

9.4.          Disbursement of Funds; Westgate’s Provision of Funds

9.4.1.                    From
time to time, Manager will draw, from the Operating Account, funds with which
to pay all Operating Costs pursuant to the applicable Operating Budget.

9.4.2.                    If
there are insufficient funds in the Operating Account to pay when due the
Operating Costs, Man­agement Fee or any Centralized Services Fees, Manager may,
but has no obligation to, elect by written notice to Westgate to defer a
portion of the Management Fees and other payments to Manager then due to
Manager in the amount of the shortfall, in which event such defined amount
will bear interest at the rate specified in Section 9.3.2
and shall be payable out of next available funds in the Operating Account in
first priority. The election by Manager to defer any portion of the Management
Fees and other payments to Manager may be reversed at any time by Manager
by written notice to Westgate in which case any deferred amounts become
immediately due and payable.

10.       TRADEMARKS  AND OTHER PROPRIETARY
MATERIALS

10.1.           Ownership of Trademarks. 
Manager represents that it has the right
to use the Trade­marks in connection with the operation of the Timeshare
Property. Moreover, Manager acknowledges that Westgate has a license to use the
Trademarks pursuant to that certain Planet Hollywood Licensing Agreement dated
December 30, 2004 by and between 

 30
 

Westgate and Planet Hollywood International,
Inc., Planet Hollywood (Region IV), Inc., and Planet Hollywood
Memorabilia, Inc. (the “Licensing Agreement”).  Westgate acknowledges that it will not
contest the rights of Manager or its Affiliates in respect of the Trademarks,
including any additions or improvements to the Trademarks by whomever
developed.

10.2.           Use of Trademarks.   Subject
to the terms of the License Agreement, as part of the management services to be
provided under the terms of this Agree­ment, Manager may use the Trademarks
in performing its obligations under this Agreement for the Time­share Property
in a manner consistent with the Operating Standard and has the right to
determine the form of presentation of the Trade­marks in conjunction with
performance of its obligations under this Agreement.  Westgate acknowledges that all use of any
Planet Hollywood Trademarks must be in accordance with and sub­ject to the
limitations of the Licensing Agreement. 
Notwithstanding the foregoing, Westgate shall have the right to utilize
the Trademarks in connection with the marketing and sale of the Timeshare
Project, including without limitation any and all collateral materials and
campaigns in furtherance of the foregoing, subject to Westgate’s compliance
with the applicable requirements of the TPA, including but not limited to the
requirements of the Modification Agreement pertaining to the Approved Logo as
defined therein..

11.       NOTICE

11.1.           All
notices hereunder must be in writing and sent to the recipients thereof through
the use of any one of (a) a recognized national commercial delivery
service providing regular overnight delivery service, in which event such
notice will be deemed delivered on the business day following deposit with such
service; (b) hand delivery, in which event such notice will be deemed
delivered upon receipt or refusal; (c) certified mail, return receipt
requested, in which event such notice will be deemed delivered two (2) business days after deposit in the United States
Mail; or (d) email or telefax, provided same is confirmed by transmission
of one of the foregoing, in which event (subject to said confirmation) such
notice will be deemed delivered upon transmission – such notices to be
delivered to the parties at the addresses set forth below:

Westgate’s Notice Address:

	
  5601 Windhover Drive

  
	
  Orlando,
  Florida   32819

  
	
  Attn:

  	
  David A. Siegel

  
	
  Attn:

  	
  David Crabtree

  
	
  Fax:

  	
  (407) 352-8935

  
	
  Email:

  	
  David_Siegel@wgresorts.com;
  Dave_Crabtree@wgresorts.com

  

 

	
  with copy to:

  	
  Greenspoon Marder, P.A.

  
	
   

  	
  201 East Pine Street, Suite 500

  
	
   

  	
  Orlando, Florida 32801

  
	
   

  	
  Attn:

  	
  Michael E. Marder, Esq.

  
	
   

  	
  Attn:

  	
  Robert B. Jackson, Esq.

  
	
   

  	
  Fax:

  	
  (407) 422-6583

  
	
   

  	
  Email:

  	
  Michael.Marder@gmlaw.com; Robert.Jackson@gmlaw.com

  

 

 31
 

Manager’s
Notice Address:

	
  3667 Las Vegas Blvd. South

  
	
  Las Vegas,
  Nevada   89109

  
	
  Attn:

  	
  Mark S. Helm, Esq.

  
	
  Fax:

  	
  702.785.5080

  
	
  Email:

  	
  MHelm@planethollywood.com

  

 

	
  with copy to:

  	
  Holland & Knight LLP

  
	
   

  	
  2099 Pennsylvania Ave., N.W.

  
	
   

  	
  Washington, D.C.  
  20006

  
	
   

  	
  Attn:

  	
  Henry J. Brothers II, Esq.

  
	
   

  	
  Fax:

  	
  202-955-5564

  
	
   

  	
  Email:

  	
  hank.brothers@hklaw.com

  

 

11.2.           Either
Party may change the person and/or address required for proper notice by giving the
other Party written notice of such modification in the manner described in
this Section.

12.       DISPUTES

12.1.           Alternative Dispute Resolution.  In the event of a dispute between the parties, which cannot otherwise be
resolved between them, either party may give a notice (a “Dispute Notice”) to the other party in
accordance with the notice provisions of this Agreement.  Upon delivery and receipt of a Dispute
Notice, the parties must meet within a commer­cially reasonable amount
of time, not to exceed five (5) business
days, to discuss a reas­onable resolution of the matter. In the
event the parties are unable to reach a resolution after utilizing commercially
reasonable efforts to accomplish same, either party has the right to seek
non-binding arbitration in Las Vegas, Nevada, with a three (3) member
arbitration panel appointed to resolve the matter by providing written notice
to the other party. Any such arbitration will be conducted on an expedited
basis within thirty (30) days following written
notice of such party to elect arbitration. Each party will be entitled to
select an arbitrator to sit on the arbitration panel with the final panelist
being selected jointly by the arbitrators selected by the parties. The decision
of the arbitration panel is non-binding, and either party reserves the right to
pursue any and all remedies through the judicial process available under this
Agreement; however, the parties must arbitrate such matter as required
hereunder prior to instituting any legal proceedings.  The rules of the American Arbitration
Association shall govern any such arbitration proceedings. The parties hereby
agree to equally share the costs of any and all attorneys fees and costs in
connection with such arbitration.

12.2.           Notwithstanding
the foregoing, the Parties agree to cooperate with each other and with third
parties to harmonize dispute resolution pro­visions of this Agreement and any
dispute resolution provisions of any contract or contracts whereby the Manager
delegates obligations under this Agreement to one or more third-party
delegees.

