Document:

Exhibit 10.4

                    MODIFICATION OF JOINT OPERATING AGREEMENT

     Western Professional Hockey League, Inc. ("WPHL"), a Texas corporation, and
Central Hockey League,  Inc. ("CHL"), an Illinois  corporation,  enter into this
Modification of Joint Operating Agreement as follows:

     WHEREAS,  the parties entered into a Joint Operating  Agreement dated as of
July 19, 2001 (the "JOA"); and

     WHEREAS,  the parties  desire to modify  certain  provisions  of the JOA to
resolve  disputes  among  themselves  and to  create  greater  certainty  in the
operation of the JOA; and

     WHEREAS, this Modification Agreement represents a compromise agreement and,
along with the parties' Settlement Agreement and Mutual Release of even date, is
intended to resolve all disputes among the parties except as expressly  reserved
hereunder.

     NOW, THEREFORE,  for good and valuable consideration had among the parties,
the sufficiency of which is hereby acknowledged, the parties agree to modify the
JOA as set forth herein.

     1.  Paragraph  II.1 of the JOA shall be modified by deleting  the  existing
provision in its entirety and replacing it with the following:

          Governance.  Notwithstanding  any other  provision of this  Agreement,
     WPHL and CHL shall remain separate legal entities,  shall maintain separate
     books  and  records,   and  shall  be  solely  responsible  for  their  own
     obligations.

          The League  shall be  governed  by an  oversight  board (the  "Board")
     consisting of two  representatives of WPHL, two representatives of CHL, and
     a fifth  member to be  mutually  agreed  upon by the WPHL and the  CHL.WPHL
     hereby  appoints  Rick  Kozuback  and one  member to be  determined  as its
     current Board representatives to serve indefinitely until written notice of
     a change is delivered by WPHL to CHL. CHL hereby  appoints Lester Rosen and
     Jeff Lund as its current Board  representatives to serve indefinitely until
     written notice of a change is delivered by WPHL to CHL.  Unless a member is
     unable  to serve  due to  illness  or other  compelling  circumstances,  no
     changes in board membership shall be made more than once per calendar year.

MODIFICATION OF JOINT OPERATING AGREEMENT - PAGE 1 OF 6
<PAGE>
     All  changes in board  membership  shall be made by  written  notice to all
     members,  to be effective no earlier than fourteen (14) days after the date
     of such notice.

          The Board shall meet not less than four (4) times each calendar  year,
     two of such meetings to be held in person at the League's All-Star Game and
     during  the  League's  Summer  Conference.  The  other  meetings  may be by
     conference  call or other  telecommunications  arrangement on not less than
     two weeks notice to each board member. Notice must be in writing. A minimum
     of three  (3)  directors  must be  present  to  constitute  a  quorum.  The
     Commissioner  shall be responsible  for the  distribution  of written board
     minutes not more than twenty (20) days following each board meeting.  If no
     comments  are  received  within ten (10) days from any Board  member,  such
     minutes shall be deemed approved. Board members shall be reimbursed for all
     reasonable  expenses  incurred solely and directly in connection with board
     service.

          The  general  duty  of the  Board  shall  be to  set  policy  for  the
     operations of the League by the Staff. Oversight of League Operations shall
     be generally  vested in an Executive  Committee of the Board  consisting of
     the  Commissioner  and a  representative  from  WPHL and CHL.  WPHL  hereby
     appoints  Rick  Kozuback and CHL hereby  appoints  Jeff Lund as  respective
     representatives  to the Executive  Committee.  Any matter except the annual
     operating  budget upon which the Executive  Committee is in agreement shall
     be deemed to be  approved  by the Board.  The entire  Board  shall  approve
     annual operating budgets for each season by an affirmative vote of not less
     than three (3) members not later than June 1 of each year.  The Board shall
     receive the proposed  budget not later than fourteen (14) days prior to the
     vote on approval of such budget.  The members of the  Executive  Committee,
     expect the league  Commissioner,  shall receive  compensation of $8,500 per
     year.

          The Board shall approve  budgets,  determine  compensation  for league
     personnel,  approve  financial  statements,  close out the year,  , acquire
     errors and omission  Insurance,  and approve any change of trademarks.  The
     Board may  review  policy  and  existence  of  Letters  of  Credit,  League
     expansion, team transfers,  control changes, benefits for league personnel,
     legal  settlements  in excess of $50,000,  workers  compensation  insurance
     carriers and coverage, and League office relocations.

MODIFICATION OF JOINT OPERATING AGREEMENT - PAGE 2 OF 6
<PAGE>
     2.  Management.  Paragraph  II.2 of the JOA is  modified  by  deleting  the
existing provision in its entirety and replacing it with the following:

          The  League  operations  shall be run by the WPHL  Staff as  currently
     identified on the attached  Exhibit "A." WPHL and the CHL hereby  designate
     Duane Lewis, WPHL Vice President  Operations,  as the acting  Commissioner.
     The Commissioner  shall serve indefinitely until written notice of a change
     is  delivered by WPHL to CHL.  Changes of personnel  among the Staff may be
     made by the Commissioner in his/her reasonable  discretion.  Written notice
     of such  changes  shall be  provided  to the  Board  at the next  regularly
     scheduled meeting of the Board.

          The Commissioner may add personnel in addition to the designated Staff
     or incur additional, controllable, non-budgeted expense as required for the
     effective operation of the League.  Provided,  however,  any deviation from
     any  budgeted  expense in excess of ten  percent  (10%) must be approved in
     advance by the Executive Committee.

          The Staff shall maintain all appropriate  financial  records including
     an interim balance sheet,  quarterly and  year-to-date  income  statements,
     accounts  payable  aging and  accounts  receivable  aging.  The Staff shall
     provide each Board member with  reasonable  access to such records not less
     than quarterly.  Further, any member of the JOA may conduct an audit of the
     JOA books and records at their own expense not more than once per year.

     3.  Expansion  Fees The third  sentence  in  Section 5 of the JOA  entitled
"Expansion" is hereby amended in its entirety to read as follows:

          "Expansion  Fees, other than fees for the three teams exempted herein,
     shall be divided as follows:  in the event the expansion  team is generated
     by WPHL (other than  persons  whose  salaries or wages are being fully paid
     under the JOA) or in the  event  the  expansion  team is  generated  by CHL
     (other than persons whose  salaries or wages are being fully paid under the
     JOA), then the originating entity (either WPHL or CHL) shall be paid 50% of
     the expansion  fee with the remaining 50% to be added to Operating  Revenue
     under the JOA; or in the event the  expansion  team is generated by persons
     whose salaries or wages are being fully paid under the JOA, then the entire
     amount  of  the  expansion  fee  will  be  added  to  Operating  Revenue.".
     Notwithstanding  the  above  if WPHL  or its  affiliates  have  built a new
     building for the expansion  team then they are entitled to the 50% share of
     the associated  expansion fee. In instances which do not fall in any of the

MODIFICATION OF JOINT OPERATING AGREEMENT - PAGE 3 OF 6
<PAGE>
     above categories as reasonably  determined by a vote of the full Board, the
     entire amount of the expansion fee will be added to Operating Revenue."

     4. Section 10 of the JOA entitled  "Purchase  Option" is hereby  deleted in
its  entirety  and either  party is given a right of first  refusal to  promptly
purchase  the other if a bona-fide,  third  party,  offer to purchase the entire
ownership interest,  and only such interest, is received by either party and the
receiving party is willing to accept such offer.. By way of example but not as a
limitation,  if a third party offers to purchase a group of businesses under the
Global Entertainment  umbrella, one of which is the WPHL, there will be no right
of first refusal

     5.  Paragraph  II.7 of the JOA shall be expanded by adding the following at
the end thererof:

          "CHL and WPHL  shall  use their  commercially  reasonable  efforts  to
     enforce  the  obligations  hereunder  of each  of  their  respective  Teams
     (including payment of all dues, fees, fines, ETC.)"

     6. Paragraph II.17 of the JOA is modified to change the address for notices
to WPHL, counsel for WPHL and to add the counsel for CHL as follows:

J. Scott Rose                              Kenneth Wagner
Jackson Walker L.L.P.                      Latham, Wagner, Steele & Lehman, P.C.
112 E. Pecan, Suite 2400                   1800 S. Baltimore, Suite 500
San Antonio, Texas 78205                   Tulsa, OK  74119

Counsel for WPHL                           Counsel for CHL

WPHL

1600 N. Desert Drive
Tempe, AZ  85281

     7. The Joint  Operating  Agreement is hereby extended for an additional Ten
years.

     8. In all their public representations,  the parties shall use commercially
reasonable  efforts to avoid  inaccurately  depicting the  relationship  between
Western  Professional Hockey League,  Inc. d/b/a Central Hockey League,  Central
Hockey League, Inc., and Global Entertainment Corporation.

MODIFICATION OF JOINT OPERATING AGREEMENT - PAGE 4 OF 6
<PAGE>
     9. Paragraph  II.19 of the JOA is modified to incorporate the terms of this
Modification as part of the JOA. No agreements,  written or oral, other than the
JOA,  Settlement  Agreement and Mutual  Release and this  Modification  form the
basis of any agreement between WPHL and CHL.

     10. The parties  acknowledge  they have settled  existing  disputes between
them and have  entered into a Settlement  Agreement  and Mutual  Release that is
executed  contemporaneously  with this Modification.  In the event of a conflict
relating to the claims  settled,  the  Settlement  Agreement and Mutual  Release
shall govern.

                            [SIGNATURE PAGE FOLLOWS]

MODIFICATION OF JOINT OPERATING AGREEMENT - PAGE 5 OF 6
<PAGE>
CENTRAL HOCKEY LEAGUE, INC.

by: /s/ Horn Chen
   -------------------------------------
its: President
    ------------------------------------

WESTERN PROFESSIONAL HOCKEY LEAGUE, INC.

by: /s/ Rick Kozuback
   -------------------------------------

its: President & CEO
    ------------------------------------

MODIFICATION OF JOINT OPERATING AGREEMENT - PAGE 6 OF 6Exhibit 10.8

                        CONSTRUCTION-TERM LOAN AGREEMENT

                                  by and among

                         MARSHALL FINANCIAL GROUP, LLC,
                      a Delaware limited liability company

                                       and

                          WENATCHEE EVENTS CENTER, LLC,
                     a Washington limited liability company

<PAGE>
                                TABLE OF CONTENTS

                                                                            Page
                                                                            ----

ARTICLE I DEFINITIONS......................................................  1

     Section 1.1 Defined Terms.............................................  1

ARTICLE II COMMITMENT TO MAKE ADVANCES, DISBURSEMENT PROCEDURES AND
           DEPOSIT OF FUNDS................................................  5

     Section 2.1 The Advances..............................................  5

     Section 2.2 Advance Requirements......................................  5

     Section 2.3 Disbursement Procedures for Advances......................  6

     Section 2.4 Deposit of Funds by Borrower..............................  7

     Section 2.5 Disbursements Without Receipt of Draw Request.............  7

     Section 2.6 Interest Reserve..........................................  8

     Section 2.7 Intentionally Omitted.....................................  8

     Section 2.8 Project Contingency.......................................  8

ARTICLE III CONDITIONS OF LENDING..........................................  8

     Section 3.1 Conditions Precedent to Lending...........................  8

     Section 3.2 Further Conditions Precedent to All Advances.............. 11

     Section 3.3 Conditions Precedent to the Final Advance................. 12

     Section 3.4 Insurance................................................. 13

     Section 3.5 Casualty/Destruction...................................... 15

     Section 3.6 No Waiver................................................. 15

ARTICLE IV WARRANTIES, REPRESENTATIONS AND COVENANTS OF BORROWER........... 15

     Section 4.1 Representations and Warranties............................ 15

     Section 4.2 Covenants................................................. 17

     Section 4.3 Negative Covenants........................................ 19

     Section 4.4 Environmental Representation, Warranties and Covenants,
                 and Indemnities........................................... 20

ARTICLE V EVENTS OF DEFAULT; RIGHTS AND REMEDIES........................... 21

     Section 5.1 Event of Default Defined.................................. 21

     Section 5.2 Rights and Remedies....................................... 24

ARTICLE VI MISCELLANEOUS................................................... 24

     Section 6.1 Inspections............................................... 24
<PAGE>
     Section 6.2 Indemnification by Borrower............................... 25

     Section 6.3 Fees...................................................... 25

     Section 6.4 Addresses for Notices..................................... 25

     Section 6.5 Amendments, Determinations by Lender, Consents, Etc....... 26

     Section 6.6 Time of the Essence....................................... 26

     Section 6.7 Waivers................................................... 26

     Section 6.8 Remedies Cumulative....................................... 26

     Section 6.9 Governing Law and Entire Agreement........................ 26

     Section 6.10 Counterparts............................................. 26

     Section 6.11 Term..................................................... 26

     Section 6.12 Successors and Assigns................................... 26

     Section 6.13 Offsets.................................................. 27

     Section 6.14 Headings................................................. 27

     Section 6.15 Accounting............................................... 27

     Section 6.16 Not Joint Venturer....................................... 27

     Section 6.17 Adequacy of Loan Proceeds................................ 27

     Section 6.18 Participations........................................... 27

     Section 6.19 Relationship to Other Documents.......................... 27

     Section 6.20 Reappraisals............................................. 27

     Section 6.21 Construction Signage..................................... 28
<PAGE>
                        CONSTRUCTION-TERM LOAN AGREEMENT

     THIS  CONSTRUCTION-TERM  LOAN AGREEMENT  ("AGREEMENT")  is made and entered
into this __ day of August 2007, by and among MARSHALL  FINANCIAL GROUP,  LLC, a
Delaware limited liability company ("LENDER"), and WENATCHEE EVENTS CENTER, LLC,
a Washington  limited  liability company  ("BORROWER") and GLOBAL  ENTERTAINMENT
CORPORATION, a Nevada corporation ("GUARANTOR").

