Document:

Exhibit 10.7

                              SUBDIVISION AGREEMENT

     THIS AGREEMENT is made this 29 day of December, 1997, between the CITY OF
BLACK HAWK, COLORADO, a home rule municipal corporation (the "City"), and
WINDSOR - WOODMONT, L.L.C. (the "Developer").

                                    RECITALS:

     A. The Developer is the owner of certain real property located in the City
of Black Hawk known as St. Moritz Resort and Casino, Filing No. 1, which is more
particularly described in Exhibit A attached hereto and made a part hereof (the
"Property").

     B. On December 29, 1997, the Board of Aldermen of the City of Black Hawk,
after holding all necessary public hearings and having received a recommendation
of approval from the Black Hawk Planning Commission, approved the final plat for
the Property. A copy of the final plat is attached hereto as Exhibit B and
incorporated herein.

     C. The approvals cited above are contingent upon the express condition that
all duties created by this Agreement are faithfully performed by the Developer.

                                   AGREEMENT:

     NOW, THEREFORE, for and in consideration of the mutual promises and
covenants contained herein, the sufficiency of which are mutually acknowledged,
the parties hereto agree as follows:

     1. Purpose. The purpose of this Agreement is to set forth the terms,
conditions, and fees to be paid by the Developer upon subdivision of the
Property. All conditions contained herein are in addition to any and all
requirements of the City of Black Hawk Subdivision Ordinance and Zoning
Ordinance, the City of Black Hawk Charter, the rules and regulations of the
District, any and all state statutes, and any other sections of the City of
Black Hawk Municipal Code, and are not intended to supersede any requirements
contained therein.

     2. Fees. The Developer hereby agrees to pay the City the actual cost to the
City for engineering, hydrological, surveying, and legal services (the "Actual
Costs") rendered in connection with the review of the subdivision of the
Property, including related administrative fees not to exceed fifteen percent
(15%) of the Actual Costs. In addition, the Developer shall reimburse the City

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for the costs of making corrections or additions to the master copy of the
official City map and for the fee for recording the final plat and accompanying
documents with the Gilpin County Clerk and Recorder.

     3. Specific Conditions. The Developer hereby agrees:

        a.      The Developer shall construct the Richman Street improvements
                which shall include, but not be limited to, the construction of
                three (3) twelve (12) foot vehicular lanes with 1-1/2 foot curb
                and gutter on both sides of the street along the entire length
                of the property from State Highway 119 to the northerly property
                boundary line; construct rock faced retaining walls and erosion
                control as required by the City and its Drainage Consultant
                along the east side of the Richman Street improvements and
                adjacent to the Four Mile Gulch drainage channel; sidewalks
                averaging eight (8) feet wide and ranging in width from
                approximately twenty (20) feet at the southerly end of Richman
                Street and five (5) feet on the northerly end of Richman Street
                as shown on the Geometry Plan for the Property dated November 3,
                1997; street lighting, striping, signage, and other necessary
                improvements to Richman Street as determined by the City and
                constructed according to construction plans approved by the
                City.

                The Developer shall dedicate and convey by special warranty
                deed, free and clear of all liens and encumbrances, sufficient
                additional right-of-way for Richman Street such that Richman
                Street consists of a fourty foot (40') wide right-of-way, as
                depicted on the St. Moritz Resort and Casino Filing No. 1 Minor
                Subdivision Plat ("New Richman Street"). The right-of-way
                dedication for New Richman Street is shown on the plat of St.
                Moritz Resort and Casino, Filing No. 1, Minor Subdivision Plat.
                The City shall convey to the Developer, after the City accepts
                the Public Improvements described herein, that portion of
                existing Richman Street that is located between Richman Street
                as realigned and the real property described in Exhibit A
                ("Existing Richman Street"). Upon such conveyance the City shall
                adopt an ordinance vacating Existing Richman Street. The City

