Document:

Exhibit 10.5

 

LEASE AMENDMENT NO. 1

 

WHEREAS,
Boulder Station, Inc. (“Tenant”) and KB Enterprises (“Landlord”) have
entered in a Ground Lease and Sublease dated June 1, 1993 (the “Lease”);

 

WHEREAS,
Landlord and Tenant agreed and intended as
of such date that the appraised value of the lease be the higher of the
fair market value of the land or the present value of lease payments;

 

WHEREAS,
Landlord and Tenant received advice from Carlsmith, Ball, Wichman, Case &
Ichiki that the lease language is not inconsistent with that intent; and

 

WHEREAS,
in connection with Landlord’s
accommodating requests for asset transfers needed by Tenant for its gaming license needs, Landlord expressed a
desire to memorialize the intent by amending the Lease;

 

NOW,
THEREFORE, the parties to the Lease agree to amend the Lease by adding a
sentence at the end of paragraph 1.2. in Article I
thereof as follows:

 

“Notwithstanding the foregoing, the market value of the Landlord’s
interest shall not be deemed to be lower than the present value of the income
stream remaining on the Lease.”

 

By
executing below, the parties agree to this Amendment No. 1 to the Lease
this 23rd day
of December, 1996.

 

	
   

  	
  By:

  	
  /s/
  Glenn C. Christenson

  	
   

  
	
   

  	
   

  	
  Boulder
  Station, Inc.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  W. J. Bullard

  	
   

  
	
   

  	
   

  	
  KB
  EnterprisesExhibit 10.6

 

SECOND
AMENDMENT TO GROUND LEASE AND SUBLEASE

 

This SECOND AMENDMENT TO GROUND LEASE AND
SUBLEASE (this “Second Amendment”)
is entered into as of the 7th day of January, 1997 by and between KB
ENTERPRISES, a Nevada corporation (“Landlord”),
and BOULDER STATION, INC., a Nevada corporation (“Tenant”).

 

Recitals

 

A.                                   Landlord and Tenant
entered into that certain Ground Lease and Sublease dated June 1, 1993, as
amended by that certain First Amendment to Ground Lease and Sublease dated June 30,
1995 by and between Landlord and Tenant (the “Original
Lease” and, as amended by this Second Amendment, the “Lease”).

 

B.                                     Landlord and
Tenant desire to amend the Original Lease as provided herein.

 

Agreement

 

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

 

1.                                       The Original
Lease is hereby amended by insertion of the following as Article XIII(Z):

 

Z.                                        Landlord Accomodations.

 

1.                                              Defined.                                           Landlord
and Tenant acknowledge that Tenant’s improvements and operations on the Land
have been and will continue to be subject to various regulatory requirements
applicable to the gaming industry, and that as a result of such requirements,
Tenant or certain gaming regulatory agencies may request that Landlord take, or
refrain from taking, certain actions in order to accomodate Tenant’s
development and operation of gaming facilities (collectively, “Landlord Accommodations”). The result of such
Landlord Accommodations may even limit or dictate to whom Landlord can or
cannot transfer the Land, enter into loans therewith or other activities which
restrict the normal operation of income-producing property, thereby potentially
impacting the value. The compliance with any such request of Landlord
Accommodation shall be in the sole discretion of the Landlord. Any granting or
performance by Landlord of any Landlord Accommodation shall be conditioned upon
Tenant’s agreement to Subsections (2) and (3) of this Section XIII(Z).

 

2.                                              Reimbursement of Expenses. Tenant shall
promptly reimburse Landlord, upon written demand and presentation to Tenant of
appropriate

 

1

 

documentation, for any and all actual costs,
direct and indirect, which Landlord incurs in the granting or performance of
Landlord Accommodations. Such reimbursable costs shall include, but not be
limited to, reasonable attorneys’ fees and a reasonable allocation of Landlord’s
internal management expenses.

 

3.                                             Landlord’s
Sale of Land.                                  In
the event Landlord or The Frank J. Fertitta and Victoria K. Fertitta Family
Trust (“Designated
Beneficiary”) contract to sell, transfer or convey the Land,
Tenant shall reimburse Landlord for any Impairment of Value (as defined herein)
of the Land which is caused directly or indirectly by Landlord Accommodations.

 

(a)                                      Determination
of Impairment of Value.  “Impairment of Value”
shall mean the difference, if any between the contracted purchase price and the
purchase price ultimately paid at closing; provided, however, in no event shall
the contracted purchase price, for purposes of this calculation, exceed the
fair market value of the Land as determined by Section I(K)(2) of the
Lease. In the event that a sale or transfer was terminated and that termination
was “caused directly or indirectly by Landlord Accommodations,” the Impairment
of Value shall equal the contracted purchase price.