                              W I T N E S S E T H:

     WHEREAS,   Borrower   has   requested   that   Lender   extend   to   it  a
construction-term  loan as more fully  described in this Agreement (the "LOAN");
and

     WHEREAS,  Lender has agreed to extend the Loan to  Borrower  upon the terms
and subject to the conditions hereinafter set forth.

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

                                    ARTICLE I
                                   DEFINITIONS

    Section 1.1 DEFINED TERMS. As used in this Agreement the defined terms in
this ARTICLE I, and any other terms defined in this Agreement, i.e., those terms
beginning with a capital  letter,  will have the meanings  ascribed to each such
term (such  meanings to be equally  applicable  to both the  singular and plural
forms of the terms defined):

     (a)  "ADVANCE"  - An  advance  of the  Commitment  by  Lender  to  Borrower
          pursuant to ARTICLE II hereof.

     (b)  "AFFILIATE" - When used with reference to any Person,  (a) each Person
          that, directly or indirectly,  controls,  is controlled by or is under
          common  control  with,  the Person  referred  to, (b) each Person that
          beneficially owns or holds, directly or indirectly,  5% or more of any
          class of voting Equity  Interests of the Person  referred to, (c) each
          Person,  5% or  more  of the  voting  Equity  Interests  of  which  is
          beneficially  owned or held,  directly  or  indirectly,  by the Person
          referred to, and (d) each of such Person's officers,  directors, joint
          venturers  and  partners.  For  these  purposes,  the  term  "control"
          (including the terms  "controlled by" and "under common control with")
          means the possession,  directly or indirectly,  of the power to direct
          or cause the direction of the management and policies of the Person in
          question,  whether  by  contract,   ownership  of  voting  securities,
          membership interests or otherwise.

     (c)  "AGREEMENT" - This  Construction-Term  Loan  Agreement,  including any
          amendment hereof or supplement hereto.

                                       1
<PAGE>
     (d)  "ARCHITECT"  - The project  architect  as may be retained by Borrower:
          Sink Combs Dethlefs.

     (e)  "ARCHITECT'S  CONTRACT"  - The  agreement  between  Borrower  and  the
          Architect as to preparation of the Drawings and Specifications for the
          Project and the supervision of the construction of the Project.

     (f)  "CERTIFICATE OF COMPLETION" - The certificate from General  Contractor
          and/or Architect  certifying those items referred to in Section 3.3(a)
          hereof.

     (g)  "CITY" - City of Wenatchee, Washington.

     (h)  "COMMITMENT"  - The  commitment of Lender to make advances to Borrower
          to construct the Project in an aggregate principal amount of up to and
          including FIFTY TWO MILLION AND NO/100 DOLLARS ($52,000,000.00).

     (i)  "COMMITMENT  TERMINATION  DATE" - August __, 2009,  or the date of the
          termination  of  Lender's  Commitment  pursuant to SECTION 5.2 hereof,
          whichever date occurs earlier.

     (j)  "CONSTRUCTION  CONTRACT"  - The  agreement  between  Borrower  and the
          General Contractor for the construction of the Project.

     (k)  "CONTRACTOR" - Any General Contractor, who shall be engaged to work on
          or to furnish materials, labor and supplies for the Project.

     (l)  "DISBURSING AGENT" - Stewart Title Guaranty Company.

     (l)  "DISBURSING  AGREEMENT"  -  The  Disbursing  Agreement  of  even  date
          herewith,  executed by and between Borrower, Lender and the Disbursing
          Agent  pertaining to the  disbursement of the Advances to or on behalf
          of Borrower.

     (m)  "DRAW  REQUEST" - The Draw  Request  form that is  submitted to Lender
          when Advances are  requested in the form attached  hereto as EXHIBIT A
          and incorporated herein by reference.

     (n)  "DRAWINGS AND SPECIFICATIONS" - The drawings and specifications as may
          be prepared by the Architect for the Project.

     (o)  "ENVIRONMENTAL  INDEMNITY  AGREEMENT"  - The  Environmental  Indemnity
          Agreement of even date  herewith  from Borrower and Guarantor in favor
          of Lender.

     (p)  "ENVIRONMENTAL  LAWS" - Any  international,  federal,  state  or local
          statute, law, regulation,  order, consent, decree,  judgment,  permit,
          license,  code,  covenant,  deed  restriction,   common  law,  treaty,
          convention,  ordinance or other requirement relating to public health,
          safety  or  the  environment,  including,  without  limitation,  those
          relating to releases,  discharges or emissions to air, water,  land or

                                       2
<PAGE>
          groundwater,  to the withdrawal or use of groundwater,  to the use and
          handling of  polychlorinated  biphenyls or asbestos,  to the disposal,
          treatment,  storage  or  management  of  hazardous  or solid  waste or
          Hazardous  Substances  or crude oil, or any  fraction  thereof,  or to
          exposure  to  toxic  or   hazardous   materials,   to  the   handling,
          transportation,  discharge  or release of gaseous or liquid  Hazardous
          Substances and any regulation, order, notice or demand issued pursuant
          to such law,  statute or  ordinance,  in each case  applicable  to the
          Mortgaged  Property of  Borrower,  including  without  limitation  the
          following: (i) the Comprehensive Environmental Response,  Compensation
          and Liability Act of 1980, as amended by the Superfund  Amendments and
          Re-authorization  Act of 1986;  (ii) the Solid Waste  Disposal Act, as
          amended by the Resource  Conservation and Recovery Act of 1976 and the
          Hazardous  and Solid Waste  Amendments  of 1984;  (iii) the  Hazardous
          Materials  Transportation  Act,  as amended;  (iv) the  Federal  Water
          Pollution  Control Act, as amended by the Clean Water Act of 1976; (v)
          the Safe Drinking Water Act; (vi) the Clean Air Act, as amended; (vii)
          the Toxic  Substances  Control  Act of 1976;  (viii) the  Occupational
          Safety and Health Act of 1977, as amended; (ix) the Emergency Planning
          and   Community   Right-to-Know   Act  of  1986;   (x)  the   National
          Environmental  Policy Act of 1975; (xi) the Oil Pollution Act of 1990;
          and any  similar or  implementing  state law;  and any other  state or
          federal statute and any further amendments to these laws providing for
          financial  responsibility for cleanup or other actions with respect to
          the release or  threatened  release of Hazardous  Substances  or crude
          oil, or any fraction thereof and all rules and regulations promulgated
          thereunder.

     (q)  "EQUITY" - The difference between the Project Cost and the Commitment,
          being the amount  Borrower  is  required  to invest in the  Project in
          accordance with the provisions of SECTION 3.1 of this Agreement.

     (r)  "EVENT OF DEFAULT" - One of the Events of Default specified in SECTION
          5.1 hereof.

     (s)  "GUARANTOR" - Global Entertainment Corporation, a Nevada corporation.

     (t)  "GUARANTY" - That certain Guaranty of Completion of even date herewith
          executed and delivered by Guarantor.

     (u)  "GENERAL CONTRACTOR" - Hunt Construction Group, Inc.

     (v)  "HARD  COSTS" - The costs of  constructing  the  Project  that are set
          forth as Hard Costs on the Project Cost Statement.

     (w)  "HAZARDOUS SUBSTANCE" - Any hazardous or toxic material,  substance or
          waste,  pollutant or contaminant  that is regulated under any statute,
          law, ordinance,  rule or regulation of any local,  state,  regional or
          federal authority having  jurisdiction over the Mortgaged  Property of
          Borrower,  or its use,  including,  but not  limited to any  material,
          substance  or waste,  that is: (i)  defined as a  hazardous  substance
          under any Environmental Laws; (ii) a petroleum hydrocarbon,  including
          crude oil or any fraction  thereof and all petroleum  products;  (iii)
          polychlorinated  biphenyls;  (iv) lead;  (v) urea  formaldehyde;  (vi)

                                       3
<PAGE>
          asbestos or asbestos containing materials; (vii) flammable explosives;
          (viii) infectious materials;  (ix) radioactive materials; (x) mold; or
          (xi) defined or regulated as a hazardous  substance or hazardous waste
          under any rules or  regulations  promulgated  under any  Environmental
          Laws.

     (x)  "INSPECTING  ENGINEER"  - The  inspecting  engineer  retained  by  the
          Lender: LM Consultants, Inc.

     (y)  "LEASE"  -  Amended  and  Restated  Lease  with  the  Purchase  Option
          Agreement  dated May 30, 2007, made by Borrower as Lessor and WPFD, as
          Lessee.

     (z)  "LOAN  DOCUMENTS"  - This  Agreement,  the  Note,  the  Mortgage,  the
          Guaranty, the Environmental Indemnity Agreement and all other security
          or  collateral  documents  executed by Borrower  and/or  Guarantor  in
          connection herewith or therewith for the benefit of Lender.

     (aa) "MORTGAGE"  - The Deed of Trust of even  date  herewith,  executed  by
          Borrower to Lender creating a first priority mortgage on the Mortgaged
          Property  and a  security  interest  in all of the  personal  property
          located thereon as security for payment of the Note.

     (bb) "MORTGAGED  PROPERTY"  - The  land  and  improvements  (including  the
          Project)  situated in Chelan  County,  Washington,  and other personal
          property  located  thereon,  as  more  particularly  described  in the
          Mortgage.

     (cc) "NOTE" - The  promissory  note  from  Borrower  to Lender of even date
          herewith  in the  original  principal  amount of FIFTY TWO MILLION AND
          NO/100 DOLLARS ($52,000,000.00).

     (dd) "PERSON" - Natural persons, corporations, limited liability companies,
          limited    liability    partnerships,    limited   liability   limited
          partnerships,  limited partnerships, general partnerships, joint stock
          companies,  joint ventures,  associations,  companies,  trusts, banks,
          trust companies,  land trusts, business trusts or other organizations,
          whether  or not legal  entities,  and  governments  and  agencies  and
          political subdivisions of those governments.

     (ee) "PROJECT" - The  construction  of Greater  Wenatchee  Regional  Events
          Center on the Mortgaged Property as more fully described in the Lease,
          the Construction Contract and the Drawings and Specifications.

     (ff) "PROJECT BUDGET" - The total cost of completing the Project.

     (gg) "PROJECT  COST" -  Approximately  $54,000,000.00  being the  estimated
          amount   necessary  to  complete  the  construction  of  the  Project,
          including hard and soft costs.

     (hh) "PROJECT  COST  STATEMENT"  - The  certificate  of  Borrower  in which
          Borrower  certifies  to Lender  the  total of all Hard  Costs and Soft
          Costs  necessary  to  complete  the  Project  in  accordance  with the

                                       4
<PAGE>
          Drawings and  Specifications,  and  certifies to Lender the amount and
          source of Borrower's Equity, all as verified by Inspecting Engineer.

     (ii) "PROJECT  DOCUMENTS" - Collectively  the  Construction  Contract,  the
          Architect's  Contract,  the  Drawings  and  Specifications,  the Sworn
          Construction  Statement,  the Project  Cost  Statement,  and all other
          contracts  of Borrower or the General  Contractor  with respect to the
          Project.

     (jj) "SOFT COSTS" - The cost of constructing the Project that are set forth
          as Soft Costs on the Project Cost Statement.

     (kk) "SUBSTANTIAL  COMPLETION" - The date on which General  Contractor  and
          the Architect  issue a Certificate  of  Substantial  Completion of the
          Project and Borrower  demonstrates  compliance  with the conditions of
          SECTION 3.3 of this Agreement.