12.3.           Jury Waiver.
EACH PARTY HERETO KNOWINGLY, VOLUNTARILY, AND INTEN­TIONALLY WAIVES ANY RIGHT
IT MAY HAVE TO A TRIAL BY JURY WITH RES­PECT TO ANY LITIGATION (INCLUDING, BUT
NOT LIMITED TO, ANY CLAIMS, CROSS-CLAIMS, COUNTER-CLAIMS, OR THIRD PARTY
CLAIMS) ARISING OUT OF, UNDER, OR IN CONNECTION WITH THIS AGREEMENT OR
BETWEEN THE

 32
 

PARTIES TO THIS AGREEMENT, THEIR AFFILIATES,
SUBSIDIARIES, SUCCES­SORS, OR ASSIGNS AND IRRESPECTIVE OF WHETHER SUCH
LITIGATION ARISES OUT OF THIS AGREEMENT, BY STATUTE, OR AS A MATTER OF TORT LAW
AND THE PARTIES HERETO EXPRESSLY CONSENT TO A NON-JURY TRIAL IN THE EVENT OF
ANY OF THE FOREGOING.

12.4.           Expenses. The prevailing
Party in any lawsuit or other action (other than an arbitration pursuant to Section 12.1 above) arising out of or related to this
Agreement is entitled to recover from the other Party all reasonable fees,
costs and expenses incurred by the prevailing Party in connection with the
lawsuit or other action including reasonable attorney’s fees and costs
(including any attorney’s fees incurred in any appellate proceedings). If any
Party secures a judgment in any proceeding brought to enforce or interpret this
Agreement, their any costs or expenses (including reasonable attorneys’
fees) incurred in enforcing, or in appealing from, such judgment is
payable by the Party against whom such judgment or determination on appeal has
been rendered and may be recoverable separately from and in addition to any
other amount included in such judgment.

12.5.           Waivers, Modifications, Remedies.  No failure or
delay by a Party to insist on the strict performance of any term of this
Agreement, or to exercise any right or remedy conse­quent on a breach thereof,
constitutes a waiver of any breach or any subsequent breach of such term.
Neither this Agreement nor any of its terms may be changed, waived, discharged,
or terminated except by an instrument in writing signed by the Party against
whom the enforcement of the change, waiver, discharge, or termination is
sought. No waiver of any breach will affect or alter this Agreement, but each
and every term of this Agreement will continue in full force and effect with
respect to any other then existing or subsequent breach. The remedies provided
in this Agreement are cumulative and not exclusive of the remedies provided by
law or in equity. ANYTHING HEREIN CON­TAINED, AND ANYTHING AT LAW, TO THE
CONTRARY NOTWITHSTANDING, IN ANY ACTION OR PROCEEDING BETWEEN THE PARTIES
(INCLUDING, WITHOUT LIMITATION, ANY ARBITRATION PROCEEDING) ARISING UNDER
OR WITH RES­PECT TO THIS AGREEMENT OR IN ANY MANNER PERTAINING TO THE TIME­SHARE
PROPERTY OR TO THE RELATIONSHIP OF THE PARTIES HEREUNDER, EACH PARTY HEREBY
UNCONDITIONALLY AND IRREVOCABLY WAIVES AND RELEASES ALL RIGHT, POWER OR
PRIVILEGE EITHER MAY HAVE TO CLAIM OR RECEIVE FROM THE OTHER PARTY HERETO ANY
PUNITIVE OR EXEMPLARY DAMAGES, EACH PARTY ACKNOWLEDGING AND AGREEING THAT THE
REMEDIES HEREIN PROVIDED, AND OTHER REMEDIES AT LAW AND IN EQUITY, WILL IN ALL
CIRCUMSTANCES BE ADEQUATE. THE FOREGOING WAIVER AND RELEASE WILL APPLY IN ALL
ACTIONS OR PROCEEDINGS BETWEEN THE PARTIES AND FOR ALL CAUSES OF ACTION OR
THEORIES OF LIABILITY, WHETHER FOR BREACH OF THIS AGREEMENT OR FOR VIOLATION OF
ANY OTHER DUTY OWING BY EITHER PARTY TO THE OTHER WHICH MAY IN ANY RELATE TO
MANAGER’S MANAGEMENT OR OPERATION OF THE TIMESHARE PROPERTY. BOTH PARTIES
FURTHER ACKNOWLEDGE THAT THEY ARE EXPERIENCED IN NEGOTIATING AGREEMENTS OF THIS
SORT, HAVE HAD THE ADVICE OF COUNSEL IN CONNECTION HEREWITH, AND HAVE BEEN
ADVISED AS TO, AND FULLY UNDERSTAND, THE NATURE OF THE WAIVERS CONTAINED IN
THIS SECTION 12.4 AND SECTION 14.9.2.

 33
 

12.6.           Survival and Severance.

12.6.1.              The
provisions of this Section 12
are severable from the other provisions of this Agreement, and must survive and
not be merged into any termination or expiration of this Agreement or any
judgment entered in connection with any dispute, regardless of whether such
dispute arises before or after termination or expiration of this Agreement, and
regardless of whether the related mediation, arbitrated or litigation
proceedings occurring before or after termination or expiration of this
Agreement. If any part of this Section 12
is held to be unenforceable, it will be severed and may not affect either the
duties to mediate or arbitrate or any other part of this Section 12.

12.6.2.              The
obligations set forth in Sections 2.9 and 3.7
(Indemnification) survive the expiration or any termination of this
Agreement. Notwithstanding any contrary provision of Sections 2.9
and 3.7, Westgate and Manager mutually agree for the benefit of each
other to look first to the appropriate insurance overages in effect pursuant to
this Agreement in the event any claim or liability occurs as a result of injury
to person or damage to property, regardless of the cause of such claim or
liability, although nothing contained herein is intended to limit either party’s
recovery to the limits of any applicable policies of insurance.

13.       TERM AND TERMINATION; EVENTS OF DEFAULT; REMEDIES

13.1.           Term of Agreement.   The
operating term of this Agreement (“Operating Term”)
commences on the Effective Date and, unless sooner terminated pursuant to the
provisions of this Agreement, continues for an initial term of 25 years and thereafter automatically renew for five (5) successive five
(5) year periods unless either Party terminates this Agreement
in writing by delivering written notice to the other in the manner specified in
Section 11 hereof at least one hundred eighty (180) days prior to the end of
either the initial term or any option term.

13.2.           Reduced Availability.  Notwithstanding the foregoing or any contrary
provision hereof, if, at any time, Westgate Inventory available for hotel use
as provided herein are equal to or fewer than twenty percent
(20%) of the aggregate number of keys in the Time­share Property
then completed to date, then Manager may terminate the Timeshare Property
Manage­ment Agreement by giving ninety (90) days
notice of such termination.