 

(b)                                      Burden
of Proof. The Impairment of Value
shall be deemed to be “caused directly or indirectly by the Landlord
Accommodations” if, and only if, Landlord can prove that Impairment of Value
was attributable to one of the following:

 

(i)                         restrictions imposed as a
result of Landlord Accommodations;

 

(ii)                     Landlord or Designated Beneficiary’s
inability to consummate a sale or conveyance of the Land in a timely manner
caused by the Landlord’s Accommodations; or

 

(iii)                 costs and expenses attributable to
compliance with and seeking approvals related to Landlord Accommodations.

 

(c)                                       Right
of First Refusal. In the event the Impairment of Value is more than five
percent (5.0%) of the contracted purchase price, Landlord’s sale shall be
subject to a right of first refusal by Tenant to purchase the Property at the
contracted purchase price, which right of first refusal will be deemed to be
waived unless exercised in writing within thirty (30) days of Landlord’s notice
to Tenant asserting an Impairment of Value and requesting payment therefore.

 

3.                                             Automatic Termination of This Section XIII(Z).                             This
Lease shall be automatically amended, with no further execution of documents or
other

 

2

 

actions required, to delete this Section XIII(Z)
in its entirety immediately upon the first to occur of any of the following:

 

(i)                                  Tenant consummates an
acquisition of the Landlord’s Interest;

 

(ii)                              The Designated Beneficiary
no longer has any direct or indirect interest in the Land; or

 

(iii)                          The date on which the
Landlord Accommodations are no longer in effect.

 

2.                                              The terms
and provisions of this Second Amendment shall be applicable only to the
undersigned Landlord and Tenant and may not be assigned, transferred or conveyed
to any other party whatsoever.

 

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

 

4.                                              All
capitalized terms used in this Second Amendment and not defined herein shall
have the meaning ascribed thereto in the Original Lease.

 

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

 

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

 

WITNESS THE EXECUTION HEREOF by each of the
undersigned, to be effective as of the date first set forth above.

 

	
  LANDLORD

  	
   

  	
  TENANT

  
	
   

  	
   

  	
   

  
	
  KB Enterprises, a Nevada corporation

  	
   

  	
  Boulder Station, Inc., a Nevada

  
	
   

  	
   

  	
  corporation

  
	
   

  	
   

  	
   

  
	
  By:

  	
   /s/ W. J. Bullard

  	
   

  	
   

  	
  By:

  	
   /s/ Scott M Nielson

  	
   

  
	
  Name:

  	
  William J Bullard

  	
   

  	
   

  	
  Name:

  	
  Scott M Nielson

  	
   

  
	
  Title:

  	
  Secretary

  	
   

  	
   

  	
  Title:

  	
  Secretary

  	
   

  
											

 

3Exhibit 10.10

 

LEASE AMENDMENT NO. 1

 

WHEREAS, Station Casinos, Inc. (“Lessee”) and
Texas Gambling Hall & Hotel, Inc. (“Landlord”) have entered in a
Ground Lease and Sublease dated June 1, 1995 (the “Lease”);

 

AND WHEREAS, Lessee subsequently assigned its interest
in the Lease to Texas Station, Inc. (“Tenant”) in an Assignment,
Assumption and Consent Agreement dated July 6, 1995;

 

WHEREAS, Landlord and Lessee agreed and intended as
of such date that the appraised value of the lease be the higher of the fair
market value of the land or the present value of lease payments;

 

WHEREAS, Landlord and Leasee received advice from
Carlsmith, Ball, Wichman, Case & Ichiki that the lease language is not
inconsistent with that intent; and

 

WHEREAS, in connection with Landlord’s accommodating
requests for asset transfers needed by Lessee and Tenant for its gaming license
needs, Landlord expressed a desire to memorialize the intent by amending the
Lease;

 

NOW, THEREFORE, the parties to the Lease agree to
amend the Lease by adding a sentence at the end of paragraph I.2. in Article I
thereof as follows:

 

“Notwithstanding the foregoing, the market value of
the Landlord’s interest shall not be deemed to be lower than the present value
of the income stream remaining on the Lease.”

 

By executing below, the parties agree to this
Amendment No. 1 to the Lease this 23rd day of December, 1996.

 

	
   

  	
  By:

  	
  /s/ Glenn C. Christenson

  	
   

  
	
   

  	
   

  	
  Texas Station, Inc.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ W. J. Bullard

  	
   

  
	
   

  	
   

  	
  Texas Gambling Hall & Hotel, Inc.

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