     (ll) "SWORN CONSTRUCTION  STATEMENT" - The form of document attached hereto
          as Exhibit C.

     (mm) "TITLE COMPANY" - Stewart Title Guaranty Company.

     (nn) "WPFD" - Greater  Wenatchee  Regional Events Center Public  Facilities
          District, a Washington municipal corporation.

                                   ARTICLE II
                          COMMITMENT TO MAKE ADVANCES,
                  DISBURSEMENT PROCEDURES AND DEPOSIT OF FUNDS

     Section 2.1 THE ADVANCES.  Lender  agrees,  on the terms and subject to the
conditions hereinafter set forth, to make Advances to Borrower from time to time
during the period from the date hereof to the Commitment  Termination Date in an
aggregate  principal  amount of up to and  including  the maximum  amount of the
Commitment,  to pay for or to  reimburse  Borrower  or its  Affiliates,  for the
payment of the costs  actually  incurred in  connection  with the Project,  that
shall include but not be limited to costs of permits, licenses, labor, supplies,
materials, services, equipment and insurance premiums, but shall not include any
profit to Borrower  acting in the capacity as  developer or general  contractor.
The obligation of Borrower to repay the Advances shall be evidenced by the Note,
containing the terms  relating to maturity,  interest rate, and other matters as
set forth  therein.  All Advances  shall be disbursed  by the  Disbursing  Agent
pursuant to the terms and  conditions  hereof and the Disbursing  Agreement.  As
used herein,  the term "Disburse" or "Disbursement"  shall mean the disbursement
of Advances made or to be made by the Disbursing Agent as provided herein and in
the Disbursing Agreement.

     Section 2.2 ADVANCE  REQUIREMENTS.  Subject to the  requirements of SECTION
2.3 below, Advances shall be made as follows:

     (a)  INITIAL ADVANCE.  Initial Advance shall be made in the total amount of

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<PAGE>
          up to  approximately  $5,939,744.38  to be used for  closing and other
          costs and expenses of the Project.

     (b)  CONSTRUCTION  ADVANCES.  Construction Advances shall be made by Lender
          in the total amount of up to approximately  $46,060,255.62 as provided
          in  this  Agreement.   Construction   Advances  to  be  used  for  the
          development  of the Project and as otherwise  set forth in the Project
          Budget.

     Section 2.3 DISBURSEMENT PROCEDURES FOR ADVANCES.

     (a)  Whenever  Borrower  desires  to  obtain  an  Advance  hereunder,  such
          requests to be made no more  frequent  than  monthly,  Borrower  shall
          submit  to  Lender  and  the  Disbursing  Agent a Draw  Request,  duly
          executed on behalf of Borrower setting forth the information requested
          therein.  Each  Draw  Request  shall be  submitted  at least  ten (10)
          business days before the date the Advance is desired.  With respect to
          Hard Costs, each Draw Request shall be limited to amounts equal to (i)
          the total costs actually  incurred and paid or owed by Borrower to the
          date  of  such  Draw  Request  for  work  on  the  Project  acceptably
          completed,  as approved by Lender, plus (ii) the cost of materials and
          equipment  not  incorporated  in the  Project,  but  delivered  to and
          suitably  stored at the Project  site,  less (iii) 5 percent  (5%) (or
          such lesser  hold back as is  authorized  by Lender),  which hold back
          shall be  retained  by  Lender  until  Substantial  Completion  of the
          Project (the  "RETAINAGE"),  and less prior Advances.  Notwithstanding
          anything herein to the contrary, no Advance for material stored at the
          Project  site  will be made by Lender  unless  Borrower  shall  advise
          Lender of its intention to so store  materials prior to their delivery
          and provides suitable  security for such storage.  With respect to all
          Soft Costs,  each Draw  Request  shall be limited to the total of such
          costs actually  incurred by Borrower to the date of such Draw Request,
          less  prior  Advances  for such  costs.  Each  Draw  Request  shall be
          accompanied by a certification by the General  Contractor that (i) the
          Project is being  constructed  in  accordance  with the  Drawings  and
          Specifications in a good and workmanlike  manner and that the work has
          been completed and the materials are in place as indicated in the Draw
          Request, (ii) the undisbursed amount of the Commitment is in an amount
          sufficient to pay the remaining unpaid costs and expenses  anticipated
          to   complete   the   Project,   and  (iii)  such  other  and  further
          certificates,  opinions, inspections, reports and other information as
          may be requested  by Lender from time to time at its sole  discretion.
          All Advances will be made in accordance  with the amounts  assigned to
          the various items in the Sworn Construction  Statement and the Project
          Cost  Statement  (as amended  from time to time to reflect  authorized
          change  orders),  and no Advance will be made for any amount in excess
          of the values assigned such items in the Sworn Construction  Statement
          and the Project Cost Statement.  Each Draw Request shall constitute an
          affirmation by Borrower that, to its  knowledge,  all  representations
          and  warranties set forth in ARTICLE IV are true and correct as of the
          date of such Draw Request.

     (b)  At the time of submission of each Draw Request,  Borrower shall submit
          to Lender and the Disbursing Agent the following:

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<PAGE>
          (i)  A written  lien waiver  with  respect to all Hard Costs from each
               Contractor  for work done and materials  supplied by it that were
               paid for pursuant to the preceding Draw Request.

          (ii) Documentation reasonably acceptable to Lender (receipts, canceled
               checks  and the like)  evidencing  payment of all Soft Costs that
               were  paid in  connection  with the  immediately  preceding  Draw
               Request,  excluding  amounts drawn for payment of interest on the
               Advances or fees due to Lender.

          (iii)Such other  supporting  evidence as may be requested by Lender or
               the Disbursing  Agent to substantiate all payments that are to be
               made out of the relevant Draw Request and/or to substantiate  all
               payments then made with respect to the Project.

     (c)  If on the date an Advance is desired Borrower has performed all of its
          agreements and complied with all requirements therefor to be performed
          or complied with hereunder  including  satisfaction  of all applicable
          conditions  precedent  contained  in ARTICLE III hereof,  Lender shall
          transmit to the Disbursing Agent the amount of the requested  Advance,
          less  amounts  owing to Lender  (which  will be  applied  directly  by
          Lender), and the Disbursing Agent will disburse such funds pursuant to
          and in accordance  with the terms of the  Disbursing  Agreement.  Each
          Advance  shall bear interest at the rate provided in the Note from the
          date such Advance is transmitted by Lender to the Disbursing Agent.

     Section  2.4  DEPOSIT  OF FUNDS BY  BORROWER.  If Lender  shall at any time
determine that the undisbursed  amount of the Commitment is less than the amount
required  to pay all  costs  and  expenses  of any kind  that may be  reasonably
anticipated in connection  with the Project,  and if Lender shall thereupon send
written  notice  thereof  to  Borrower  specifying  the  amount  required  to be
deposited by Borrower with the Disbursing  Agent to provide  sufficient funds to
complete  the Project,  Borrower  shall,  within  twenty (20)  calendar  days of
receipt of any such  notice,  deposit  with the  Disbursing  Agent the amount of
funds  specified  in  Lender's  notice.  Borrower  shall also  deposit  with the
Disbursing Agent,  without demand by Lender,  funds equal to any increase in the
Project Cost resulting from an authorized change order. Borrower agrees that any
funds  deposited with the Disbursing  Agent shall be disbursed by the Disbursing
Agent before any further disbursements of the Commitment.

     Section 2.5 DISBURSEMENTS WITHOUT RECEIPT OF DRAW REQUEST.  Notwithstanding
anything  herein to the  contrary,  so long as any Event of Default has occurred
and remains outstanding, Lender, upon written notice to Borrower, shall have the
irrevocable  right at any time and from time to time to cause an  advance of the
Commitment  or a  disbursement  of funds that are on deposit  with Lender or the
Disbursing  Agent to pay  principal  or  interest  on the Note as and when  said
payments  become due and to pay any and all costs and  expenses  referred  to in
SECTION 6.03 hereof, and following the occurrence of an uncured Event of Default
to pay any and all costs and expenses  necessary to complete the Project,  or to

                                       7
<PAGE>
satisfy any  obligation of Borrower  pursuant to the terms of this  Agreement or
the other Loan Documents, all without receipt of a Draw Request from Borrower.

     Section 2.6 INTEREST RESERVE. A sum in the amount of ($2,329,066.00)  shall
be unfunded  and  reserved  for the  funding of  interest  owed on the Loan (the
"INTEREST RESERVE"). Funds shall be advanced for the payment of accrued interest
on Borrower's request, except as provided in SECTION2.05 above. It is the intent
of the parties  hereto,  that all Advances made pursuant to a Draw Request shall
include, but not be limited to, an Advance from the unfunded Interest Reserve to
pay interest  then due under the Loan.  It is the further  intent of the parties
hereto that in the event an interest  payment is due under the terms of the Note
but (i) no  Draw  Requests  has  been  made;  or (ii) a Draw  Request  has  been
submitted  such that the interest  payment  cannot be timely made as part of the
Draw Request, THEN Lender may draw from the Interest Reserve to pay such accrued
interest  then due. If at any time the  Interest  Reserve is exhausted or Lender
determines,  at its sole  discretion,  it is  insufficient  due to interest rate
adjustments, Borrower will, within 10 calendar days of Lender's request, deposit
with Lender an amount  sufficient for the funding of interest  payments over the
remaining term of the Loan.

     Section 2.7 Intentionally Omitted.

     Section 2.8 PROJECT CONTINGENCY. A sum in the amount of $1,252,035.00 shall
be unfunded and reserved for Project Cost overruns.

                                  ARTICLE III
                              CONDITIONS OF LENDING

     Section 3.1  CONDITIONS  PRECEDENT TO LENDING.  The obligation of Lender to
make the initial Advance  hereunder shall be subject to the condition  precedent
that Borrower shall be in compliance  with the  conditions  contained in SECTION
3.2 and the further  condition  precedent  that Lender  shall have  received the
following:

     (a)  The   Note,   Mortgage,    Guaranties,   UCC   Financing   Statements,
          Environmental  Indemnity  Agreement and other Loan  Documents to which
          Borrower  and/or  Guarantor  as  required  hereunder  are  party  duly
          executed  and  delivered to Lender,  all of which shall be  reasonably
          satisfactory to Lender and Lender's legal counsel in form and content.

     (b)  A current appraisal prepared by a state licensed appraiser approved by
          Lender  indicating  an appraised  value of the  Mortgaged  Property as
          follows:  minimum initial value of Land of at least $1,740,000.00,  as
          well as "as  built"  projected  appraised  value of the  Project of at
          least  $53,100,000.00.  The appraisal shall be addressed to Lender and
          state that it has been  prepared on Lender's  behalf.  The form of the
          appraisal  and the  appraisal  methods  shall  otherwise be reasonably
          satisfactory to Lender and shall conform to all  requirements of State
          and Federal law. Upon  completion of  construction,  at the expense of
          Borrower, the appraiser shall reinspect and recertify the value of the
          Mortgaged Property "as built."

                                       8
<PAGE>
     (c)  A "marked-up commitment" for a mortgagee's title insurance policy duly
          endorsed  by the  Title  Company  that:  (i) names  Lender as  primary
          insured in the full principal  amount of the Commitment;  (ii) insures
          the Mortgage to be a valid first lien on the Mortgaged  Property;  and
          (iii) is free from  exceptions for (1) matters that would be disclosed
          by  a  survey  or  inspection,   (2)   mechanics',   contractors'   or
          materialmen's  liens and lien claims, (3) rights and claims of parties
          in  possession,  (4) easements or claims of easements not shown by the
          public records, and (5) other exceptions not specifically  approved by
          Lender and as set forth in EXHIBIT B to the Mortgage.  All real estate
          taxes  are  current  and  all  levied  and  pending   assessments  not
          delinquent as of the date of the Mortgage  shall be paid in full.  The
          policy  shall  include a Form 3.0 zoning  endorsement,  an ALTA Form 9
          comprehensive  endorsement,  and such other endorsements as Lender may
          reasonably require under the circumstances.