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                further agrees to convey to the Developer rockbolt easements for
                Existing Richman Street and New Richman Street, to the extent
                necessary for the Developer's Project and to the extent that
                such rockbolt easements do not interfere with the City's use of
                Existing Richman Street and New Richman Street.

        b.      The Developer shall construct the signals necessary at the
                intersection of Richman Street and State Highway 119 as
                determined by the City and according to standards of the City of
                Black Hawk and the Colorado Department of Transportation.

        c.      The Developer shall construct public improvements within the
                State Highway 119 right-of-way that shall include, but not be
                limited to, all in accordance with the approvals and
                requirements of the Colorado Department of Transportation and
                concurrence with the City of Black Hawk Public Works Department,
                an accel/decel lane along the southerly length of the property
                abutting the highway right-of-way; a right turn in/right turn
                out entrance/exit to the parking garage; Highway 119
                improvements and lane construction in accordance with the
                Colorado Department of Transportation and the City of Black
                Hawk's Traffic Consultants requirements; construction of curb
                and gutter along the highway frontage; construction of minimal
                sidewalks at the entrance to the casino and pedestrian crossing
                at Highway 119 and Richman Streets with a commitment for
                construction of a future ten (10) foot wide sidewalk solely at
                the Developer's cost along the highway frontage when requested
                by the City; and other necessary improvements along the Highway
                119 frontage as determined by the City and according to
                construction plans approved by the City.

        d.      The Developer shall construct and install landscaping along the
                Richman Street and State Highway 119 frontage including, but not
                limited to, trees, shrubs, berms, lawns, and necessary amenities
                in accordance with the Landscaping Plan approved by the City of
                Black Hawk.

        e.      The Developer shall construct and maintain for perpetuity
                drainage improvements which shall include, but not be limited
                to, 18" and 24" reinforced concrete pipe subsurface storm

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                drainage collection system along the Richman Street and State
                Highway 119 frontages consisting of approximately seven hundred
                fifty (750) feet of pipe, catch basins, manholes, highway
                crossing and connection to the North Clear Creek box culvert
                installed for the Black Hawk/Jacobs development; mitigation of
                impacts determined in the offsite and construction level
                drainage plans as reviewed and approved by the City of Black
                Hawk and its Drainage Consultant; compliance with all
                requirements of FEMA in accordance with the CLOMR review and
                approval; and other necessary improvements as determined by the
                City and constructed in accordance with the construction plans
                approved by the City.

        f.      In addition to those Public Improvements specified herein, the
                Developer has requested a Conditional Letter of Map Revision
                ("CLOMR") from the Federal Emergency Management Agency. In
                accordance with the Developer's request for a CLOMR and the
                City's signature on the request for the CLOMR indicating its
                understanding of the impacts created therein, the Developer
                agrees to be responsible of all the construction and maintenance
                of the channel improvements and flood control facilities that
                are required pursuant to the Developer's request for the CLOMR.
                The Developer further agrees that in the event of an emergency
                situation requiring an immediate response by the City related to
                the flood control structures owned by the Developer, the City
                shall, in the exercise of its sole discretion, take whatever
                action is necessary to rectify the emergency situation, and the
                Developer expressly agrees to reimburse and indemnify the City
                for all costs and expenses associated with the City s response.
                The Developer and the City agree that the City's only other
                obligation pursuant to the Developer's request for a CLOMR is to
                inspect the flood control structure once every twelve (12)
                months to ensure the Developer's compliance with the maintenance
                and operation of the channel improvements and flood control
                facilities constructed by the Developer.

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     4. Title Policy. A title commitment for the Property shall be provided to
the City. The title commitment shall show that all property to be dedicated to
the City is or shall be, subsequent to the execution and recording of the plat,
free and clear of all liens and encumbrances (other than real estate taxes which
are not yet due and payable) which would make the dedications unacceptable as
the City in its sole discretion determines. The title policy evidenced by the
title commitment shall be provided thirty (30) days after the recording of the
final plat.