13.3.           Events of Default.  The
following shall constitute Events of Default under this Agreement:

13.3.1.              A
failure by either Party to pay any sum of money to the other Party when due
and payable under this Agreement that is not cured within ten (10) days following written notice thereof to the
defaulting Party;

13.3.2.              The
uncured default by either Party under that certain Marketing
and Leasing Agreement dated December 30, 2004, after the expiration
of any applicable cure period set forth in said agreement;

13.3.3.              The
uncured default by either Party pursuant to Section 18 of the TPA, after
the expiration of any applicable cure period set forth in said agreement;

 34
 

13.3.4.              A
failure by either Party to perform, keep or observe any of the other material
covenants, undertakings or obligations set forth in this Agreement to be
performed, kept or observed by such party that is not cured within forty-five (45) days fol­lowing written notice thereof to
the defaulting party stating with reas­onable detail the alleged default
provided that, during such forty-five (45) days
period, the de­faulting party may not commit a monetary default as described in
Section 13.3.1.1 that is not cured
within the applicable cure period;

13.3.5.              Any
Assignment by either Party not permitted by this Agreement or by the TPA;

13.3.6.              Any
action by a Party or its assignees for dissolution of its operations; a
general assignment by a Party for the benefit of its creditors; an arrangement
or com­position with its creditors by a Party; a judgment of insolvency against
a Party; a voluntary petition filed by any Party for relief under applicable
bankruptcy, insol­vency, or similar debtor relief laws or regulations; the
appointment (or petition or application for appointment) of a receiver,
custodian, trustee, conservator, or liquidator to oversee all or any
substantial part of a Party’s assets or the conduct of its business; an
order for relief against a Party under applicable bankruptcy, insolvency, or
similar debtor relief laws or regulations; a Party’s failure generally to pay its
debts as such debts become governmental body of insolvency or pending
insolvency of or suspension of operation by similar or analogous proceedings in
any relevant jurisdiction; or

13.3.7.              The
issuance of a levy or an attachment against all or any portion of the Time­share
Property resulting from a final judgment against a Party for which
all appeal periods have expired and which is not fully covered by
insurance or bonded against within the lesser of any applicable period
established by law or sixty (60)  days;
provided, however, that during such sixty (60) day
period, the defaulting party may not commit a monetary default as
described in Section 13.3.1.1 that is not
cured within the applicable period.

13.4.           Remedies.

13.4.1.              During
the cure periods set forth above, Manager is not required to perform any
obligations under this Agreement which would violate any law applicable to the
Manager or the Timeshare Property.

13.4.2.              In the event
of any Event of Default which is capable of being cured, the non-defaulting
party must provide the defaulting party with written notice in the manner
provided in Section 11 detailing the
specific nature of the default and the commer­cially reasonable corrective
action necessary to cure same, in which
event the breaching party shall have thirty (30) days
following the receipt of such notice to cure such breach.  If such breach is not cured within such
period, the non-breaching party shall have the rights (i) to enforce
the terms of this Agreement by seeking a judicial decree of specific
performance or other equitable remedy and/or (ii) to pursue such other
relief (including actual and compensatory damages but not including punitive or
consequential or exemplary damages) as may be available at law or in
equity and/or (iii) to terminate this Agreement.

13.5.           Termination.  
The right to termination of this
Agreement for default may only be exer­cised following the expiration of any
applicable cure periods set forth above. 
The right

 35
 

to termination of this Agreement shall be exercised
by unconditional written notice to the defaulting party.  Following the receipt of such notice, this
Agreement will term­inate on the date set forth in such notice, which date may
in no event be sooner than sixty (60) days
nor later than one hundred twenty (120) days,
after the delivery thereof.  The right of
termination set forth in the preceding sentence is in addition to, and not
in lieu of, any other rights or remedies provided hereunder or at law or in
equity by reason of the occurrence of any such Event of Default, it being
understood and agreed that the exer­cise of the remedy of termination does not
constitute an election of remedies and will be without prejudice to any
such other rights or remedies otherwise available to the Non-Defaulting Party,
including, without limitation, injunctive relief and/or specific per­form­ance
to cause compliance with the terms of this Agreement or to otherwise restrain
or prevent the occurrence of any act prohibited hereunder.  During the applicable period, the Defaulting
Party must use commercially reasonably efforts to cure such default as quickly
as reasonably practicable. Notwithstanding the foregoing, if either party has
submitted the subject of an alleged Event of Default to arbitration in
accordance with Section 12 within the
applicable cure or response period following receipt of written notice of such
matter, then any other rights or remedies that the Non-Defaulting Party may
have against the Defaulting Parry (including, without limitation, any right to
term­inate this Agreement pursuant to Section 13
or otherwise) will be tolled during the pendency of such mediation or
arbitration.

13.6.           Coordination with Delegee. 
The Parties agree cooperate with each
other and with third parties to harmonize termination provisions of this
Agreement and any termination provisions of any contract or contracts whereby
the Manager delegates obligations under this Agreement to one or more
third-party delegees.

13.7.           Upon Termination.

13.7.1.              In
the event of a termination of this Agreement for any reason,

(a)                     all Management
Fees, Centralized Services Charges, and other amounts due Manager under the
terms of this Agreement through the termination date shall be paid to Manager; provided that said Management Fee shall not be paid if the
termination is due to an uncured default by Manager hereunder and if Manager
has not delegated to a third party delegee as described in Section 3.5
above; and

(b)                    Manager
shall deliver to Westgate the RM Reserve Funds Account and all funds then
therein; and

(c)                     Westgate
will reimburse Manager immediately on receipt of any invoice or invoices from
Manager for any expenses incurred by Manager in the course of effecting
the termination of this Agreement or the cessation of Timeshare Property
operations or services by Manager.

This obligation is unconditional and shall
survive the termination of this Agreement (including all amounts owed to
Manager that are not fully ascertainable as of the termination date), and
Westgate will not have or exercise any rights of setoff, except to the
extent of any outstanding and undisputed payments owed to West­gate by Manager
under this Agreement, and except as stated in the proviso in clause (a) above.

 36
 

13.7.2.              Notwithstanding
anything contained in this Agreement to the contrary, the term­ination of this
Agreement does not relieve either Party of any of its rights, duties,
or obligations as set forth in the TPA or the Marketing and Leasing
Agreement, including, without limitation, the provisions of Section 18 of
said TPA as modified by the Modification Agreement.

13.7.3.              In
the event of any termination of this Agreement, and subject to payment of
Centralized Service Fees, Manager agrees to continue to provide the Centralized
Services to Westgate for a period of up to ninety (90) days
following the termina­tion of the Operating Term in order to allow the parties
sufficient time to make accommodations for operational requirements relative to
the functioning of the Timeshare Property and the Hotel and Casino.

