Document:

ASSIGNMENT OF NOTE

ASSIGNMENT OF DEED OF TRUST

THIS ASSIGNMENT is entered into effective this 30th day of September, 2013 by and between Global Casinos, Inc., a Utah corporation ("Assignor") and Gemini Gaming, LLC, a Colorado limited liability company ("Assignee").

WITNESSETH

WHEREAS, Astraea Investment Management, LP (“Astraea”)was Beneficiary of that certain Deed of Trust executed by Casinos USA, Inc. dated January 17, 1997 and filed for record in the Clerk and Recorder’s Office of Gilpin County, Colorado on April 1, 1997 in the real property records of the Clerk & Recorder for Gilpin County, Colorado (“Records”) at Book 617, Page 464; (“Deed of Trust”) securing repayment of a promissory note in the original principal amount of $783,103.56 (“the Note”) and encumbering the real property described on Exhibit “A” attached hereto and incorporated herein by reference; and

WHEREAS,  Astraea assigned its interest in the Deed of Trust to Assignor by Assignment of Deed of Trust dated as of November 30, 2009, and recorded in the Records at Reception 140555; and  

WHEREAS, Assignor agrees to assign all of its right, title and interest in and to the Deed of Trust to Assignee and is simultaneously assigning the Note to Assignor. 

NOW THEREFORE, in consideration of the mutual promises made herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:

1.

Assignment.  Effective September 30, 2013 (the "Assignment Date"), Assignor hereby assigns, transfers and conveys to Assignee any and all of Assignor's right, title and interest in and to the Deed of Trust, and the right to exercise any and all rights and remedies of the Assignor,  thereunder with respect to the Collateral described therein.  Assignor represents and warrants that (i) Assignor has the right, power and authority to execute this Assignment; (ii) that to the best of Assignor’s knowledge the Deed of Trust is a good, valid and binding agreement of the parties thereto, and their assignees, and is in full force and effect in accordance with its terms which have not been amended or modified; and (iii) that no act or omission on the part of Assignor has occurred which would constitute a default under the Deed of Trust.  Assignor disclaims any further interest in the Deed of Trust.

2.

Acceptance and Indemnification.  Assignee hereby accepts the foregoing assignment and transfer and promises to observe and perform all services and obligations required of Assignor under the Deed of Trust accruing on or after the Assignment Date or otherwise attributable to the period commencing on said date and continuing thereafter for so long as the Deed of Trust remains in full force and effect.  

3.

Binding Effect.  This Agreement shall be binding upon the parties hereto, their successors and assigns.

IN WITNESS WHEREOF, the parties have executed this Assignment as of the date first above written.

ASSIGNOR:

GLOBAL CASINOS, INC.

By: 

/s/ Clifford L. Neuman

Clifford L. Neuman, its President

ASSIGNEE:

GEMINI GAMING, LLC

By: 

/s/Clifford L. Neuman

Clifford L. Neuman, its Manager

2

STATE OF COLORADO

)

) ss

COUNTY OF BOULDER

)

The foregoing instrument was acknowledged before me this 30th day of September, 2013, by Global Casinos, Inc., a Utah corporation by Clifford L. Neuman, its President. 

Witness my hand and official seal.

My commission expires:  04-12-2017

/s/ Melissa A. VanderSyde

Notary Public  

STATE OF COLORADO

)

) ss

COUNTY OF BOULDER

)

The foregoing instrument was acknowledged before me this 30th day of September, 2013, by Gemini Gaming, LLC, a Colorado limited liability company by Clifford L. Neuman, its Manager. 

Witness my hand and official seal.

My commission expires:  04-12-2017

/s/ Melissa A. VanderSyde

Notary Public  

3

EXHIBIT A

Lot 5 and the Easterly 30 feet of Lot 4 laying perpendicular to Lot 5, Block 40, City of Black Hawk in the County of Gilpin, State of Colorado

4ASSIGNMENT OF NOTE

ASSIGNMENT OF NOTE

THIS ASSIGNMENT is entered into effective this 30th day of September, 2013 by and between Global Casinos, Inc., a Utah corporation ("Assignor") and Gemini Gaming, LLC, a Colorado limited liability company ("Assignee").

WITNESSETH

WHEREAS, Casinos U.S.A. Inc executed a Promissory Note originally payable to Astraea Investment Management, LP (“Astraea”) in the principal amount of Seven Hundred Eighty-Three Thousand One Hundred Three and 56/100 Dollars ($783,103.56)(“the Note”); and

WHEREAS, the current outstanding principal balance and unpaid interest due on the Note is $720,211.91; and,

WHEREAS, the Note is secured by a Deed of Trust dated January 17, 1997 and recorded April 1, 1997 in Book 617 at Page 464 in the real property records of Gilpin County, Colorado, reference to which is here made; and

WHEREAS, the Note and the interests of Astraea in the above-referenced Deed of Trust were assigned by Astraea to Assignor by an “Assignment of Deed of Trust” made effective November 30, 2009 and filed in the office of the Clerk & Recorder for Gilpin County, Colorado on December 7, 2009 at Reception No. 140555; and

WHEREAS, Assignee desires to now acquire the Note and Assignor desires to transfer all of its right, title and interest in and to the Note to Assignee. 

NOW THEREFORE, in consideration of the mutual promises made herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:

1.

Assignment.