     5. Breach by the Developer; the City's Remedies. In the event of a breach
of any of the terms and conditions of this Agreement by the Developer, the Board
of Aldermen shall be notified immediately and the City, and where appropriate
the District, may take such action as permitted and/or authorized by law, this
Agreement, or the ordinances and Charter of the City and the rules and
regulations of the District to protect the public health, safety and welfare; to
protect lot buyers and builders; and to protect the citizens of the City from
hardship and undue risk. These remedies include, but are not limited to:

        a.      The refusal to issue any building permit or certificate of
                occupancy;

        b.      The revocation of any building permit previously issued under
                which construction directly related to such building permit has
                not commenced;

        c.      A demand that the security given for the completion of the
                Public Improvement be paid or honored; or

        d.      Any other remedy available at law.

Unless necessary to protect the immediate health, safety and welfare of the City
and/or the District, or to protect the City's and/or District's interest with
regard to security given for the completion of the Public Improvements, the
City, and where appropriate the District, shall provide the Developer thirty
(30) days written notice of its intent to take any action under this paragraph
during which thirty-day periods the Developer may cure the breach described in
the notice and prevent further action by the City and/or the District.

     6. Public Improvements and Warranty. All water lines, sewer lines, fire
hydrants, water or sewer distribution facilities, drainage structures, paved
streets, including curb and gutter, and necessary appurtenances as shown on the
subdivision plat and the associated construction documents (the "Public
Improvements") as approved by the Director of Public Works of the City, and

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where appropriate the Manager of the District, shall be installed and completed
at the expense of the Developer. The improvements required by this Agreement and
shown on the final subdivision plat submittal, as well as associated
construction documents approved by the Director of Public Works of the City, and
where appropriate the Manager of the District, and the costs of these
improvements are set forth in Exhibit C attached hereto and incorporated herein.
All Public Improvements covered by this Agreement shall be made in accordance
with the subdivision plat and associated construction documents drawn according
to regulations and construction standards for such improvements and approved by
the Director of Public Works of the City, and where appropriate the Manager of
the District.

     The Developer shall warrant any and all Public Improvements which are
conveyed to the City and the District pursuant to this Agreement for a period of
one (1) year from the date the City's Director of Public Works (except water
improvements which shall have a three (3) year warranty), and where appropriate
the Manager of the District, certifies that the same conform with specifications
approved by the City, and where appropriate the District. Specifically, but not
by way of limitation, the Developer shall warrant the following:

         a.       That the title conveyed shall be marketable and its transfer
                  rightful;

         b.       Any and all facilities conveyed shall be free from any
                  security interest or other lien or encumbrance; and

         c.       Any and all facilities so conveyed shall be free of defects in
                  materials or workmanship for a period of one (1) year (three
                  (3) years for water improvements) as stated above.

     The City, and where appropriated the District, will accept for maintenance
all Public Improvements after the warranty period has expired provided all
warranty work has been completed. The City shall accept for snow removal
purposes only all dedicated public streets after the warranty period expires or
the City issues the first certificate of occupancy.

     7. Observation. The City, and where appropriate the District, shall have
the right to make reasonable engineering observations at the Developer's expense
as the City may request. Observation, acquiescence in, or approval by any
engineering inspector of the construction of physical facilities at any

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particular time shall not constitute the approval by the City or the District of
any portion of the construction of such Public Improvements. Such approval shall
be made by the City, and where appropriate the District, only after completion
of construction and in the manner hereinafter set forth.