13.7.4.              Upon
termination or expiration, and conditioned upon receipt by Manager of
all amounts due to Manager through the termination or expiration date,
Manager will peacefully vacate and surrender the Timeshare Property to
Westgate on the effective date of such termination and (at no cost or expense
to Manager) will reasonably cooperate with Westgate with respect to the
transition of management functions to a successor manager; and thereupon
neither Westgate nor Manager will have any further rights against the other
under this Agreement except under those provisions of this Agreement that, by
their terms, survive any terminates of this Agreement.  Notwithstanding the foregoing provisions of
this Section 13.7.4, any unpaid
Management Fee shall not be paid if the termination is due to an un­cured
default by Manager hereunder and if Manager has not delegated to a third party
delegee as described in Section 3.5 above.

13.7.5.              Following
any termination, Westgate must honor, and must cause any successor Manager to
honor, all business confirmed for the Timeshare Property with reser­vations
(including, without limitation, reservations made in good faith by Manager for
discounted rooms pursuant to any frequent guest or loyalty program or other
promotional program of Manager or its designee) dated after the effective date
of the term­ination in accordance with the terms of such bookings as accepted
by Manager including, without limitation, Manager’s obliga­tions, if any, under
this Agreement to compensate Westgate for the use of such rooms made pursuant
to the preceding parenthetical in this sentence. Upon term­ination of this
Agreement for any reason, Manager agrees to keep all Timeshare Property Guest
Information belonging to Westgate confidential and Manager (nor its Affiliates)
shall not dis­close same to any third party. 
This restriction shall survive any termination of
this Agreement.  Westgate will
assume and fully indemnify Manager with respect to any advance deposits
received by Manager on behalf of the Timeshare Property and delivered to
Westgate. In addition, upon the expiration or termination of this Agreement,
all of the books of account and financial records which are the prop­erty of
Westgate will be turned over forthwith to Westgate so as to ensure the orderly
continuance of the operation of the Timeshare Property, but all of such
information will be retained by Westgate and made available to Manager at the
Timeshare Property (or, following a sale of the Timeshare Property by Westgate,
at another location in a major metropolitan area of the United States
reasonably designated by Manager), at all reasonable times, for inspection,
audit, examination and copying (at Manager’s expense) for at least five (5) years subsequent to the date of such
expiration or termination.

 37
 

13.7.6.              Manager
will to the extent permitted by law or the applicable agreement assign
to Westgate or if directed by Westgate, a successor manager, Manager’s
interest (if any) in, and Westgate or such successor manager will have the
continuing res­ponsibility for all obligations and liabilities relating to, any
and all Approvals, con­tracts (including, without limitation, collective
bargaining agreements and pension plans, leases, licenses or concession
agreements and maintenance and service contracts) in effect with respect
to and to the extent pertaining to the Timeshare Property as of the date of
termination of this Agreement, and Westgate must confirm its or the successor
manager’s obligations in writing if requested by Manager.

13.7.7.              Except
as may otherwise be expressly permitted, by any licensing agreements between
Westgate, Manager and/or Planet Hollywood International, Inc., following
termination thereof and hereof, neither Westgate, nor any person acting on
behalf of Westgate, may directly or indirectly hold itself or the Timeshare
Property out to the public as being or remaining (or otherwise associated
with) any property affiliated with or managed by or for Manager or any
Affiliate, and Westgate will immediately take all steps reasonably requested by
Manager to disassociate the Timeshare Property and Westgate from the Trademarks
(including immediately modifying or covering all Trademark-bearing signage
until such signs can be removed), and will in any event delete all Trademarks
from the Timeshare Prop­erty name and cease to use all FF&E and operating
supplies bearing any of the Trademarks on the effective date of
termination.  If Westgate fails to remove
Trademark-bearing Timeshare Property signage not later than thirty (30) days following the effective date of the
termination, Manager will have the right, at Westgate’s expense, to remove and
retain all such interior and exterior signage without any liability for the
cost to restore or repair the Timeshare Property premises or equipment for
damage resulting therefrom. West­gate must cease using and Manager will have
the right to remove from the Time­share Property, on or before the
effective date of the termination, all operations manuals, policy statements
and the like, any other proprietary information of Manager and its Affiliates
and all other written materials bearing the Trademarks. Under no cir­cumstances
may Westgate copy, reproduce, or retain any of these materials.

13.7.8.              Subject
to Section 13.5.2, as of the effective
date of the termination, Manager may disengage and disconnect the Timeshare
Property from Manager’s reserva­tions systems and related software
applications. Manager will provide reasonable assistance to Westgate in
facilitating the orderly transfer of Westgate’s records and data contained in
Proprietary Software. To the extent Manager’s Corporate Per­sonnel are needed
to provide technical assistance to effectuate such transfer, Westgate must
reimburse Manager for any reasonable costs and expenses asso­ciated therewith.
To the extent Manager or its delegee has leased any com­puter equipment or
telephone equipment for use at the Timeshare Property in accord­ance with the
provisions of this Agreement pursuant to chain-wide programs for the
acquisition or leasing thereof, Westgate will have the right, at its option,
either to request that any such lease be transferred to Westgate (to the extent
the same are transferable without the consent of third parties) or that
Manager seek to buy out the equipment covered by any such lease, the cost of which
will be borne solely by Westgate. Any such lease transfer or buy-out is subject
to the consent or approval of the third party owners of such equipment. If
not assignable or if the same cannot be bought out, Manager may remove all such
equipment from the

 38
 

Timeshare Property at any time on or after the
effective date of termination of this Agreement.

13.8.            Other cases for termination.

13.8.1.              Damage or Destruction. If
the Timeshare Property or any portion thereof is damaged or destroyed at any
time or times during the Operating Term by fire, casualty or any other cause (“Event of Casualty”), Westgate agrees to comply with the
following:

13.8.1.1.                 If
the Timeshare Property is dam­aged or destroyed and proceeds from insurance
(together with any applicable deductible) are sufficient to restore the
Timeshare Property to substantially the condition it was in immediately
prior to such damage or destruction, subject to the Association Governing
Documents and any agreements with West­gate’s institutional lenders, Westgate
agrees to cause the Timeshare Prop­erty to be restored to the condition with
existed prior to such Event of Casualty (“Casualty Restoration”).

13.8.1.2.                 If
Westgate determines that the insurance proceeds available to undertake
a Casualty Restoration are not sufficient (when added to the amount of any
applicable deductibles) to complete the Casualty Restoration, and if West­gate
determines not to undertake a Casualty Restoration, then Westgate may terminate
this Agreement by notice to Manager, in either case given within thirty (30) days after Westgate’s receipt from the
insurance company of the insurance company’s determination as to the
availability and suf­ficiency of insurance proceeds. Westgate must diligently
pursue the determination and recovery of insurance proceeds with respect to
such damage or destruction.