For good and valuable consideration and, in connection with the consummation of that certain Amended and Restated Split-Off Agreement between Assignor and Assignee dated as of May 2, 2013 (the “Split-Off Agreement”) as of the effective date referenced above, Assignor hereby assigns, transfers and conveys to Assignee any and all of Assignor's right, title and interest in and to the Note, and the right to collect all sums due thereunder.  Hereafter, Assignor disclaims any further interest in the Note.  In conjunction with the assignment, Assignor represents and warrants that:

 (i)

Assigner is the owner and holder of the Note; and 

(ii)

Assignor has the right, power and authority to execute this Assignment; and

(iii)

Except as reflected above, the Note has not been amended or modified; and 

(iv)

That no act or omission on the part of the Maker of the Note has occurred, which would constitute a default under the Note.  

2.

Acceptance and Indemnification.  Assignee hereby accepts the foregoing assignment and transfer and promises to observe and perform all services and obligations required under the Note accruing on or after the Assignment Date or otherwise attributable to the period commencing on said date and continuing thereafter for so long as the Note remains in full force and effect.  Assignee shall indemnify, defend and hold harmless Assignor, its affiliates, agents and assigns, from any and all claims, demands, actions, causes of action, suits, proceedings, damages, liabilities, costs and expenses of every nature whatsoever, including attorneys' fees, which arise from or relate to the Note on or after the Assignment Date.

3.

Binding Effect.  This Agreement shall be binding upon the parties hereto, their successors and assigns.

IN WITNESS WHEREOF, the parties have executed this Assignment as of the date first above written.

ASSIGNOR:

GLOBAL CASINOS, INC.

By: 

/s/ Clifford L. Neuman

Clifford L. Neuman, its President

ASSIGNEE:

GEMINI GAMING, LLC

By: 

/s/ Clifford L. Neuman

Clifford L. Neuman, its Manager

2ASSIGNMENT AND ASSUMPTION

ASSIGNMENT, ASSUMPTION AND INDEMNITY AGREEMENT

THIS ASSIGNMENT, ASSUMPTION AND INDEMNITY AGREEMENT is effective as of the 30th day of September, 2013 by and between GLOBAL CASINOS, INC. a Utah corporation ("Assignor" or “Global”), and GEMINI GAMING, LLC, a Colorado limited liability company ("Assignee” or “Gemini”).

RECITALS

A.

This Agreement is being executed and delivered in connection with the consummation of that certain Amended and Restated Split-Off Agreement between Global and Gemini dated as of May 2, 2013 (the “Split-Off Agreement”), pursuant to which Global is selling to Gemini all of its interest in the equity securities of its subsidiaries Casinos USA, Inc. (“Casinos”), Doc Holliday Casino II, LLC (“Docs”) and Global Gaming Technologies, LLC (“GGT”).

B.

The parties desire to provide for the assignment to Gemini of all of Global’s liabilities and obligations related to its gaming assets and operations (“Gaming Debt”) and the assumption by Gemini of such Gaming Debt.

C.

The parties have satisfied all conditions necessary to the consummation of the transactions covered by the Split-Off Agreement and desire to consummate same in accordance with the terms thereof.

NOW, THEREFORE, in consideration of the covenants and agreements set forth in the Split-Off Agreement, the receipt and sufficiency whereof are hereby acknowledged, the parties agree as follows:

1.

Assignor, for itself, its successors and assigns, hereby sells, assigns, transfers, conveys and delivers to Assignee all of the Gaming Debt for which Assignor is obligated including, without limitation:

(a)

all obligations under the Docs Lease covering the Premises located at 129 to 131 Main Street, Central City, Colorado;

(b)

all obligations under the Loan Participation Agreements, as amended, with William Martindale and Pete Bloomquist;

(c)

all obligations for accounts payable and accrued liabilities; 

(d)

all obligations under that certain Organization Agreement dated February 2006 with Joseph Kon regarding GGT.    

2.

Assignee hereby accepts the foregoing assignment and transfer of the Gaming Debt and hereby agrees to assume and pay the Gaming Debt in accordance with its various terms and conditions, including, without limitation, the observance and performance of all obligations required of Assignor under any contract, lease or other executory agreement included within the Gaming Debt. 

3.

Assignee agrees to indemnify, defend and hold harmless Assignor, and its affiliates, agents, successors and assigns, from and against any and all claims, demands, actions, causes of action, suits, proceedings, damages, liabilities, costs and expenses of every nature whatsoever, including attorneys fees, which arise from or relate to the Gaming Debt.  

4.

Assignor, for itself, its successors and assigns, hereby agrees to execute and deliver to Assignee any and all further documents of conveyance, agreements, assignments, transfers or other undertakings which Assignee may request and which may be necessary to effect and consummate the conveyances and assumptions herewith contained and the agreements and undertakings more fully set forth herein.

5.

This Agreement shall be binding upon the parties hereto, their successors and assigns.

IN WITNESS WHEREOF, the parties have signed the Agreement the date and year first above written.

ASSIGNOR:

GLOBAL CASINOS, INC., 

a Utah corporation

By:_____/s/ Christopher Brogdon

     Christopher Brogdon, President

ASSIGNEE:

GEMINI GAMING, LLC 

a Colorado limited liability company

By:____/s/ Clifford L. Neuman

     Clifford Neuman, President

-2-

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