     (d)  An ALTA survey of the Mortgaged  Property,  satisfactory to Lender and
          the Title Company,  prepared by a registered land surveyor, which will
          include the legal description and area of the Mortgaged Property, show
          and certify to the perimeter lot lines,  dimensions  and vectors,  the
          location  of all  existing  footings,  foundations  and  improvements,
          utilities,  easements,  rights of way,  building set back lines,  curb
          lines  and  encroachments,  as may be  applicable,  and  the  intended
          location of the Project  according to the Drawings and  Specifications
          to be submitted and approved by Lender as provided herein. Said survey
          shall be prepared  for Lender's  and the Title  Company's  benefit and
          shall be certified by the surveyor in form  reasonably  acceptable  to
          Lender and Title Company.  The survey shall be updated,  as reasonably
          necessary to show the footings or  foundations of the Project when the
          footings or  foundation  is  completed,  and shall be updated again to
          show  the  location  of the  "AS-BUILT"  Project  prior  to the  final
          disbursement of Loan proceeds.

     (e)  Copies of all building and other permits necessary for construction of
          the Project.  Lender shall also receive a certificate of the Architect
          or  engineer   to  the  effect  that  all  permits   required  by  any
          governmental  authority for  construction and operation of the Project
          have been obtained.

     (f)  Evidence  satisfactory  to Lender that the Project  complies  with all
          building  codes  and  zoning  and  subdivision  ordinances  applicable
          thereto,  and that the Project  and its use thereof are in  compliance
          with all other state, federal, and local laws and regulations.

     (g)  Copies  of the  contracts  between  Borrower  and the  Architect,  and
          between Borrower and the General Contractor,  as well as the contracts
          between  the  General  Contractor  and  all  major  subcontractors  as
          identified on Exhibit B attached  hereto.  The  Construction  Contract
          shall be a fixed-price or  maximum-cost  contract.  All such contracts
          shall be in form reasonably  satisfactory to Lender and Lender's legal
          counsel and shall,  together with the Drawings and Specifications,  be
          assigned to Lender.  The Architect,  the General  Contractor,  and any
          subcontractors  or other  contractors,  if required  by Lender,  shall
          consent to such assignments. Borrower shall also provide to Lender any
          contract  entered  into  by  Borrower,  or  any  proposed  tenants  or
          franchisees doing business on the property of Borrower,  directly with

                                       9
<PAGE>
          any contractor,  engineer,  architect or  professional  concerning the
          provision of materials and/or labor and/or services to the Project.

     (h)  Current  financial  statements,  certified  as true and correct by the
          party  giving  the  same.  All such  financial  statements  shall  (i)
          indicate all assets,  liabilities,  contingent liabilities and income,
          and (ii) include  separate  financial  statements for each significant
          asset  (e.g.,  if  partnership  interests  are shown as an asset,  the
          financial  statements of the partnership shall also be provided).  All
          financial and credit  information  must be  satisfactory  to Lender in
          form and substance.

     (i)  Satisfactory soil test borings and soil reports that are acceptable to
          Lender.

     (j)  Written  evidence  from the proper  municipal  authorities  and public
          utility companies that all utilities,  sewage and related services are
          or will be available to the Mortgaged  Property upon completion of the
          Project.

     (k)  All reciprocal easement agreements,  maintenance agreements, and other
          easements  relating  to the  Mortgaged  Property as Lender or Lender's
          legal counsel may require,  if any, for parking,  access,  utility and
          other  purposes,  all of which  shall be  reasonably  satisfactory  to
          Lender and Lender's legal counsel in form and content.

     (l)  Evidence  reasonably  satisfactory to Lender that no petroleum product
          or other Hazardous Substance is present on the Mortgaged Property, and
          that no asbestos-containing products, urea-formaldehyde foams or PCB's
          are being used in the construction of the Project. Such evidence shall
          include  a Phase I  Environment  Report  and a Phase II  Environmental
          Report,   prepared  by  a  licensed   engineer   or  other   qualified
          environmental  consultant  reasonably acceptable to Lender. The report
          shall be  addressed  to Lender  and  state  that it was  prepared  for
          Lender.  If the report  indicates  that  petroleum  products  or other
          Hazardous  Substances  are  present,  the report shall  identify  such
          materials  and  shall  analyze   (including  cost  and  time  factors)
          recommended  methods of removal.  Borrower  warrants  that no asbestos
          containing-products,  urea-formaldehyde  foam insulation or PCB's will
          be used in the construction or equipping of the Project.

     (m)  The Sworn  Construction  Statement,  completed and executed by General
          Contractor based on the current Drawings and Specifications as part of
          the Contractor's Sworn Construction Statement of even date herewith.

     (n)  The Project Cost Statement.

     (o)  An Estoppel from WPFD in form acceptable to Lender.

     (p)  Intentionally Omitted.

     (q)  Assignment  of that certain  Amended and Restated  Lease With Purchase
          Option Agreement between Borrower and WPFD dated May 30, 2007.

                                       10
<PAGE>
     (r)  Evidence  prepared by an  independent  accountant  that  Borrower  has
          injected $2,000,000.00 of cash Equity into the Project.

     (s)  Evidence of the  financial  and legal  capacity of the City to perform
          its commitment to guarantee  shortfalls in rent payments due under the
          Lease  and to  contribute  $4,000,000  of the  puchase  price  if WPFD
          exercises  its  purchase  option under the Lease,  including  (without
          limiting the generality of the foregoing) current financial statements
          in form  acceptable to Lender,  an  acceptable  analysis of the taxing
          capacity of the City,  and an opinion of the City's bond counsel as to
          the  enforceability of the Lease and such guarantee,  the agreement to
          make such  contribution  and all related City obligations with respect
          to the Lease.

     (t)  Evidence  that the  developer  fee payable to  International  Coliseum
          Company in connection with the Project, in the amount of $250,000, has
          been forfeited.

     (u)  Evidence that  Guarantor  will  subordinate to the Loan the payment of
          $380,000 of its project management fee until Project  completion,  and
          will  convert  an  additional  $200,000  of  such  fee to be  used  as
          additional  contingency  which  may be  paid  upon  Borrower  reaching
          certain construction milestones,  provided,  however, that any project
          management  fee in excess of $580,000 shall be payable in the ordinary
          course of business.

     (v)  Evidence  that BBP Two LLC has agreed to defer  payment of $971,000 of
          Project costs that are to be reimbursed by Borrower  until the Loan is
          paid in full, and receipt of a subordination of such payment rights to
          the repayment of the Loan.

     (w)  Evidence  satisfactory  to Lender that  Borrower  has  expended or has
          deposited  with the  Disbursing  Agent not less than the amount of the
          required  Equity  in  payment  of  costs  and  expenses   incurred  in
          connection with the Project that would be otherwise  properly  payable
          from an Advance,  together  with  satisfactory  lien  waivers for Hard
          Costs paid with such funds.

     (x)  Evidence of  stockholder  equity of Guarantor in a total amount of not
          less than  $9,000,000.00  (excluding  receivables  from  affiliates or
          related  entities).  Evidence  of such  tangible  net  worth  shall be
          provided on an internally  prepared  financial  statement  prepared in
          accordance with Generally Accepted Accounting Principles ("GAAP").

     (y)  Evidence of liquidity (in the form of cash or cash  equivalents,  time
          deposits and marketable  securities) of Guarantor in a total amount of
          not less  than  $3,500,000.00.  Evidence  of such  liquidity  shall be
          prepared by a third party acceptable to Lender (via bank statements or
          statements provided by a broker-dealer).

     (z)  The  Disbursing  Agreement,  duly  executed by the  Disbursing  Agent,
          Borrower and Lender in form and substance  acceptable to Lender in its
          sole discretion.

     (aa) Delivery of a payment and  performance  bond from General  Contractor,

                                       11
<PAGE>
          together with a dual oblige rider naming Lender, in form and substance
          acceptable to Lender in its sole discretion.

     (bb) Payment to Lender of a commitment  fee of  $780,000.00 to be disbursed
          on closing from the loan proceeds.

     (cc) Guarantor  will  deliver  an  irrevocable  letter  of  credit  from an
          institution  and in a form  acceptable  to  Lender  in the  amount  of
          $1,250,000.00 to serve as additional  collateral and which may be used
          to cure an Event of Default.

     Section 3.2 FURTHER CONDITIONS PRECEDENT TO ALL ADVANCES. The obligation of
Lender to make an Advance hereunder  including each subsequent  Advance shall be
subject to the condition precedent that Borrower shall be in compliance with all
conditions set forth in SECTION 3.1 and further conditions precedent that on the
date of each Advance:

     (a)  No Event of Default hereunder,  or event that would constitute such an
          Event of Default but for the requirement  that notice be given or that
          a  period  of  grace  or  time  elapse,  shall  have  occurred  and be
          continuing and all  representations and warranties made by Borrower in
          ARTICLE  IV shall  continue  to be true and  correct as of the date of
          such Advance.

     (b)  No  determination  shall have been made by Lender that the undisbursed
          amount of the  Commitment is less than the amount  required to pay all
          costs and expenses of any kind that may be  anticipated  in connection
          with the Project;  or if such a determination has been made and notice
          thereof sent to Borrower,  Borrower has deposited the necessary  funds
          with the  Disbursing  Agent or Lender in  accordance  with SECTION 2.3
          hereof.

     (c)  The  disbursement  requirements  of  SECTION  2.2  hereof  and  of the
          Disbursing  Agent  set  forth in the  Disbursing  Agreement  have been
          satisfied.

     (d)  If required by Lender or Disbursing  Agent,  Lender and the Disbursing
          Agent shall be furnished with an updated Sworn Construction  Statement
          for the Project.

     (e)  Borrower  shall have  provided to Lender such  evidence of  compliance
          with  all  applicable  provisions  of this  Agreement  as  Lender  may
          reasonably request.

     (f)  No license or permit  necessary  for the  construction  of the Project
          shall have been revoked or the issuance thereof subjected to challenge
          before any court or other  governmental  authority having or asserting
          jurisdiction thereover.

     Section 3.3 CONDITIONS  PRECEDENT TO THE FINAL  ADVANCE.  The obligation of
Lender to make the final Advance and to release the  Retainage  shall be subject
to the  condition  precedent  that  Borrower  shall  be in  compliance  with all
conditions set forth in  SECTIONS3.1  and 3.2 and,  further,  that the following
conditions shall have been satisfied:

     (a)  The Project,  including all landscape  and parking  requirements,  has
          been  substantially  completed  in  accordance  with the  Drawings and

                                       12
<PAGE>
          Specifications and evidenced by a Certificate of Completion  delivered
          to Lender and Lender shall have received a  Certificate  of Completion
          from the General Contractor and the Architect  certifying that (i) the
          construction  of the  Project  has  been  substantially  completed  in
          accordance with the Drawings and Specifications (with the exception of
          any minor  items  ["PUNCH  LIST  ITEMS"])  (ii) all  labor,  services,
          materials  and supplies used in the Project have been paid for or will
          be paid for from the  proceeds  of the  final  Advance  and  (iii) the
          completed  Project  conforms  with  all  applicable  zoning,  land use
          planning,  building  and  environmental  laws and  regulations  of the
          governmental  authorities having jurisdiction over the Project and the
          Mortgaged  Property.  The  General  Contractor  shall also  deliver to
          Lender a list of Punch List  Items  acceptable  to Lender,  specifying
          dates by which the Punch List Items shall be completed,  together with
          General Contractor's written contract to complete the Punch List Items
          as specified.  The amount of the final Advance and/or the Retainage to
          be  released  shall  be  reduced  by an  amount  equal  to110%  of the
          scheduled  value of the Punch List  Items,  which sum shall be held by
          Lender  pending  the  completion  of  the  Punch  List  Items  to  the
          satisfaction of Lender.

     (b)  Lender has received  each of the following  documents  and  approvals,
          each of which  shall be  satisfactory  to Lender  and  Lender's  legal
          counsel:

          (i)  An as-built survey;

          (ii) A final  Sworn  Construction  Statement  executed  by the General
               Contractor and Borrower;

          (iii)A final  Certificate  of  Occupancy or  equivalent  issued by the
               appropriate municipal or governmental inspecting authority;

          (iv) All necessary and appropriate Inspecting certifications;

          (v)  An approval for disbursement  from the Inspecting  Engineer after
               its final inspection of the Project.

          (vi) A title  endorsement  from the Title  Company  that  reflects the
               absence of any liens or other  matters  affecting  title that are
               objectionable to the Lender.

          (vii)Final lien  waivers  executed by the General  Contractor  and all
               subcontractors.

     Section  3.4  INSURANCE.  Borrower  shall  obtain  and  shall  continuously
maintain thereafter the following policies of insurance:

                   DURING CONSTRUCTION AND PRIOR TO COMPLETION

     BUILDER'S RISK INSURANCE - Builder's Risk Insurance  written on a completed
     value basis in an amount equal to the full replacement cost of the building
     and  improvements at the date of completion with coverage  available on the

                                       13
<PAGE>
     so-called  non-reporting  "all  risk" form of  policy,  including  coverage
     against collapse and water damage, with standard non-contributing mortgagee
     clauses,  such insurance to be in such amounts and form and written by such
     companies  as shall be  approved  by  Lender  which  approval  shall not be
     unreasonably   withheld,   conditioned   or  delayed,   and  the  insurance
     certificates   evidencing   such  policies   (together   with   appropriate
     endorsement  thereto,  evidence of payment of premiums  thereon and written
     agreements  by the insurer or insurers  therein to give Lender  thirty (30)
     days' prior written notice of any intention to cancel).