13.8.1.3.                 Notwithstanding
anything contained herein to the contrary, in the event of the occurrence of an
Event of Casualty, Westgate will promptly and diligently pursue the collection
of proceeds from any applicable insurance and, subject to Section 13.8.1.2,
will promptly and diligently pursue necessary permits to cause a Casualty
Restoration.  Moreover, during the period
of undertaking such permit process and/or Casualty Restoration, the Operating
Term shall be tolled during such period and the Parties re­lieved of their
obligations under this Agreement for such period of time.

13.8.2.              Notwithstanding
the foregoing, if the Timeshare Property is dam­aged or des­troyed to such
an extent that the cost of the Casualty Restoration as reasonably estimated by
Westgate exceeds thirty percent (30%) of the
replace­ment cost or if Westgate’s primary financing for the Time­share
Property will adversely affect Westgate’s ability to accomplish said Casualty
Res­toration as aforesaid, Westgate must notify Manager of such fact within ninety (90) days after the occurrence of such damage or
destruction, and Manager may terminate this Agreement by notice to Westgate.

13.8.3.              [omitted]

 39

13.8.4.              If
this Agreement is terminated by Westgate pursuant to this Section 13.8
and Westgate determines at any time within five (5) years
after the date of such termination to either rebuild the Timeshare
Property or recom­mence utilizing the building as a Timeshare Property,
then Manager may reinstate this Agreement by notice to Westgate given within ninety (90) days after receipt by Manager of notice
from Westgate that Westgate has elected to undertake a Casualty Restora­tion
and has commenced the same; provided, however,
that if Westgate fails to give such notice, then Manager may reinstate this
Agreement by notice to West­gate given at any time prior to the later of
(i) completion of the Casualty Restora­tion and the full reopening of the
Timeshare Property, and (ii) ninety (90) days
after Manager becomes aware of the Casualty Restoration. If Manager elects
to reinstate this Agreement as above provided for, Westgate will thereupon
become obligated to complete the Casualty Restoration with due diligence. If
this Agree­ment is terminated and then reinstated pursuant to this Section 13.8, the remain­ing term of this Agreement
upon the effective date of its reinstatement will be the term that was
remaining under this Agreement as of the date of its earlier term­ination. If
there is any dispute between Westgate and Manager as to whether Westgate’s
estimate of the cost of restoration, the full replacement cost of the Timeshare
Property, or the estimated time for repair or restoration is reasonable under
the circumstances, the said dispute will be sub­mitted to arbitration conducted
in accordance with the provisions of Section 12.

13.8.5.              Taking.
If a Taking occurs during the Operating Term, as to the whole of the Timeshare
Property, or in Manager’s reasonable opinion a portion thereof that makes it
imprudent or unsuitable to use and operate the remaining portion of the
Timeshare Property in accordance with the Operating Standard, then either West­gate
or Manager may terminate this Agreement upon ninety
(90) days’ notice to the other Party. If the Taking affects
only a part of the Timeshare Property or the real property on which it is
erected and if the Taking of such part does not make it unsuitable or
impru­dent, in Manager’s reasonable opinion, to operate the remainder in
accordance with the Operating Standard, this Agreement will not terminate, and
Westgate must, subject to the applicable provisions of Westgate’s primary
financing for the Timeshare Property, undertake such alterations or modi­fications
to the Timeshare Property, or any part thereof as is reasonably necessary and
practicable to make the Timeshare Property a satisfactory architectural unit as
a Timeshare Property of the type and class immediately preceding such
taking or condemnation.

13.8.6.              Manager
will have the right in the case of a Taking either to institute or to intervene
in any available administrative proceeding or judicial action intended to
determine just compensation for such Taking, for the purpose of representing
Manager’s compensable interest in any award therefor arising from this
Agreement and more specifically from Manager’s right of quiet enjoyment. Any
award made to Westgate that does not recognize the separate compensable
interest of Manager will be apportioned between the Parties in consideration,
without limitation, of such factors as: (i) recoupment by Westgate of its
investment, (ii) return on Westgate’s investment to date,
(iii) actual loss of income (including Manager’s fee income hereunder),
(iv) loss of reasonably anticipated future income (including Manager’s fee
income hereunder), (v) length of the unexpired term (including any
renewals) of this Agreement, and/or (vi) the proportion that the
Management Fee has his­torically borne to the return to Westgate after payment
of such fee. If the Parties

 40
 

cannot agree upon such apportionment within ninety (90) days after the amount of the award payable
to Westgate has been determined by settlement or a final judicial
determination, either Party may submit the dispute for resolution pursuant to Section 12.

13.9.                     Force Majeure Events.  If
a cause of delay is not due to the willful act or neglect of such party, then
except where the provisions of this Agreement clearly provide to the contrary,
neither Westgate nor Manager shall be deemed in default with respect to the
performance of any of the terms, covenants and conditions of this Agreement if
such failure shall be due to any strike, lockout, civil commotion, war-like
operation, invasion, rebellion, hostilities, military or usurped power,
sabotage, governmental regulations or controls, inability to obtain any
materials for reasons beyond such party’s control, Act of God or other casualty
or cause beyond the control of such party. In any such event, except where
expressly noted in this Agreement, the time for performance of such obligations
shall be extended one day for each day such party is prevented from performing
its obligations under this Agreement by such force majeure.

14.       MISCELLANEOUS

14.1.           Assignment

14.1.1.            Assignment in General.  Except with the
prior written consent of the other Party, no Party may cause, permit or
suffer any Assignment of this Agreement or any part of its rights and
obligations hereunder except
(a) as provided in this Section 14.1, or
(b) as provided in Section 32 of the TPA.  Any Assignment by a Party in violation of the
foregoing will be void and of no force or effect as between the Parties and
constitutes a material breach of this Agreement governed by the terms of Section 13.

14.1.2.            Assignment by Westgate. 
Assignment of
this Agreement by Westgate shall be governed by Section 32 of the TPA, so long
as no Event of Default attributable to Westgate has occurred and remains
uncured.  In addition, any such
assignment by Westgate either shall have been consented to by Manager or shall
be permitted pursuant to the exercise of a Mortgagee’s rights under Section 3.11; and any assignee of Westgate must meet
the following criteria:

(a)                     Said
Assignee must not be a Competitor of Manager or a Competitor of any Affiliate
of Manager; and

(b)                    Said
Assignee must be not generally recognized in the community as being
a Person of ill repute and not in any other manner a Person with whom a
prudent businessperson would not wish to associate in a commercial venture or a
Person that would be considered by regulators in the gaming industry to be an
unsuitable business associate of Manager and its Affiliates or would in any way
jeopardize the Timeshare Property’s or the Hotel and Casino’s liquor license(s)
and/or gaming license(s).  Manager’s
failure to object in writing to such proposed assignee within thirty (30) days of Manager’s receipt of such
notice stating with reasonable specificity the basis for such objection
will constitute Manager’s approval of such assignee for purposes of this para­graph (b);  provided that
any such notice to Manager shall specifically refer to this “deemed approval”
provision.