     8. Completion of Public Improvements. The obligations of the Developer
provided for in paragraph 6 of this Agreement, including the inspections hereof,
shall be performed on or before June 1, 2000, and proper application for
acceptance of the Public Improvements shall be made on or before such date. Upon
completion of construction by the Developer of such Public Improvements, the
City's Director of Public Works or her designee, and where appropriate the
Manager of the District, shall inspect the improvements and certify its
conformity or lack thereof to the City's specifications. The Developer shall
make all corrections necessary to bring the improvements into conformity with
the City's specifications. Once approved by the City's Director of Public Works,
and where appropriate the District, the City shall accept said improvements upon
conveyance pursuant to paragraph 10; provided, however, the City shall not be
obligated to accept the Public Improvements until the Actual Costs described in
paragraphs 2.a. and b. of this Agreement are paid in full by the Developer. The
City shall not issue any certificates of occupancy, temporary or otherwise, for
any structure within the real property described in Exhibit A until the Public
Improvements described herein are completed and accepted by the City, and
additional public improvements which are described herein are completed and
accepted by the City.

     9. Related Costs - Public Improvements. The Developer shall provide all
necessary engineering designs, surveys, field surveys, and incidental services
related to the construction of the Public Improvements at its sole cost and
expense, including reproducible "as built" drawings certified accurate by a
professional engineer registered in the State of Colorado.

     10. Improvements to be the Property of the City. All Public Improvements
for roads, concrete curbs and gutters, storm sewers, sanitary sewers, water
systems and drainage improvements accepted by the City, and where appropriate
the District, shall be dedicated to the City, and where appropriate the
District, and warranted for a period of twelve (12) months (thirty-six (36)
months for water systems) following acceptance by the City as provided above.
Upon completion of construction and conformity with the subdivision plat and
associated construction plans, and any properly approved changes, the Developer
shall convey to the City, and where appropriate the District, by bill of sale,
all installed physical facilities.

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     11. Performance Guarantee. In order to secure the construction and
installation of the Public Improvements above-described for which the Developer
is responsible, the Developer shall, prior to recording the final plat in the
real estate records of Gilpin County, which recording shall occur no later than
ninety (90) days after the execution of this Agreement, furnish the City, at the
Developer's expense, with an irrevocable letter of credit in which the City is
designated as beneficiary, to secure the performance and completion of the
Public Improvements, or the City may accept at its sole discretion some other
form of security from the Developer in an amount equal to one hundred ten
percent (110%) of the estimated costs of the Public Improvements to be
constructed and installed as set forth in Exhibit C. The Developer agrees that
approval of the final plat by the City is contingent upon the Developer's
provision of an irrevocable letter of credit to the City within ninety (90) days
of the execution of this Agreement in the amount and form provided herein.
Failure of the Developer to provide an irrevocable letter of credit to the City
in the manner provided herein shall negate the City's approval of the final
plat. Letters of credit shall be substantially in the form and content set forth
in Exhibit D, attached hereto and incorporated herein, and shall be subject to
the review and approval of the City Attorney. The Developer shall not start any
construction of any public or private improvement on the Property including, but
not limited to, staking, earth work, overlot grading, or the erection of any
structure, temporary or otherwise, until the City has received and approved the
irrevocable letter of credit; provided, however, this requirement shall not
apply to the issuance of a bench excavation permit which is governed by City of
Black Hawk ordinance. The City shall not issue a foundation excavation permit
for the Property until such time as a CLOMR is issued for the Property.

     The estimated costs of the Public Improvements shall be a figure mutually
agreed upon by the Developer and the City's Director of Public Works, and where
appropriate the Manager of the District, as set forth in Exhibit C. If, however,
they are unable to agree, the Director of Public Works' estimate shall govern
after giving consideration to information provided by the Developer including,
but not limited to, construction contracts and engineering estimates. The
purpose of the cost estimate is solely to determine the amount of security. No
representations are made as to the accuracy of these estimates, and the
Developer agrees to pay the Actual Costs of all such Public Improvements.