     CONTRACTOR'S  LIABILITY  -  Contractor's  Comprehensive  General  Liability
     Insurance [including  operations,  product liability,  contingent liability
     operations, operations of subcontractors, completed operations, contractual
     liability  insurance  and  comprehensive   automobile  liability  insurance
     (including  hired and non-owned  liability)] and with combined single limit
     and general aggregate  coverage for personal and bodily injury and property
     damage of at least $1,000,000.00 for each occurrence, $2,000,000.00 general
     aggregate and with $2,000,000.00 excess liability coverage.

     WORKER'S  COMPENSATION - Statutory  worker's  compensation  coverage in the
     required amounts.

     FLOOD - Flood  insurance  if any  part of the  Mortgaged  Property  now (or
     subsequently  determined  to be) is  located in an area  identified  by the
     Federal Emergency Management Agency as an area having special flood hazards
     and in which flood  insurance  has been made  available  under the National
     Flood  Insurance Act of 1968 (and amendment or successor act thereto) in an
     amount at least  equal to the  lesser of the full  replacement  cost of all
     buildings  and  equipment  on  the  Mortgaged  Property,   the  outstanding
     principal  amount of the Note or the maximum limited of coverage  available
     with respect to the buildings and equipment under said Act;

                                AFTER COMPLETION

     ALL RISK - All  risk/open  perils  special  form  property  insurance  with
     extended  coverages  including any building contents,  sprinkler  coverage,
     Contingent  Operations  of  Building   Laws/Ordinance  or  Law  Endorsement
     (including demolition cost, loss to undamaged portions of any buildings and
     increased cost of  construction)  with limits of 100%  replacement cost and
     with  no  co-insurance  provision  or if the  insurance  carrier  requires,
     co-insurance  provisions  with  an  agreed  amount  endorsement  in  amount
     acceptable  to Lender,  and with no  exclusions  for terrorism or terrorist
     acts.

     BOILER AND  PRESSURE  VESSELS -  Insurance  against  loss or damage from i)
     leakage of  sprinkler  systems  and ii)  explosion  of steam  boilers,  air
     conditioning  equipment,  high pressure  piping,  machinery and  equipment,
     pressure  vessels or similar  apparatus  now or hereafter  installed in any
     improvements on the Mortgaged  Property and including broad form boiler and
     machinery  insurance (without exclusion for explosion) covering all boilers

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<PAGE>
     or other pressure vessels,  machinery and equipment  (including  electrical
     equipment,  sprinkler  systems,  heating  and air  conditioning  equipment,
     refrigeration  equipment and piping)  located in, on or about the Mortgaged
     Property  and any  improvements  thereon in an amount at least equal to the
     full  replacement  cost of such  equipment  and the  building or  buildings
     housing the same;

     RENTS/INCOME - Rents Loss or Business Interruption  insurance covering risk
     of loss due to the  occurrence  of any hazards  insured  against  under the
     required fire and extended coverage insurance in an amount equal to one (1)
     year's  loss of income as such  income may change  from time to time due to
     changes in income from the Mortgaged Property;

     FLOOD - Flood  insurance  if any  part of the  Mortgaged  Property  now (or
     subsequently  determined  to be) is  located in an area  identified  by the
     Federal Emergency Management Agency as an area having special flood hazards
     and in which flood  insurance  has been made  available  under the National
     Flood  Insurance Act of 1968 (and amendment or successor act thereto) in an
     amount at least  equal to the  lesser of the full  replacement  cost of all
     buildings  and  equipment  on  the  Mortgaged  Property,   the  outstanding
     principal  amount of the Note or the maximum limited of coverage  available
     with respect to the buildings and equipment under said Act;

     CGL - Commercial  general public  liability  insurance  (including  product
     liability,   completed  operations,   contractual  liability,  host  liquor
     liability,  broad form property damage,  and personal  injuries,  including
     death  resulting  therefrom)  and with  combined  single  limit and general
     aggregate coverage for personal and bodily injury and property damage of at
     least  $1,000,000.00 for each occurrence,  $2,000,000.00  general aggregate
     and with $2,000,000.00 excess liability coverage.

Maximum  deductible  on all  coverages  and  policies  shall be no greater  than
$10,000.00.  The  insurance  carrier  must be rated A, Class XII, or better,  by
Best's Rating  Service.  Such  insurance  policies shall be written on forms and
with insurance companies  satisfactory to Lender, shall be in amounts sufficient
to prevent  Borrower from becoming a co-insurer  of any loss  thereunder,  shall
insure   Lender   as  a  first   mortgagee   on  the   casualty   and   business
interruption/loss  of rents coverage under a standard mortgagee clause and shall
name Lender as an "additional  insured" on all required liability  coverages and
policies.  Insurance  certificates  evidencing  such  insurance  and evidence of
payment of premiums  thereon and written  agreements  by the insurer or insurers
therein to give Lender thirty (30) days' prior  written  notice of any intention
to  cancel.  If no such copy is  available,  Lender  will  accept a binder for a
period not to exceed ninety (90) days.  Borrower shall,  within thirty (30) days
prior to the  expiration  of any such  policy,  deliver  insurance  certificates
evidencing the renewal of such  insurance  together with evidence of the payment
of current premiums therefor. Any vacancy,  change of title, tenant occupancy or
use,  physical damage,  additional  improvements or other factors  affecting any
insurance   contract  must  be  promptly   reported  to  Lender.   All  binders,
certificates  of  insurance,  and original or certified  copies of policies must
name Borrower as a named insured, or as an additional insured,  must include the
complete and accurate  property address and must bear the original  signature of
the issuing  insurance  agent.  In the event of a foreclosure  or trustee's sale
under the Mortgage or any  acquisition  of the Mortgaged  Property by Lender all

                                       15
<PAGE>
such policies and any proceeds  payable  therefrom,  whether  payable  before or
after a foreclosure  sale,  or during the period of  redemption,  if any,  shall
become the absolute property of Lender to be utilized at its discretion.  In the
event of  foreclosure  or the failure to obtain and keep any required  insurance
Borrower  empowers  Lender to  effect  the above  insurance  upon the  Mortgaged
Property at Borrower's  expense and for the benefit of Lender in the amounts and
types  aforesaid for a period of time covering the time of redemption from sale,
and if necessary  therefore,  to cancel any or all existing insurance  policies.
Borrower agrees to pay Lender such fees as may be permitted under applicable law
for the reasonable  costs incurred by Lender in determining,  from time to time,
whether the Mortgaged  Property are located  within an area having special flood
hazards. Such fees shall include the fees charged by any organization  providing
for such services.

     Section  3.5  CASUALTY/DESTRUCTION.  In the event of any fire,  accident or
other casualty causing loss, damage or destruction to the Mortgaged Property, or
any part thereof,  any and all insurance proceeds received in respect thereof in
excess of $100,000.00  shall be held by Lender in trust,  so long as no Event of
Default has occurred and is continuing,  and shall be made available to Borrower
and disbursed from time to time to Borrower  and/or its Affiliates to repair and
restore any such damage pursuant to Lender's  disbursement  procedures which are
generally utilized by Lender for construction loans to its customers.

     Section 3.6 NO WAIVER.  The making of any Advance prior to  fulfillment  of
any condition thereof shall not be construed as a waiver of such condition,  and
Lender reserves the right to require  fulfillment of any and all such conditions
prior to making any subsequent Advance.

                                   ARTICLE IV
                    WARRANTIES, REPRESENTATIONS AND COVENANTS
                                  OF BORROWER

     Section  4.1  REPRESENTATIONS   AND  WARRANTIES.   Borrower  and  Guarantor
represent and warrant as follows:

     (a)  The Loan  Documents to which  Borrower is and/or  Guarantor  are party
          have been duly  executed and  delivered  to Lender by Borrower  and/or
          Guarantor,  as  applicable,  and each Loan  Document  constitutes  the
          legal,  valid and binding  obligations  of Borrower  and/or  Guarantor
          enforceable  in  accordance  with the terms  thereof  (subject,  as to
          enforceability,  to limitations resulting from bankruptcy,  insolvency
          and other similar laws affecting creditors' rights generally).

     (b)  The  Project and the  intended  use thereof for the purpose and in the
          manner  contemplated  by this Agreement to Borrower's and  Guarantor's
          knowledge  are  permitted by and comply in all material  respects with
          all presently applicable use or other restrictions and requirements in
          prior  conveyances,  zoning ordinances and all development,  pollution
          control,   water   conservation,   environmental   and   other   laws,
          regulations,  rules and  ordinances of the United States and the State
          of Washington and the respective  agencies thereof,  and the political
          subdivision in which the Mortgaged Property is located.

                                       16
<PAGE>
     (c)  There is no suit, action or proceeding pending or, to the knowledge of
          Borrower and/or  Guarantor  threatened  against or affecting  Borrower
          and/or  Guarantor before or by any court,  arbitrator,  administrative
          agency or other  governmental  authority that if adversely  determined
          would  materially and adversely affect Borrower and/or  Guarantor,  or
          the businesses, properties, operations, assets or condition (financial
          or otherwise) of Borrower  and/or  Guarantor or the validity of any of
          the  transactions  contemplated by the Loan  Documents,  or Borrower's
          and/or  Guarantor's  ability to perform the  obligations  hereunder or
          thereunder or as contemplated hereby or thereby.

     (d)  Borrower  and  Guarantor  have filed all federal and state tax returns
          and informational reports required to be filed, which returns properly
          reflect  the taxes owed by them for the  period  covered  thereby  and
          Borrower  and  Guarantor  have paid all taxes that are due pursuant to
          said  returns and paid all present  installments  of any  assessments,
          fees and other governmental charges upon it or upon its property.

     (e)  No consent,  approval or authorization of or permit or license from or
          registration  with  or  notice  to any  federal  or  state  regulatory
          authority or any third party, to Borrower's and Guarantor's knowledge,
          is required in connection  with the making or the  performance  of the
          Loan  Documents,  the Project,  or with respect to any other aspect of
          the  Project  or the  Mortgaged  Property,  or, if so  required,  such
          consent, approval, authorization, permit or license has been requested
          and obtained or such  registration  made or notice given or such other
          appropriate  action  taken on or prior to the date hereof  (other than
          with respect to the occupancy of the Mortgaged Property that cannot be
          obtained  until   completion  of  the  Project)   except  for  interim
          certificates,  permits and approvals to be issued during the course of
          construction.

     (f)  Borrower  is  not  and  Guarantor  is  not in  default  of a  material
          provision under any material agreement, instrument, decree or order to
          which either is a party or to which any parties' property are bound or
          affected.

     (g)  There has been no material  adverse change in the financial  condition
          of Borrower or Guarantor since the date of certification of Borrower's
          and Guarantor's financial statements previously delivered to Lender.

     Section 4.2  COVENANTS.  On and after the date hereof and until  payment in
full of the Note  and  payment  and  performance  of all  other  obligations  of
Borrower  hereunder,  and so long as any portion of the Loan  referenced  herein
remain in effect, Borrower agrees as follows:

     (a)  The Mortgaged Property shall comply with all applicable  restrictions,
          conditions,   ordinances,   regulations   and  laws  of   governmental
          departments  and  agencies  having  jurisdiction  over  the  Mortgaged
          Property,  and shall not violate any private restrictions or covenants
          or encroach upon or interfere with  easements  affecting the Mortgaged
          Property,  and that Borrower will commence and carry on  continuously,
          diligently  and with  reasonable  dispatch,  the  construction  of the
          Project in conformance to the Drawings and  Specifications,  free from

                                       17
<PAGE>
          all  mechanic's,  laborer's and material man's liens and in a good and
          workmanlike  manner,  and complete the same prior to the maturity date
          of the Note.

     (b)  To keep, perform, enforce and maintain in full force and effect all of
          the terms,  covenants,  conditions  and  requirements  of the  Project
          Documents  (other  than  immaterial  terms  approved  by Lender in the
          reasonable  exercise  of  its  discretion);   not  to  amend,  modify,
          supplement,  terminate,  cancel or waive any of the terms,  covenants,
          conditions or requirements of any of said documents  without the prior
          written consent of Lender; and to execute and deliver such amendments,
          modifications,  supplements and extensions of said documents as may be
          reasonably requested by Lender.