 41
 

14.1.3.              In
addition to the assignment permitted above in Section
14.1.3, Westgate may, subject to prior written approval by Manager
that may not be unreasonably with­held, collaterally assign its interest in
this Agreement, and/or the Timeshare Property and/or any part thereof
(including, to the extent of Westgate’s ownership, all FF&E and equipment
and operating supplies), to any institutional lender or institutional equity
provider in connection with the construction, development, furnishing and
equipping of the Timeshare Property and may from time to time enter into one or
more financings of the Timeshare Property through equity and/or debt
financing.  Notwithstanding the
foregoing, neither the Association Account, nor any funds therein, nor the
Association Reserve Funds Account, nor any funds therein, nor any rights to any
maintenance fees or other amounts payable by Time­share Interval Owners to the
Association, shall be pledged or hypothecated or in any way encumbered.

Manager acknowledges
that Westgate will provide or facilitate financing of purchases of Timeshare
Intervals and Whole Ownership Units and that these actions do not constitute a
violation of this Agreement.

Westgate must provide Manager with a true and
complete copy of any deed of trust and all material related documents relevant
to Manager’s services under this Agreement within thirty
(30) days of the signing of such documents by Westgate. Manager
must keep the terms thereof confidential.

14.1.4.              Assignment by Manager. 
Manager may
Assign this Agreement to any purchaser of the entirety of the Hotel and Casino,
so long as

(a)                      no
Event of Default attributable to Manager has occurred and remains uncured, and

(b)                     said
Assignee is not a Competitor of Westgate; AND

(c)                      the
Operating Standard is not materially affected by said Assignment.

14.1.5.              Notice of Assignment.  A Party and/or
any partner or other constituent member or stockholder of a Party or of an
owner of a Party desiring to effect an Assignment of all or any part of
its interest in this Agreement must give the other Party not less than forty-five (45) days advance written notice of its
intention to do so, which notice will identify in reasonable detail the direct
and indirect owners of the pro­posed assignee and must be accompanied by the
latest available audited and unaudited financial statements of the proposed
assignee and its direct or indirect beneficial owners.

As used in this Section 14.1.5,
the term “owner” means (a) the holder of
legal or beneficial interests or voting power in a Party and (b) the
holder of direct or indirect legal or beneficial interests or voting power in
an owner (as defined in clause (a)
above); and the term “direct or indirect” means the holder of a legal or
beneficial interest or voting power in a Party or an owner directly by a Person
or indirectly through such Person’s ownership of legal or beneficial interests
or voting power in an owner (as defined above) or in an entity that itself
or through its ownership of interests or voting power in one or more other
entities, holds legal or beneficial interests or voting power in an owner.

 42
 

14.1.6.              Definition. 
For purposes of this Agreement, the term “Assignment” includes

(a)                     an
assignment, pledge, encumbrance or other transfer in any manner
of a Party’s interest in this Agreement or any of its rights or
obligations under this Agreement – but “Assignment” does not include
(i) a collateral assignment by Westgate contemplated by and implemented in
accordance with Section 14.1.3 above (and
enforcement thereof by the collateral assignee); or (ii) delegation by
Manager as provided in and in accordance with Section 3.5
above; or (iii) as permitted by and in accord­ance with
Section 32 of the TPA,

(b)                    any
transfer of direct or indirect legal and/or beneficial interests (whether
partnership interests, stock, limited liability membership and/or management
interests or otherwise) in a Party or in any owner or owners except
by reason of death pursuant to any successive plan of a Party, whether
occurring in one or a series of transactions, that results in the transfer
of, in the aggregate, fifty percent (50%) or
more of the direct or indirect ownership interests or voting power in a Party
during any twenty-four (24) month period –
but “Assignment” does not include a merger
or consolidation or reorganization of a Party, resulting in an entity
which will con­tinue the business of the Party as conducted immediately prior
to such merger or consolidation or reorgani­zation, and

(c)                     any
change in the actual or the effective voting control of a Party or an owner (as
defined in Section 14.5.1 above)
of such Party – but “Assignment” does not include
any transfer or series of transfers of publicly traded stock or any public
offering of equity ownership interests (whether partnership interest corporate
stock shares, or otherwise) in either Party or by its parent company or
other owner of such Party.

14.2.           Effect of Permitted Assignments.  A consent to
any particular Assignment may not be deemed to be a consent to any other
Assignment or a waiver of the requirement that consent be obtained in the case
of any other Assignment.  Upon any
Assignment by Westgate or Manager permitted under Section 14.1
or consented to by the other Party, the assigning Party, to the
extent of such Assignment, will be relieved of all liabilities and obligations
under this Agreement accruing after the effective date of such assignment, and
the Assignee shall assume all obligations of its assignor under this
Agreement.  No such Assignment will
relieve the assigning Party from its liabilities or obligations under this
Agreement accruing prior to the effective date of the Assignment.

14.3.           Indemnification.  Any Party
obligated to indemnify any of the other Party’s Indemnified Parties under this
Agreement (the “Indemnifying Party”) in
respect of any claim will have the right, by notice to the other Party, to
assume the defense of such claim. If the Indemnifying Party gives such notice:
(i) such defense may be conducted by counsel selected by the Indemnifying
Party and approved by the other Party; provided, how­ever,
that the other Party’s approval will not be required with respect to counsel
desig­nated by the Indemnifying Party’s insurer, (ii) so long as the
Indemnifying Party (or its insurer) is conducting such defense with
reasonable diligence, the Indemnifying Party will have the right to control
such defense and will not be required to pay the fees or disbursement of any
counsel engaged by the other Party or any of its indemnified Parties for
services rendered after the Indemnifying Party has given the notice provided

 43
 

for above to the other Party; and (iii) the
Indemnifying Party will have the right, without the consent of the other Party
or any of its Indemnified Parties, to settle such claim, but only provided that
the Indemnifying Party (or its insurer) pays all amounts due in con­nection
with or by reason of such element and, as part thereof, the other Party and, if
applicable, its Indemnified Parties are unconditionally released from all
liability in respect of such claim. The other Party and/or its Indemnified
Parties will have the right to parti­cipate in the defense of any claim being
indemnified and defended by the Indemnifying Party at the expense of the other
Party and/or its Indemnified Parties, but the Indem­nifying Party will have the
right to control such defense. In no event may the other Party and/or any
of its Indemnified Parties (a) settle any claim as to which it or they
are entitled to indemnification hereunder without the prior written
consent of the Indem­nifying Party, (b) if a claim is covered by the
Indemnifying Party’s liability insurance, take or omit to take any action that
would cause the insurer not to defend such claim or to disclaim liability in
respect thereto or (c) be represented by more than one (1)
attorney or firm of attorneys in respect of such claim.