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     The estimated costs of the Public Improvements may increase in future.
Accordingly, the City reserves the right to review and adjust the cost estimate
on an annual basis. Adjusted cost estimates will be made according to changes in
the Construction Costs Index as published by the Engineering News Record. If the
City adjusts the cost estimated for the Public Improvements, the City shall give
written notice to the Developer. The Developer shall, within thirty (30) days
after receipt of said written notice, provide the City with a new or amended
letter of credit in the amount of the adjusted cost estimates. If the Developer
refuses or fails to so provide the City with a new or amended letter of credit,
the City may exercise the remedies provided for in paragraph 5 of this
Agreement; provided, however, that prior to increasing the amount of additional
security required, the City shall give credit to the Developer for all required
Public Improvements which have actually been completed so that the amount of
security required at any time shall relate to the cost of required Public
Improvements not yet constructed.

     In the event the Public Improvements are not constructed or completed
within the period of time specified by paragraph 8 of this Agreement or a
written extension of time mutually agreed upon by the parties to this Agreement,
the City may draw on the letter of credit to complete the Public Improvements
called for in this Agreement. In the event the letter of credit is to expire
within fourteen (14) calendar days and the Developer has not yet provided a
satisfactory replacement, the City may draw on the letter of credit and either
hold such funds as security for performance of this Agreement or spend such
funds to finish the Public Improvements or correct problems with the Public
Improvements as the City deems appropriate.

     Upon completion or performance of such improvements, conditions, and
requirements within the required time, and the approval of the Director of
Public Works, ninety percent (90%) of the estimated costs of construction shall
be released to the Developer within ten (10) days of acceptance by the City
provided, however, the City shall retain through the one (1) year warranty
period at least twenty percent (20%) of the total construction costs of the
Public Improvements.

     12. Indemnification. The Developer shall indemnify and hold harmless the
City and the District, its officers, employees, agents or servants from any and
all suits, actions, and claims of every nature and description caused by,
arising from, or on account of any act or omission of the Developer, or of any
other person or entity for whose act or omission the Developer is liable, with
respect to construction of the Public Improvements; and the Developer shall pay

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any and all judgments rendered against the City and the District as the result
of any suit, action, or claim, together with all reasonable expenses and
attorneys fees incurred by the City and the District in defending any such suit,
action or claim.

     The Developer shall pay all property taxes on the Property dedicated to the
City and the District, and shall indemnify and hold harmless the City and the
District for any property tax liability.

     The Developer shall require that all contractors and other employees
engaged in construction of Public Improvements shall maintain adequate workers'
compensation insurance and public liability coverage and shall faithfully comply
with the provisions of the Federal Occupational Safety and Health Act.

     13. Waiver of Defects. In executing this Agreement the Developer waives all
objections it may have concerning defects, if any, in the formalities whereby it
is executed, or concerning the power of the City and the District to impose
conditions on the Developer as set forth herein, and concerning the procedure,
substance, and form of the ordinances or resolutions adopting this Agreement.

     14. Modifications. This Agreement shall not be amended except by subsequent
written agreement of the parties.

     15. Release of Liability. It is expressly understood that the City and the
District cannot be legally bound by the representations of any of its officers
or agents or their designees except in accordance with the City of Black Hawk
Code of Ordinances and the laws of the State of Colorado.

     16. Captions. The captions to this Agreement are inserted only for the
purpose of convenient reference and in no way define, limit, or prescribe the
scope or intent of this Agreement or any part thereof.

     17. Binding Effect. This Agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective heirs, successors, and
assigns as the case may be.

     18. Invalid Provision. If any provision of this Agreement shall be
determined to be void by any court of competent jurisdiction, then such
determination shall not affect any other provision hereof, and all of the other
provisions shall remain in full force and effect. It is the intention of the
parties hereto that if any provision of this Agreement is capable of two

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constructions, one of which would render the provision void and the other which
would render the provision valid, then the provision shall have the meaning
which renders it valid.

     19. Governing Law. The laws of the State of Colorado shall govern the
validity, performance and enforcement of this Agreement. Should either party
institute legal suit or action for enforcement of any obligation contained
herein, it is agreed that venue of such suit or action shall be in Gilpin
County, Colorado.