     (c)  To use all  commercially  reasonable  efforts to require  the  General
          Contractor and each Contractor to comply with all rules,  regulations,
          ordinances and laws bearing on its conduct in the  construction of the
          Project.

     (d)  To furnish to Lender as soon as possible  and in any event  within ten
          (10) days after  Borrower has obtained  knowledge of the occurrence of
          an event that would  constitute  an Event of  Default  hereunder  or a
          violation of any of the  covenants or  obligations  of Borrower  under
          this  Agreement  or that  would  cause any of the  representations  or
          warranties  hereunder to be false or misleading in any respect,  or an
          event  that with the  giving of notice or lapse of time or both  would
          constitute an Event of Default, that is continuing on the date of such
          statement,  in which case Borrower  shall  deliver a signed  statement
          setting  forth the details of such  violation  or event and the action
          that has been taken,  is being  taken,  or that  Borrower  proposes to
          take, to correct the same.

     (e)  To hold  Lender  harmless,  and  Lender  shall  have no  liability  or
          obligation of any kind to Borrower, creditors of Borrower or any third
          party,  in  connection  with any  defective,  improper  or  inadequate
          workmanship  performed  in or  about,  or  materials  supplied  to the
          Mortgaged  Property,  or any mechanic's,  supplier's or material man's
          liens  arising as a result of such  defective,  improper or inadequate
          workmanship  or materials,  and upon Lender's  request,  to replace or
          cause to be  replaced,  any such  defective,  improper  or  inadequate
          workmanship or materials.

     (f)  To pay and discharge all taxes,  assessments and governmental  charges
          or levies imposed upon Borrower or upon its income or profits, or upon
          its assets or properties,  prior to the date on which penalties attach
          thereto, and all lawful claims that, if unpaid, might become a lien or
          charge upon the  property or assets of  Borrower;  provided,  however,
          that Borrower  shall not be required to pay any such tax,  assessment,
          charge, levy or claim, the payment of which is being contested in good
          faith and by proper  proceedings and for which it shall have set aside
          adequate reserves.

     (g)  To keep the  Mortgaged  Property and all  improvements,  buildings and
          fixtures thereon in good working order and condition.

                                       18
<PAGE>
     (h)  As soon as available,  and within one hundred  twenty (120) days after
          the  end of  each  calendar  year,  a copy  of  the  annual  financial
          statements  of  Borrower,  that shall  include  the  balance  sheet of
          Borrower as at the end of such year and related  statements  of income
          and expenses,  statement of changes in financial position, a statement
          of  changes in capital  accounts  and a  statement  of  allocation  of
          distribution  of profits  and losses of  Borrower,  all in  reasonable
          detail, prepared in accordance with GAAP (or tax accounting reconciled
          to GAAP) and reviewed by a reputable  accounting firm. Such statements
          shall be  accompanied  by the annual  federal  income  tax  returns of
          Borrower,  including all schedules,  for the preceding taxable year as
          filed with the Internal  Revenue  Service unless an extension has been
          obtained for filing taxes and then within thirty (30) days after final
          filing.

     (i)  As soon as available,  and within one hundred  twenty (120) days after
          the end of each calendar  year,  Guarantor  will provide to Lender,  a
          current financial statement of Guarantor which statement shall include
          an  itemization  of  all  assets  and  liabilities  of  the  Guarantor
          scheduled by item and type, all investments and contingent liabilities
          and  adequate to disclose  the net worth of Guarantor at such point in
          time.  Such  financial  statement  shall be  personally  certified  by
          Guarantor and shall be  accompanied  by the annual  federal income tax
          returns of Guarantor,  including all schedules and K-1s as applicable,
          for the  preceding  taxable  year as filed with the  Internal  Revenue
          Service  unless an  extension  has been  obtained for filing taxes and
          then within thirty (30) days after final filing.

     (j)  Beginning  with the first quarter after the completion of the Project,
          as soon as  available,  and within  thirty  (30) days after the end of
          each quarter, a copy of the quarterly  financial statement of Borrower
          that shall include the balance sheet of Borrower as at the end of such
          quarter and related  statements of income and  expenses,  statement of
          changes  in  financial  position,  a  statement  of changes in capital
          accounts and a statement of allocation of  distribution of profits and
          losses of Borrower,  all in reasonable detail,  prepared in accordance
          with GAAP (or tax accounting reconciled to GAAP).

     (k)  Guarantor shall maintain throughout the term of the Loan, unrestricted
          liquidity  in  a  total   amount  for   Guarantor  of  not  less  than
          $3,500,000.00 in cash, cash equivalents,  time deposits and marketable
          securities.  Evidence of such  liquidity  shall be prepared by a third
          party  reasonably   acceptable  to  Lender  (via  bank  statements  or
          statements  provided  by a  broker-dealer),  and shall be  provided to
          Lender at loan closing and quarterly no less than forty-five (45) days
          following the end of each quarter.

     (l)  Within ten (10) days after Lender's request  therefor,  Borrower shall
          deliver to Lender  such  other  information  as Lender may  reasonably
          request from time to time.

     (m)  Borrower  shall  maintain  and  preserve  its  existence  as a limited
          liability company or other form of business organization,  as the case
          may be, and all rights, privileges,  licenses, patents, patent rights,

                                       19
<PAGE>
          copyrights, trademarks, trade names, franchises and other authority to
          the extent  material and necessary  for the conduct of its  respective
          business  in the  ordinary  course  as  conducted  from  time to time.
          Without at least 30 days prior written  notice  Borrower shall not (i)
          change its legal name, (ii) change its state of organization, or (iii)
          change the location of its chief executive office.

     (n)  Guarantor must maintain a level of stockholder  equity of no less than
          $8,000,000.00  to be  measured  on a  quarterly  basis  on  internally
          prepared financial  statements prepared according to GAAP and provided
          to  Lender  no  less  than  60 days  following  the of  each  quarter;
          provided,   however,   that  such  minimum  level  shall  increase  to
          $9,000,000.00 as of July 31, 2008.

     Section 4.3  NEGATIVE  COVENANTS.  Borrower  agrees that  without the prior
written consent of Lender:

     (a)  Borrower  shall not  grant  any  security  interest  in the  Mortgaged
          Property  or any part  thereof,  or create or permit to be  created or
          allow to exist  any  mortgage,  encumbrance  or  other  lien  upon the
          Mortgaged Property.

     (b)  Borrower  shall not agree or  consent to any  material  changes in the
          Project Documents;  provided however, changes to the Project Documents
          which do not  affect  the  aesthetics  or  diminish  the  value of the
          Project  and which  are in an amount  not  exceeding  $100,000  in the
          aggregate  shall not  require  Lender  consent  or  approval  or be in
          violation of this section.

     (c)  Borrower shall not incorporate in the Project any materials,  fixtures
          or  property  that are  subject  to the  claims of any  other  person,
          whether pursuant to conditional  sales contract,  security  agreement,
          lease, mortgage or otherwise.

     (d)  Borrower  shall not assume,  guaranty,  or become an obligor or surety
          for the  obligations  of any third  party  except  for  those  certain
          payment  obligations   undertaken  and  assumed  by  Borrower  in  the
          aggregate principal amount of $2,283,303.96  pursuant to the terms set
          forth in Section 4 of that certain  Tri-Party  Agreement dated May 17,
          2007 made by and  among  Blodgett  Construction  Associates,  Inc.,  a
          Washington  corporation,  BBP Two, LLC, a Washington limited liability
          company,  Bethlehem  Construction,  Inc., a Washington corporation and
          Borrower.

     (e)  Borrower  shall  not incur any  indebtedness  other  than the Loan and
          trade payables in the ordinary course of its business and that certain
          indebtedness in the aggregate  principal  amount of  $2,283,303.96  as
          evidenced  by  that  certain  promissory  note  payable  to  Bethlehem
          Construction,  Inc.  as  required  by  Section  4  of  said  Tri-Party
          Agreement.

     Section 4.4  ENVIRONMENTAL  REPRESENTATION,  WARRANTIES AND COVENANTS,  AND
INDEMNITIES.  To induce Lender to make and fund the Loan, Borrower and Guarantor
hereby represent, warrant, covenant and agree as follows:

                                       20
<PAGE>
     (a)  That,  except as  heretofore  disclosed  to Lender in writing  (i) the
          Mortgaged  Property  has  never  been  used by  Borrower  or to  their
          knowledge by any previous owners or occupants or current  occupants to
          generate,  manufacture,  refine,  transport,  treat,  store, handle or
          dispose of any Hazardous  Substances and no such Hazardous  Substances
          exist on the Mortgaged  Property or in its soil or groundwater  (other
          than those utilized during the course of construction of the Project),
          (ii) the  Project  will not be  constructed  with  asbestos,  asbestos
          containing  materials,  urea  formaldehyde  insulation  or  any  other
          chemical  or  substance  that has been  determined  to be a hazard  to
          health and/or the  environment,  (iii) there does not presently exist,
          nor to best of their knowledge have there been in the past, electrical
          transformers or other equipment that have dielectric  fluid-containing
          polychlorinated biphenyls (PCBs) located in, on or under the Mortgaged
          Property,  (iv) to their knowledge,  the Mortgaged  Property has never
          contained any  underground  storage  tanks,  (v) neither  Borrower nor
          Guarantor  have received or have  knowledge of any summons,  citation,
          directive,  letter or other  communication,  written or oral, from any
          local, state or federal  governmental  agency concerning the existence
          of Hazardous  Substances on the Mortgaged Property or in the immediate
          vicinity  of  the  Mortgaged  Property  or  the  releasing,  spilling,
          leaking, pumping, pouring, emitting, emptying, or dumping of Hazardous
          Substances onto the Mortgaged Property or into waters or other lands.

     (b)  That  Borrower  shall (i) comply and shall cause all  occupants of the
          Mortgaged  Property to comply with all federal,  state and local laws,
          rules,   regulations   and  orders  with  respect  to  the  discharge,
          generation, removal, transportation, storage and handling of Hazardous
          Substances,  (ii) remove any  Hazardous  Substances  immediately  upon
          discovery of the same in accordance with applicable  laws,  ordinances
          and orders of governmental  authorities having  jurisdiction  thereof,
          (iii) pay or cause to be paid all costs  associated with such removal,
          (iv) prevent the migration of Hazardous Substances from or through the
          Mortgaged  Property  onto or  under  other  properties,  (v)  keep the
          Mortgaged  Property free of any lien imposed  pursuant to any state or
          federal  law,  rule,  regulation  or  order  in  connection  with  the
          existence of Hazardous Substances on the Mortgaged Property,  (vi) not
          install  or permit to be  incorporated  into any  improvements  in the
          Mortgaged  Property or to exist in or on the  Mortgaged  Property  any
          asbestos,  asbestos containing materials, urea formaldehyde insulation
          or any other  chemical or substance  that has been  determined to be a
          hazard to health and/or the environment,  (vii) not cause or permit to
          exist, as a result of an intentional or unintentional  act or omission
          on the part of Borrower,  or any occupant of the Mortgaged Property, a
          releasing,  spilling, leaking, pumping, emitting, pouring, emptying or
          dumping of any Hazardous  Substances  onto the  Mortgaged  Property or
          into  waters or other  lands,  and (viii) give all  notifications  and
          prepare all reports  required by  Environmental  Laws or any other law
          with respect to Hazardous  Substances  existing on,  released  from or
          emitted from the Mortgaged  Property.  Without limiting the generality
          of the foregoing,  Borrower shall  remidiate all Hazardous  Substances
          identified in the Phase 2  Environmental  Site  Assesment  prepared by
          Cascade  Earth  Services  ("CES")  dated  August 1, 2007 (the "Phase 2
          Report") in accordance with the  remediation  plan prepared by CES and

                                       21
<PAGE>
          meeting the  substantive  requirements of the Model Toxics Control Act
          (Chapter  70.105D  RCW),  and  thereafter  obtain a No Further  Action
          Determination from the State of Washington Department of Ecology under
          its Voluntary Cleanup Program.

     (c)  That if either Borrower or Guarantor fail to diligently  dispose of or
          secure  any  Hazardous  Substance  after  discovery  thereof  in  full
          compliance with all applicable laws and regulations, Lender may at its
          option, but without any obligation  whatsoever,  proceed to so dispose
          of or  secure  the  Hazardous  Substance  or take  such  other  action
          necessitated  or  resulting  therefrom  at the  cost  and  expense  of
          Borrower.  Borrower and  Guarantor  further agree that in the Event of
          Default or if any Hazardous  Substance is  discovered  in, on or under
          the Mortgaged  Property or is attributable to or affects the Mortgaged
          Property,  Borrower and Guarantor  shall, at their expense,  permit an
          environmental  inspection,  audit,  assessment,  or other  testing  or
          monitoring of the Mortgaged Property,  for the sole benefit of Lender,
          to be  conducted  by Lender or by an  independent  agent  selected  by
          Lender.