14.4.           Confidentiality.  The
Parties agree that the matters set forth in this Agreement are strictly
confidential. In addition, the Parties agree to keep strictly confidential all
infor­mation of a proprietary to confidential nature about or belonging to a
Party or to any Affiliate of a Party to which the other Party gains or has
access by virtue of the relationship between the Parties. Except as disclosure
may be required to obtain the advice of professionals or consultants, or
financing for the Timeshare Property from an institutional lender, or in
furtherance of a permitted assignment of this Agreement or as may be required
by law or by the order of any government, regulatory authority, or tribunal or
otherwise to comply with Legal Requirements (including reporting require­ments
applicable to public companies), each Party must make every effort to ensure
that such information is not disclosed to the press or to any other third
Person without the prior consent of the other Party. The obligations set forth
in this Section 14.4 survive any
termination or expiration of this Agreement. The Parties will cooperate with
one another on all public statements, whether written or oral and no matter how
dissem­inated, regarding their contractual relationship as set forth in this
Agreement or the performance of their respective obligations under this
Agreement.

14.5.           No Personal Liability. 
In no event will any member, partner,
shareholder, officer, director, agent or employee of either Party hereto have
any personal liability in con­nection with or arising from this Agreement
provided that Manager may have liability in connection with or arising
from this Agreement but solely in its capacity as manager hereunder, and not in
its capacity as a direct or indirect member in Westgate. Any liability of
either Party hereby will be satisfied from such Party’s ownership interest in
the Hotel and Casino or Timeshare Property, as applicable, and not from any
other assets or property of such Party or any member, partner, shareholder,
officer, director, agent or employee of such Party.

14.6.           Interpretation

14.6.1.              The
Recitals set forth at the beginning of this Agreement and the Exhibits attached
to this Agreement are incorporated in and made a part of this Agreement.

14.6.2.              Unless
the language specifies or the context implies that a term of this Agreement is
a condition, all of the terms of this Agreement are deemed and construed to be
covenants to be performed by the designated Party.

 44
 

14.6.3.              The
use of the terms “including”, “include”, and “includes”, followed by one or
more examples is intended to be illustrative and may not be deemed or construed
to limit the scope of the classification or category to the examples listed.

14.6.4.              In
this Agreement, any reference to a Section is a reference to a
Section of this Agreement except where otherwise specified.

14.6.5.              Unless
expressly stated otherwise in this Agreement, whenever a matter is sub­mitted
to a Party for approval or consent in accordance with the terms of this
Agreement, that Party has a duty to act reasonably and timely in rendering a
decision on the matter.

14.6.6.              The
table of contents and captions to the sections of this Agreement are for con­venience
of reference only and in no way define, Limit, describe, or affect the scope or
intent of any Party of this Agreement.

14.6.7.              This
Agreement and all disputes relating to the performance or interpretation of any
term of this Agreement must be construed under and governed by the laws of the
State of Nevada.

14.7.           Successors and Assigns. 
This
Agreement will inure to the benefit of and are binding on the permitted
successors and assigns of the Parties, and the terms “Westgate”
and “Manager” as used in this Agreement
include all permitted successors and assigns of the original Parties.

14.8.           Counterparts.  This
Agreement may be executed in several counterparts, each of which is deemed an
original, but all of which constitute one and the same instrument.

14.9.                       Relationship of the Parties.

14.9.1.                          Nothing
contained in this Agreement may be construed as creating a partnership, joint
venture, or similar relationship between the Parties. Manager assumes no
independent contractual liability nor is Manager obligated to extend its own
credit with respect to any obligation incurred in operating the Timeshare
Property or performing its obligations under this Agreement. The Parties hereby
acknowledge that they are each (or will be as of the Opening Date) members
of a limited liability company holding title, directly or indirectly, to the
Hotel and Casino or the Timeshare Property, as applicable.

14.9.2.                          THE
RELATIONSHIP BETWEEN THE PARTIES HERETO IS THAT OF AN INDEPENDENT CONTRACTOR
AND NOT AS AN AGENCY RELATIONSHIP AND IT IS THE INTENTION OF THE PARTIES THAT
THIS AGREEMENT BE INTERPRETED IN ACCORDANCE WITH GENERAL PRINCIPLES OF CON­TRACT
INTERPRETATION WITHOUT REGARD TO THE COMMON LAW OF AGENCY AND THAT LIABILITY
BETWEEN THE PARTIES WILL BE BASED SOLELY ON PRINCIPLES OF CONTRACT LAW AND THE
EXPRESS PROVI­SIONS OF THIS AGREEMENT. IN NO EVENT MAY MANAGER BE DEEMED
IN BREACH OF ITS DUTIES HEREUNDER, OR OTHERWISE AT LAW OR IN EQUITY,
SOLELY BY REASON OF (I) THE FAILURE OF THE FINANCIAL PER­FORMANCE OF THE
TIMESHARE PROPERTY TO MEET WESTGATE’S EX­PECTATIONS OR INCOME PROJECTIONS OR
OTHER MATTERS INCLUDING

 45
 

OPERATING PLAN, (II)  THE INSTITUTION
OF LITIGATION OR THE ENTRY OF JUDGMENTS AGAINST WESTGATE OR THE TIMESHARE
PROPERTY WITH RESPECT TO TIMESHARE PROPERTY OPERATIONS, OR (III) OTHER
ACTS OR OMISSIONS NOT OTHERWISE CONSTITUTING A BREACH OF THIS AGREEMENT, IT
BEING THE INTENTION AND AGREEMENT OF THE PARTIES THAT MANAGER’S SOLE OBLIGATION
HEREUNDER SHALL BE TO ACT IN CONFORMITY WITH THE EXPRESS TERMS OF THIS
AGREEMENT. FUR­THERMORE, AS BETWEEN WESTGATE AND MANAGER, MANAGER WILL HAVE NO
LIABILITY FOR PUNITIVE DAMAGES OR FOR INCIDENTAL OR CONSEQUENTIAL DAMAGES TO
WESTGATE IN RESPECT OF A BREACH OF ANY ALLEGED FIDUCIARY DUTIES.

14.10.                 Entire Agreement.  This
Agreement (including the attached Exhibits) constitutes the entire
agreement between the Parties relating to the operation of the Timeshare
Property and supersedes all prior contracts and understandings, written or
oral. No representation, undertaking or promise may be taken to have been given
or be implied from anything said or written negotiations between the Parties
prior to the execution of this Agreement except as expressly stated in this
Agreement. Neither Party will have any remedy in respect of any untrue
statement made by the other Party on which that Party relied in entering into
this Agreement (unless such untrue statement was made fraudulent) except
to the extent that such statement is expressly set forth in any of the terms or
provisions of this Agreement.  Neither
Party intends this Agreement to supersede either the TPA or the Marketing and
Leasing Agreement.

14.11.                 TPA.  Except to the extent otherwise expressly addressed
herein, in the event of an inconsistency between any provision of this
Agreement and any provision of the TPA, the provisions of this Agreement shall
supersede and control.