     20. Attorney Fees. Should this Agreement become the subject of litigation
to resolve a claim of default of performance by the Developer and a court of
competent jurisdiction determines that the Developer was in default in the
performance of the Agreement, the Developer shall pay the City's and the
District's attorney fees, expenses, and court costs.

     21. Notice. All notice required under this Agreement shall be in writing
and shall be hand-delivered or sent by registered or certified mail, return
receipt requested, postage prepaid, to the address of the parties herein set
forth. All notices so given shall be considered effective seventy-two (72) hours
after deposit in the United States mail with the proper address as set forth
below. Either party by notice so given may change the address to which future
notices shall be sent.

         Notice to the City:           Public Works Director
                                       City of Black Hawk
                                       P.O. Box 17
                                       Black Hawk, Colorado  80422

         With copy to:                 James S. Maloney, Esq.
                                       Black Hawk City Attorney
                                       Hayes, Phillips & Maloney, P.C.
                                       350 17th Street, Suite 450
                                       Denver, Colorado 80202

         Notice to Developer:          Windsor - Woodmont, L.L.C.
                                       4144 N. Central Expressway
                                       Suite 1200
                                       Dallas, Texas 75204
                                       Attention: Daniel P. Rowbinowitz

     22. Force Majeure. Whenever the Developer is required to complete the
construction, repair, or replacement of Public Improvements by an agreed
deadline, the Developer shall be entitled to an extension of time equal to a
delay in completing the foregoing due to unforeseeable causes beyond the control

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and without the fault or negligence of the Developer including, but not
restricted to, acts of God, weather, fires, and strikes.

     23. Approvals. Whenever approval or acceptance of the City or the District
is necessary pursuant to any provision of this Agreement, the City and the
District shall act reasonably and in a timely manner in responding to such
request for approval or acceptance.

     24. Assignment or Assignments. There shall be no transfer or assignment of
any of the rights or obligations of the Developer under this Agreement without
the prior written approval of the City. The Developer agrees to provide the City
with at least fourteen (14) days advance written notice of the transfer or
assignment of any of the rights and obligations of the Developer under this
Agreement.

     25. Recording of Agreement. This Agreement shall be recorded in the real
estate records of Gilpin County and shall be a covenant running with the
Property in order to put prospective purchasers or other interested parties on
notice as to the terms and provisions hereof.

     26. Title and Authority. The Developer, WINDSOR - WOODMONT, L.L.C.,
expressly warrants and represents to the City that it is the record owner of the
property constituting the Property and further represents and warrants, together
with the undersigned individual(s), that the undersigned individual(s) has or
have full power and authority to enter into this Subdivision Agreement. The
Developer and the undersigned individual(s) understand that the City is relying
on such representations and warranties in entering into this Agreement.

     WHEREFORE, the parties hereto have executed this Agreement on the day and
year first above-written.

                                               CITY OF BLACK HAWK, COLORADO

                                            By:______________________________
                                               Kathryn E. Eccker, Mayor

ATTEST:

------------------------------
Penny Round, City Clerk

APPROVED AS TO FORM:

------------------------------
James S. Maloney, City Attorney

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                                                DEVELOPER:
                                                WINDSOR - WOODMONT, L.L.C.

                                            By:_______________________________

                                            Name:_____________________________

                                            Title:____________________________

STATE OF COLORADO          )
                           ) ss.
COUNTY OF _________________)

         The foregoing  instrument was  subscribed,  sworn to, and  acknowledged
before   me   this   _______   day   of   _______________________,    1997,   by
_________________________________________ as the _______________________________
of Windsor - Woodmont, L.L.C.

         Witness my hand and official seal.

         My commission expires:  __________________________

(S E A L)                                   ______________________________
                                            Notary Public

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                    FIRST ADDENDUM TO SUBDIVISION AGREEMENT
                     ---------------------------------------

     THIS SUBDIVISION AGREEMENT is made this ____ day of March, 1998, by and
between the CITY OF BLACK HAWK, COLORADO (the "City") and WINDSOR - WOODMONT,
L.L.C. (the "Developer").