     (d)  Borrower and Guarantor  acknowledge  and agree that their  obligations
          under this  SECTION 4.4 are not and shall not be deemed to  constitute
          mortgage debt, that such  obligations are not secured by the Mortgage,
          and  that  such  obligations  shall  not be  terminated  or  otherwise
          affected  by the sale of the  Mortgaged  Property in  satisfaction  or
          partial  satisfaction  of the Note, any foreclosure of the Mortgage or
          by any  proceeding or deed in lieu of foreclosure or by any payment or
          performance of any other  indebtedness or obligation or by any passage
          of title to Lender or by any  disposition by Lender of all or any part
          of the Mortgaged  Property or by any other action or thing,  including
          any  anti-deficiency  provisions  of  applicable  law,  and that  such
          obligations are totally  independent of and unaffected by the terms of
          any Loan  Documents or other  writing or  agreement,  and Borrower and
          Guarantor  specifically  forever waive any and all claims and defenses
          to the contrary.  The obligations of Borrower and Guarantor under this
          SECTION 4.4 shall survive payment of the Note.

                                   ARTICLE V
                     EVENTS OF DEFAULT; RIGHTS AND REMEDIES

     Section 5.1 EVENT OF DEFAULT  DEFINED.  As used  herein,  the term Event of
Default shall include each or all of the following events:

     (a)  Borrower  shall fail to pay any  principal  or interest  due under the
          Note or any other amount payable hereunder when due.

     (b)  Borrower  or  Guarantor  shall  default  in  the  performance  of  any
          agreement,  term,  provision,  condition,  or covenant  required to be
          performed or observed by Borrower or Guarantor  hereunder or under the
          Loan  Documents  (other  than non payment and other than a covenant or
          agreement or default  that is  elsewhere  in this  Agreement or in the
          Loan  Documents  specifically  dealt with) required to be performed or
          observed by Borrower or Guarantor hereunder or any other Loan Document
          or  other  agreement  with or in favor of  Lender  which is not  cured

                                       22
<PAGE>
          within thirty (30) days of delivery of written  notice of default,  or
          if the breach is of such a nature that it cannot  reasonably  be cured
          or remedied  within the thirty  (30) day  period,  the time period for
          cure shall be  extended  for such period as may be  necessary  to cure
          such failure with reasonable diligence,  but not to exceed ninety (90)
          days after such written notice.

     (c)  Any financial information,  statement, certificate,  representation or
          warranty given to Lender by Borrower (or any of their representatives)
          or Guarantor in connection  with  entering into this  Agreement or the
          other Loan Documents and/or any borrowing hereunder, or required to be
          furnished under the terms hereof or the Loan Documents, shall prove to
          be untrue in any  material  respect  (as  determined  by Lender in the
          exercise of its reasonable judgment) as of the time when given.

     (d)  Borrower or Guarantor  (or their  respective  Affiliates)  shall be in
          default  under  the  terms of any  loan  agreement,  promissory  note,
          guaranty,  lease,  conditional  sales  contract  or  other  agreement,
          document  or   instrument   evidencing,   governing  or  securing  any
          indebtedness  owing by Borrower or  Guarantor  to Lender or any of its
          Affiliates,  and the  period of grace,  if any,  to cure said  default
          shall have  passed,  unless such  default or the  underlying  claim is
          being contested by Borrower or Guarantor  based on a legitimate,  good
          faith  argument  and  Borrower  or  Guarantor  has bonded or  reserved
          sufficient monies to satisfy such default or underlying claim.

     (e)  Borrower or Guarantor  shall be in default under the terms of any loan
          agreement,  promissory note, lease, conditional sale contract or other
          agreement,  document or instrument  evidencing,  governing or securing
          any  indebtedness  in excess of $100,000 owed by Borrower or Guarantor
          to any third  party,  and the  period of grace,  if any,  to cure said
          default shall have passed, unless such default or the underlying claim
          is being  contested  by Borrower or Guarantor  based on a  legitimate,
          good faith  argument and Borrower or Guarantor have bonded or reserved
          sufficient monies to satisfy such default or underlying claim.

     (f)  Any final  judgment  shall be obtained  against  Borrower or Guarantor
          that,  together  with  all  other  outstanding  unsatisfied  judgments
          against  Borrower or  Guarantor  shall  exceed the sum of $100,000 and
          shall  remain  unvacated,  unbonded or unstayed for a period of thirty
          (30) days following the date of entry thereof,  unless such default or
          the underlying claim is being contested by Borrower or Guarantor based
          on a  legitimate,  good faith  argument and Borrower or Guarantor  has
          bonded or  reserved  sufficient  monies to  satisfy  such  default  or
          underlying claim.

     (g)  Borrower  or  Guarantor  shall  cease to exist  (ii)  Guarantor  shall
          attempt  to  revoke   Guarantor's   Guaranty   or   Guaranty   becomes
          unenforceable  in  whole  or in part  for any  reason;  or  (iii)  any
          bankruptcy,  insolvency or receivership proceedings,  or an assignment
          for the benefit of  creditors,  shall be  commenced by Borrower or any
          Guarantor  under any  federal  or state  law;  or (iv) if an order for
          relief under any present or future  federal  bankruptcy act or similar
          state or federal law shall be entered  against  Borrower or Guarantor,
          or if a petition or answer  requesting  or proposing the entry of such

                                       23
<PAGE>
          order for relief or the  adjudication  of Borrower or  Guarantor  as a
          debtor or a bankrupt or its or their  reorganization under any present
          or future state or federal  bankruptcy  act or any similar  federal or
          state  law shall be filed in any  court  and such  petition  or answer
          shall not be  discharged  or denied  within  sixty (60) days after the
          filing thereof or; (v) Borrower or Guarantor  shall become the subject
          of  any  out-of-court   settlement  with   substantially  all  of  its
          creditors;  or (vi)  Borrower  or  Guarantor  is  unable  or admits in
          writing its inability to pay its debts as they mature.

     (h)  There is a  material  adverse  change in the  financial  condition  of
          Borrower or Guarantor, or in any collateral securing the Loan.

     (i)  Borrower shall enter into any merger or consolidation transaction,  or
          liquidate   or  dissolve   itself  (or  suffer  any   liquidation   or
          dissolution),  or convey,  sell, lease,  transfer or otherwise dispose
          of, in one transaction or a series of related  transactions,  all or a
          substantial  part of its  property,  business,  or  assets,  except as
          permitted  by this  Agreement or unless the prior  written  consent of
          Lender is first obtained.

     (j)  A  survey  shows  that the  Project  encroaches  upon  any  easements,
          unvacated street, building or parking set-backs, or upon any adjoining
          property to an extent deemed material by Lender.

     (k)  The  construction of the Project is abandoned or shall be unreasonably
          delayed or be discontinued for a period of forty-five (45) consecutive
          calendar  days or such number of days as is deemed to be reasonable by
          Lender  under  the  particular  circumstances  of the  delay,  in each
          instance,  for reasons other than acts of God, fire,  storm,  strikes,
          blackouts,  labor difficulties,  riots, inability to obtain materials,
          equipment or labor,  governmental  restrictions  or any similar  cause
          over that Borrower is unable to exercise control.

     (l)  Lender shall  determine that  additional sums are to be deposited with
          Lender to provide for the completion of the Project and Borrower shall
          fail to deposit  such sums as  required  by said  SECTION  2.4 of this
          Agreement.

     (m)  Borrower has failed to inject additional equity or provide  additional
          collateral as required under SECTION 7.20.

     (n)  All or any portion of the Project or the  Mortgaged  Property,  or the
          legal,  equitable  or any  other  interest  therein,  shall  be  sold,
          transferred,  assigned,  leased  or  otherwise  disposed  of except as
          permitted  by this  Agreement or unless the prior  written  consent of
          Lender is first obtained.

     (o)  At the time any Advance is  requested  by  Borrower,  the title to the
          Mortgaged   Property  is  not  reasonably   satisfactory   to  Lender,
          regardless of whether the lien,  encumbrance or other question existed
          at the time of any prior Advance.

     (p)  The Project is materially  damaged or destroyed by other  casualty and
          the loss,  in the  reasonable  judgment of Lender,  is not  adequately
          covered  by  insurance   actually  collected  or  in  the  process  of
          collection.

                                       24
<PAGE>
     (q)  Borrower and the General  Contractor  shall fail to comlete the "Value
          Engineering Changes" under Section 5.2.2 of the General Contract,  and
          Borrower  shall  fail  to  deliver  an  executed  Sworn   Construction
          Statement which reflects such "Value Engineering Changes",  within 120
          days of the date hereof.

     (r)  An Event of Default occurs under any of the Loan Documents.  Reference
          is  hereby  made to the  Loan  Documents  for  additional  occurrences
          constituting an Event of Default hereunder.

     Section 5.2 RIGHTS AND REMEDIES. Upon the occurrence of an Event of Default
Lender may,  at its option,  exercise  any and all of the  following  rights and
remedies (and any other rights and remedies available to it):

     (a)  Lender may terminate the Commitment and any further obligation to fund
          Advances hereunder.

     (b)  Lender may, by written notice to Borrower, declare immediately due and
          payable  all unpaid  principal  of and  accrued  interest on the Note,
          together  with all other sums  payable  hereunder,  and the same shall
          thereupon be immediately due and payable without  presentment or other
          demand,  protest,  notice of dishonor or any other notice of any kind,
          all of which are hereby expressly waived; provided, however, that upon
          the filing of a petition  commencing  a case  naming  Borrower  and/or
          Guarantor  as debtor  under the United  States  Bankruptcy  Code,  the
          principal   of  and  all  accrued   interest  on  the  Note  shall  be
          automatically  due and  payable  without  any  notice  to or demand on
          Borrower or any other party.

     (c)  Lender  shall  have the  right,  in  addition  to any  other  right of
          set-off,  upon prior written notice to Borrower,  to apply any amounts
          Borrower has  deposited  with Lender  against any sums due pursuant to
          the Note and Mortgage.

     (d)  In  addition  to and not in  lieu of all  other  rights  and  remedies
          hereunder,  if Lender  has not  received,  within  10 days of  written
          notice,  any  financial  information,  statement  and/or  certificate,
          required to be furnished under the terms hereof or the Loan Documents,
          Lender  shall have the right to assess a late fee in the amount of $25
          per document, per day.

     (e)  Lender shall have the right,  in addition to any other rights provided
          by law or in equity, to enforce its rights and remedies under the Loan
          Documents.

                                   ARTICLE VI
                                  MISCELLANEOUS

     Section  6.1   INSPECTIONS.   Borrower  shall  be  responsible  for  making
inspections of the Project during the course of the  construction of the Project

                                       25
<PAGE>
and shall determine to its own satisfaction  that the work done or the materials
supplied by the  Contractors  to whom  payment is to be made out of each Advance
has been properly done or supplied in accordance  with the applicable  contracts
with such Contractors. If any work or materials supplied by a Contractor are not
satisfactory to Borrower,  Borrower will immediately notify Lender in writing of
such fact.  It is  expressly  understood  and agreed that  Lender or  Inspecting
Engineer may conduct such  inspections  of the Project as Lender may  reasonably
deem  necessary  for the  protection  of  Lender's  interest,  and that any such
inspections  of the Project by Lender or  Inspecting  Engineer  will be made and
will be issued  solely  for the  benefit  and  protection  of  Lender,  and that
Borrower will not be entitled to rely thereon,  but shall  reimburse  Lender for
any out-of-pocket costs and expenses associated therewith.

     Section 6.2  INDEMNIFICATION  BY  BORROWER.  Borrower  shall bear all loss,
expense (including reasonable attorneys' fees) and damage in connection with and
agrees to indemnify and hold harmless Lender, its agents, servants and employees
for,  from and against  all claims,  demands  and  judgments  made or  recovered
against Lender, its agents, servants and employees,  because of bodily injuries,
including death, at any time resulting  therefrom,  and/or because of damages to
property of Lender or others  (including loss of use) from any cause whatsoever,
arising  out of,  incidental  to,  or in  connection  with  the  Project  or the
operation of the Mortgaged  Property,  whether or not due to any act of omission
or  commission,  including  negligence of Borrower or any Contractor or of their
employees,  servants or agents, except for Lender's gross negligence and willful
misconduct. Borrower's liability hereunder shall not be limited to the extent of
insurance  carried by or provided by Borrower or subject to any exclusions  from
coverage in any insurance policy. The obligations of Borrower under this SECTION
6.2 shall survive the repayment of the Note.  Whenever  Borrower is obligated to
indemnify or defend Lender under the terms of this  Agreement or under the terms
of any other Loan Document, such indemnity obligations shall run to the favor of
Lender   and  its   directors,   officers,   employees,   agents,   contractors,
subcontractors, licensees, invitees, successors and assigns.