15.       DEFINITIONS

Unless the context clearly provides
otherwise or unless such term is given a different meaning, all capitalized
terms used herein have the meaning set forth in the TPA.  In addition, the following terms shall have
the definitions described herein below:

15.1.                       Assignment: 
As defined in Section 14.1
of this Agreement.

15.2.                       Association: 
As defined in Section 1.1
of this Agreement.

15.3.                       Bank Accounts:
As defined in Section 9.4 of this Agreement.

15.4.                       Brand Name:  Planet
Hollywood International, and all names and expressions similar or related thereto or derivative
thereof in any way.

15.5.                       Capital Budget:  As defined in Section 4 of this Agreement.

15.6.                       Capital Expense and/or Repair and Maintenance Expense:  As defined in Section 6
of this Agreement.

15.7.                       Centralized Marketing Program:  As defined in Section 8.4
of this Agreement.

15.8.                       Centralized Services:  As defined in Section 8.1
of this Agreement.

 46
 

15.9.                       Centralized Services Charges: As defined in Section
8.2 of this Agreement.

15.10.                 Commercial Unit: means any and all space within the Timeshare Property that is not
in the interior of the Timeshare Units.

15.11.                 Competitor:

(A)                 A
Competitor of Manager is a Person
(i) in the business of owning, operating, licensing (as licensor),
franchising or managing (a) any casino or gaming operation; or (b) a
brand or system of themed restaurants, such as, but not limited to, Planet
Hollywood and/or Hard Rock Café and/or Rain Forest Café and/or Hooters; or
(ii) with less than $300 million
per year (in 2007 dollars) in gross revenue from sale of timeshare, vacation ownership,
vacation clubs, or any related product or service.

(B)                   A
Competitor of Westgate is a hospitality
company in which fifty percent (50%) or more
of such company’s gross revenues are derived from the sale of timeshare,
vacation ownership, vacation clubs, or any related product or service.

Determination of whether a Person is a
Competitor of Manager and/or Westgate shall also be determined in light of
Section 32 of the TPA.

15.12.                 Corporate Personnel:  Includes
individuals employed by Manager whose duties are not exclusive to the Timeshare
Project.

15.13.                 Developer:  As defined in the Preamble to this Agreement.

15.14.                 Effective Date:  The
later of the date on which Developer, RMI and Manager each exe­cuted this
Agreement or the completion of construction (and availability for occupancy) of
Phase 1 of the Timeshare Project.

15.15.                 Global Distribution Systems:
Includes, but is not limited to airline reservations systems, or anything that
hospitality industry commonly refers to as such term.

15.16.                 Management Fee:  As defined in Section 9.1
of this Agreement.

15.17.                 Manager:  As defined in the Preamble to this Agreement.

15.18.                 Manager Executive Team:  Those
personnel of Manager, including identified Corp­orate Personnel, who have been
from time to time identified by Manager as members of the Manager
Executive Team.

15.19.                 New Centralized Services:  As defined
in Section 8.3 of this Agreement.

15.20.                 Operating Cost:   Includes all Operating
Costs as defined in Section 1(tt) of the TPA, all costs and expenses otherwise
included as part of the Operating Budget pursuant to Section 4
hereof, all Capital Expenses and Repair and Maintenance Expenses set
forth in Section 6 (except to the
extent, if any, excluded as and if so provided in said Section), and all
Centralized Services pursuant to Section 8.

15.21.                 Operating Plan:  As defined in Section 4.1 of
this Agreement.

15.22.                 Operating Standard:  As defined
in Section 3.1 of this
Agreement.

 47
 

15.23.                 Operating Term:  As defined in Section 13.1.1
of this Agreement.

15.24.                 Operating Year:  As defined in Section 4.1 of this Agreement.

15.25.                 Operating Year Financial Statements:  As defined in Section 5.4
of this Agreement.

15.26.                 Party:  As defined in the Preamble to
this Agreement.

15.27.                 RMI:  As defined in the Preamble to
this Agreement.

15.28.                 Substitute Centralized Services:  As defined
in Section 8.3 of this Agreement.

15.29.                 Timeshare Interval Owner:  An individual
or entity which has purchased an ownership interest and/or an occupancy or use
right in the Timeshare Property.  The
term includes all members of the Association, including owners of Whole
Ownership Units, for the purpose, among others, of accounting for payments due
to the Association from such owners.

15.30.                 Timeshare Plan: Includes all Timeshare Units that are not
operated as hotel units; as created by the Timeshare Documents.

15.31.                 Timeshare Property:  As defined
in the Recitals in this Agreement.

15.32.                 Timeshare Property Guest Information:  As defined
in Section 5.1 of this
Agreement.

15.33.                 Timeshare Property Personnel: 
As defined in Section 3.3.5 of this Agreement.

15.34.                 TPA:  As defined in the Recitals in
this Agreement.

15.35.                 Westgate:  As defined in the Recitals in
this Agreement.

15.36.                 Westgate Inventory:  means
(i) Timeshare Unit Vacancies, which
are owned by the Developer from time to time and are unsold, whether or not
submitted to the Timeshare Plan, to the
extent actually made available by Westgate to Manager on a timely basis
for rental in accordance with this Agreement, (ii) Timeshare Units
which are vacant because the party who reserved it did not make a
reservation as required by the Asso­ciation Governing Documents, to the extent
actually made available by Westgate to Manager on a timely basis for rental in
accordance with this Agreement; (iii) Timeshare Units sold but recap­tured
or recovered by Westgate due to owner/purchaser’s default under purchase/­financing
agreements or otherwise, to the extent actually made avail­able by Westgate to
Manager on a timely basis for rental in accordance with this Agree­ment; and
(iv) Whole Ownership Units committed to the Westgate rental program and
actually made available by Westgate to Manager on a timely basis for rental in
accord­ance with this Agreement.

[Remainder
of page left intentionally blank]

 48
 

IN
WITNESS WHEREOF, the Parties
have executed this Agreement as of this day and year first above written

	
   

  	
  OPBIZ, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  WESTGATE PLANET HOLLYWOOD

  LAS VEGAS, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  CFI RESORTS MANAGEMENT, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
									

 

The undersigned join in the
foregoing Agreement solely for the purpose of consenting to the provisions of
this Agreement, in their capacities as owner and seller, respectively, of the
Hotel/Casino Property.

	
  PH FEE OWNER, L.L.C.,

  a Delaware limited liability company

  	
  TSP
  OWNER, L.L.C.,

  a Delaware limited liability company

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
  Print:

  	
   

  	
   

  	
  Print:

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
  Title:

  	
   

  	
   

  
									

 

Exhibits:

Exhibit
A – Legal Description of Timeshare Property

Exhibit
B – Association Governing Documents

 

 49

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