                                    RECITALS:
                                    --------

     o    On December 29, 1997, the City and the Developer entered into a
          Subdivision Agreement (the "Agreement").

     o    The City and the Developer desire to extend the period of time in
          which the Developer can post the performance guarantee under paragraph
          11.

     NOW, THEREFORE, the City and the Developer, for the consideration recited
in the Subdivision Agreement, agree to amend the Subdivision Agreement by this
First Addendum to Subdivision Agreement to provide as follows:

          11. Performance Guarantee. In order to secure the construction and
     installation of the Public Improvements above-described for which the
     Developer is responsible, the Developer shall, prior to recording the final
     plat in the real estate records of Gilpin County, which recording shall
     occur no later than June 1, 1998, furnish the City, at the Developer's
     expense, with an irrevocable letter of credit in which the City is
     designated as beneficiary, to secure the performance and completion of the
     Public Improvements, or the City may accept at its sole discretion some
     other form of security from the Developer in an amount equal to one hundred
     ten percent (110%) of the estimated costs of the Public Improvements to be
     constructed and installed as set forth in Exhibit C. The Developer agrees
     that approval of the final plat by the City is contingent upon the
     Developer's provision of an irrevocable letter of credit to the City no
     later than June 1, 1998 in the amount and form provided herein. Failure of
     the Developer to provide an irrevocable letter of credit to the City in the
     manner provided herein shall negate the City's approval of the final plat.
     Letters of credit shall be substantially in the form and content set forth
     in Exhibit D, attached hereto and incorporated herein, and shall be subject
     to the review and approval of the City Attorney. The Developer shall not
     start any construction of any public or private improvement on the Property

<PAGE>

     including, but not limited to, staking, earth work, overlot grading, or the
     erection of any structure, temporary or otherwise, until the City has
     received and approved the irrevocable letter of credit; provided, however,
     this requirement shall not apply to the issuance of a bench excavation
     permit which is governed by City of Black Hawk ordinance. The City shall
     not issue a foundation excavation permit for the Property until such time
     as a CLOMR is issued for the Property.

          The estimated costs of the Public Improvements shall be a figure
     mutually agreed upon by the Developer and the City's Director of Public
     Works, and where appropriate the Manager of the District, as set forth in
     Exhibit C. If, however, they are unable to agree, the Director of Public
     Works' estimate shall govern after giving consideration to information
     provided by the Developer including, but not limited to, construction
     contracts and engineering estimates. The purpose of the cost estimate is
     solely to determine the amount of security. No representations are made as
     to the accuracy of these estimates, and the Developer agrees to pay the
     Actual Costs of all such Public Improvements.

          The estimated costs of the Public Improvements may increase in future.
     Accordingly, the City reserves the right to review and adjust the cost
     estimate on an annual basis. Adjusted cost estimates will be made according
     to changes in the Construction Costs Index as published by the Engineering
     News Record. If the City adjusts the cost estimated for the Public
     Improvements, the City shall give written notice to the Developer. The
     Developer shall, within thirty (30) days after receipt of said written
     notice, provide the City with a new or amended letter of credit in the
     amount of the adjusted cost estimates. If the Developer refuses or fails to
     so provide the City with a new or amended letter of credit, the City may
     exercise the remedies provided for in paragraph 5 of this Agreement;
     provided, however, that prior to increasing the amount of additional
     security required, the City shall give credit to the Developer for all
     required Public Improvements which have actually been completed so that the
     amount of security required at any time shall relate to the cost of
     required Public Improvements not yet constructed.