     Section 6.3 FEES. Borrower shall reimburse Lender upon demand for all costs
and expenses including without limitation, reasonable attorneys' fees, appraisal
fees (including  reasonable appraisal fees incurred by Lender under SECTION 6.20
of this Agreement),  survey fees, inspection fees, closing charges,  documentary
or tax stamps,  recording and filing fees,  Inspecting Engineer fees,  insurance
premiums and service charges,  paid or incurred by Lender in connection with (i)
the  preparation,  negotiation,  approval,  execution  and  delivery of the Loan
Documents,  and any other documents and  instruments  related hereto or thereto,
(ii) the negotiation of any amendments or  modifications to any of the foregoing
documents,  instruments  or  agreements  and  the  preparation  of any  and  all
documents  necessary or desirable to effect such  amendments  or  modifications,
(iii) the review and approval of documents  submitted to Lender  pursuant to any
of the  provisions  hereof  including  the  Draw  Requests  to be  submitted  in
accordance  with SECTION 2.2 hereof,  and (iv) the  enforcement by Lender during
the term  hereof  or  thereafter  of any of the  rights  or  remedies  of Lender
hereunder or under any of the foregoing documents,  instruments or agreements or
under  applicable  law,  including,  without  limitation,  reasonable  costs and
expenses of  collection of any amount due to Lender under the Note or any of the
Loan  Documents,  whether or not suit is filed with respect  thereto and whether
such costs are paid or incurred,  or to be paid or  incurred,  prior to or after
entry  of  judgment,  and  all  reasonable  costs  and  expenses  including  all

                                       26
<PAGE>
reasonable  attorneys'  fees incurred by Lender as a result of the bankruptcy or
insolvency of Borrower.

     Section 6.4  ADDRESSES  FOR NOTICES.  All notices and other  communications
provided for hereunder shall be in writing (including telegraphic communication)
and  mailed  or  delivered,   if  to  Borrower,   at  its  address:  c/o  Global
Entertainment  Corp., 4909 E McDowell Road, Suite 104, Phoenix,  AZ 85008; if to
Guarantor at its address:  4909 E McDowell Road, Suite 104,  Phoenix,  AZ 85008;
and  if to  Lender,  at  its  address:  225  South  Sixth  Street,  Suite  2900,
Minneapolis,  MN 55402, Attention:  Commercial Real Estate Department,  or as to
each  party,  at such other  address as shall be  designated  by such party in a
written notice to the other party.  All such notices and  communications  shall,
when mailed or delivered,  be effective when deposited in the mails or delivered
to Borrower, Guarantor or Lender, addressed as aforesaid.

     Section 6.5  AMENDMENTS,  DETERMINATIONS  BY LENDER,  CONSENTS,  ETC.  This
Agreement and the Loan Documents may not be amended or modified,  nor may any of
their terms (including,  without limitation,  terms affecting the maturity of or
rate of  interest  on the  Note)  be  modified  or  waived,  except  by  written
instruments signed by Lender, Borrower and/or Guarantor,  as applicable.  In any
instance where the consent or approval of Lender may be given or is required, or
where any determination,  judgment or decision is to be rendered by Lender under
this Agreement or under any Loan Document,  the granting,  withholding or denial
of such consent or approval and the rendering of such determination, judgment or
decision  shall be made or exercised by Lender at its sole and exclusive  option
and in its sole and absolute discretion.

     Section 6.6 TIME OF THE ESSENCE.  Time is of the essence in the performance
of this Agreement.

     Section 6.7 WAIVERS.  No waiver by Lender of any right or remedy  hereunder
shall operate as a waiver of any other right or remedy,  or of the same right or
remedy on a future  occasion.  No delay on the part of Lender in exercising  any
right or remedy  hereunder  shall  operate  as a waiver  thereof,  nor shall any
single or  partial  exercise  of any right or  remedy  preclude  other or future
exercise thereof or the exercise of any other right or remedy.

     Section 6.8 REMEDIES  CUMULATIVE.  The rights and remedies herein specified
of Lender are cumulative and not exclusive of any rights or remedies that Lender
would otherwise have at law or in equity or by statute.

     Section 6.9 GOVERNING  LAW AND ENTIRE  AGREEMENT.  Borrower,  Guarantor and
Lender,  by their  execution  of this  Agreement,  expect and  intend  that this
Agreement be governed by and construed under the laws of the State of Washington
and Borrower,  Guarantor and Lender consent to the  jurisdiction of the State of
Washington for all purposes.  The Loan Documents contain the entire agreement of
the parties on the matters covered herein and therein.

     Section 6.10 COUNTERPARTS.  This Agreement may be executed in any number of
counterparts, each of which when so executed and delivered shall be an original,
but such counterparts shall together constitute one and the same instrument.

                                       27
<PAGE>
     Section 6.11 TERM.  This  Agreement,  and the terms and conditions  hereof,
shall survive the  execution  and delivery of the Note and other Loan  Documents
and shall  remain in full force and effect  until the Note is paid in full.  The
representations,  warranties, covenants and agreements of Borrower and Guarantor
survive the  execution  and delivery of the Note and other Loan  Documents,  and
where applicable, survive the repayment of the Note.

     Section 6.12  SUCCESSORS  AND ASSIGNS.  This  Agreement,  and the terms and
provisions hereof,  shall be binding upon Borrower and Guarantor and each of its
respective  heirs,  successors  and  permitted  assigns,  and shall inure to the
benefit of Lender, its successors and assigns; provided,  however, that Borrower
may not transfer or assign this Agreement,  including,  without limitation,  its
right to borrow hereunder, without the prior written consent of Lender.

     Section 6.13 OFFSETS.  As  additional  security for the payment of the Note
and the other  obligations  of Borrower  under this Agreement and the other Loan
Documents  and any  other  obligations  of  Borrower  to  Lender  of any  nature
whatsoever (collectively the "OBLIGATIONS"),  Borrower hereby grants to Lender a
security  interest  in, a lien on and an  express  contractual  right to set off
against all depository account balances, cash and any other property of Borrower
now or hereafter in the  possession of Lender.  Lender may, at any time upon the
occurrence  of  an  Event  of  Default  hereunder  (notwithstanding  any  notice
requirements  or  grace/cure  periods  under  this or other  agreements  between
Borrower  and Lender) set off  against the  Obligations  as are then due or have
been  accelerated,  all upon  contemporaneous  notice  or  demand of any kind to
Borrower.

     Section 6.14 HEADINGS. The descriptive headings for the several Sections of
this Agreement are inserted for  convenience  only and shall not define or limit
any of the terms or provisions hereof.

     Section 6.15 ACCOUNTING.  Unless otherwise  expressly  provided herein,  or
unless Lender  otherwise  consents in writing,  all accounting terms used herein
that are not  expressly  defined  in this  Agreement  shall  have  the  meanings
respectively  given to them in accordance  with  generally  accepted  accounting
principles  and  all  financial  statements  and  reports  furnished  to  Lender
hereunder shall be prepared,  and all computations and  determinations  pursuant
hereto  shall  be  made,  in  accordance  with  generally  accepted   accounting
principles and practices, consistently applied.

     Section 6.16 NOT JOINT VENTURER.  Lender is not, and shall not by reason of
any  provision  of any of the  Loan  Documents,  be or be  deemed  to be a joint
venturer with or partner or agent of Borrower.

     Section 6.17 ADEQUACY OF LOAN  PROCEEDS.  Lender has not made, nor shall it
be deemed to have made, any representation or warranty that the Commitment is or
will be sufficient to complete the Project.

     Section 6.18  PARTICIPATIONS.  Lender may, in its sole discretion,  sell in
whole  or in part,  assign  and  convey  to one or more  financial  institutions
undivided  participation interests in and to the Loan and the Loan Documents and
Borrower  hereby  consents  to the same,  and the  disclosure  of all  financial
information of Borrower necessary to effectuate the same.

                                       28
<PAGE>
     Section 6.19 RELATIONSHIP TO OTHER DOCUMENTS. The warranties, covenants and
other  obligations  of Borrower  and the rights and  remedies of Lender that are
outlined  in this  Agreement  and the  other  Loan  Documents  are  intended  to
supplement each other. In the event of any  inconsistencies  in any of the terms
in this Agreement and/or the Loan Documents, all terms shall be cumulative so as
to give Lender the most favorable rights set forth in the conflicting documents.

     Section  6.20  REAPPRAISALS.  Lender  shall  have  the  right  (but not the
obligation)  to  obtain an update of the  existing  appraisal  of the  Mortgaged
Property or a new  appraisal of the  Mortgaged  Property for the sole benefit of
Lender  but at the  sole  cost and  expense  of  Borrower  under  the  following
circumstance:

     (a)  If, for any reason  development of the Project is delayed by more than
          forty-five  (45) days  beyond  the  development  schedule  Lender  may
          obtain,  at the  Borrower's  expense,  one  or  more  new  or  updated
          appraisals of the Project by an appraiser acceptable to Lender. If the
          estimated  as-improved market value of the Project, as reported in the
          new or  updated  appraisal,  results  in a  ratio  of  aggregate  Loan
          advances to Project value that is greater than 98%, the Borrower shall
          within 5 business  days of  Lender's  demand  inject  additional  cash
          equity or provide additional collateral acceptable to Lender to reduce
          such ratio to 98% or less.

In any such event,  Borrower  shall  fully  cooperate  with Lender and  Lender's
appraiser as may be necessary and shall allow Lender and/or  Lender's  appraiser
complete  access to the Mortgaged  Property for the purpose of  completing  such
appraisal of the Mortgaged Property.

     Section 6.21 CONSTRUCTION  SIGNAGE.  To the extent permitted by law, during
construction,  Lender may place a sign on the Mortgaged Property specifying that
it is  participating  in the  financing  of the  Project.  Further,  Lender  may
publicize the financing and may include a general  description of the Project in
publicity releases.

IMPORTANT:  READ BEFORE SIGNING.  THE TERMS OF THIS AGREEMENT AND ALL OTHER LOAN
DOCUMENTS  SHOULD BE READ  CAREFULLY  BECAUSE  ONLY THOSE  TERMS IN WRITING  ARE
ENFORCEABLE.  NO OTHER TERMS OR ORAL  PROMISES,  EXCEPT THOSE  CONTAINED IN THIS
AGREEMENT AND THE OTHER LOAN DOCUMENTS,  MAY BE LEGALLY ENFORCED. YOU MAY CHANGE
THE TERMS OF THIS AGREEMENT ONLY BY ANOTHER WRITTEN AGREEMENT. THIS NOTICE SHALL
ALSO BE  EFFECTIVE  WITH RESPECT TO ALL OTHER  CREDIT  AGREEMENTS  NOW IN EFFECT
BETWEEN YOU AND LENDER.  A  MODIFICATION  OF ANY OTHER CREDIT  AGREEMENTS NOW IN
EFFECT BETWEEN YOU AND LENDER, WHICH OCCURS AFTER RECEIPT BY YOU OF THIS NOTICE,
MAY BE MADE ONLY BY ANOTHER WRITTEN INSTRUMENT. ORAL OR IMPLIED MODIFICATIONS TO
SUCH CREDIT AGREEMENTS ARE NOT ENFORCEABLE AND SHOULD NOT BE RELIED UPON.

                                       29
<PAGE>
     IN WITNESS  WHEREOF,  the parties  hereto have caused this  Agreement to be
duly executed and delivered as of the day and year first above written.

                                          LENDER:

                                          MARSHALL FINANCIAL GROUP, LLC,
                                          a Delaware limited liability company

                                          By: /s/ Tim Ring
                                             -----------------------------------
                                          Name:  Tim Ring

                                          Its: Authorized Signatory

                                          BORROWER:

                                          WENATCHEE EVENTS CENTER, LLC,
                                          a Washington limited liability company

                                          Name: /s/ J. Craig Johnson
                                               ---------------------------------

                                          Its: CFO

                                          GUARANTOR:

                                          GLOBAL ENTERTAINMENT
                                          CORPORATION, a Nevada corporation

                                          Name: /s/ J. Craig Johnson
                                               ---------------------------------

                                          Its: CFO

                                       30

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