<PAGE>

          In the event the Public Improvements are not constructed or completed
     within the period of time specified by paragraph 8 of this Agreement or a
     written extension of time mutually agreed upon by the parties to this
     Agreement, the City may draw on the letter of credit to complete the Public
     Improvements called for in this Agreement. In the event the letter of
     credit is to expire within fourteen (14) calendar days and the Developer
     has not yet provided a satisfactory replacement, the City may draw on the
     letter of credit and either hold such funds as security for performance of
     this Agreement or spend such funds to finish the Public Improvements or
     correct problems with the Public Improvements as the City deems
     appropriate.

          Upon completion or performance of such improvements, conditions, and
     requirements within the required time, and the approval of the Director of
     Public Works, ninety percent (90%) of the estimated costs of construction
     shall be released to the Developer within ten (10) days of acceptance by
     the City provided, however, the City shall retain through the one (1) year
     warranty period at least twenty percent (20%) of the total construction
     costs of the Public Improvements.

     IN WITNESS WHEREOF, the parties hereto have executed this First Addendum to
Subdivision Agreement on the date stated above.

                                        CITY OF BLACK HAWK, COLORADO

                                        By:
                                            ------------------------------------
                                            Kathryn E. Eccker, Mayor

ATTEST:

------------------------------
Penny Round, City Clerk

APPROVED AS TO FORM:

-------------------------------
James S. Maloney, City Attorney

<PAGE>

                                              WINDSOR - WOODMONT, L.L.C.

                                               By:
                                                  ------------------------------

STATE OF COLORADO                   )
                                    ) ss.
COUNTY OF _________________         )

     The foregoing instrument was subscribed, sworn to, and acknowledged before
me this _______ day of _______________________, 1998, by
_________________________________________ as the _______________________________
of Windsor - Woodmont, L.L.C.

     Witness my hand and official seal.

     My commission expires:
                           ------------------------------

(S E A L)
                                                  ------------------------------
                                                  Notary Public

<PAGE>

                    SECOND ADDENDUM TO SUBDIVISION AGREEMENT
                    ----------------------------------------

     THIS SECOND ADDENDUM TO SUBDIVISION AGREEMENT is made this ____ day of May,
1998, by and between the CITY OF BLACK HAWK, COLORADO (the "City") and WINDSOR -
WOODMONT, L.L.C. (the "Developer").

                                    RECITALS:
                                    ---------

     o    On December 29, 1997, the City and the Developer entered into a
          Subdivision Agreement (the "Agreement").

     o    On March _______, 1998, the City and Developer entered into the First
          Addendum to Subdivision Agreement to extend the period of time in
          which Developer may post the performance guarantee under paragraph 11.

     o    The City and the Developer desire to again extend the period of time
          in which the Developer can post the performance guarantee under
          paragraph 11.

     NOW, THEREFORE, the City and the Developer, for the consideration recited
in the Subdivision Agreement, agree to amend the Subdivision Agreement by this
Second Addendum to Subdivision Agreement to provide as follows:

          11. Performance Guarantee. In order to secure the construction and
     installation of the Public Improvements above-described for which the
     Developer is responsible, the Developer shall, prior to recording the final
     plat in the real estate records of Gilpin County, which recording shall
     occur no later than December 1, 1998, furnish the City, at the Developer's
     expense, with an irrevocable letter of credit in which the City is
     designated as beneficiary, to secure the performance and completion of the
     Public Improvements, or the City may accept at its sole discretion some
     other form of security from the Developer in an amount equal to one hundred
     ten percent (110%) of the estimated costs of the Public Improvements to be
     constructed and installed as set forth in Exhibit C. The Developer agrees
     that approval of the final plat by the City is contingent upon the
     Developer's provision of an irrevocable letter of credit to the City no
     later than December 1, 1998, in the amount and form provided herein.

<PAGE>

     Failure of the Developer to provide an irrevocable letter of credit to the
     City in the manner provided herein shall negate the City's approval of the
     final plat. Letters of credit shall be substantially in the form and
     content set forth in Exhibit D, attached hereto and incorporated herein,
     and shall be subject to the review and approval of the City Attorney. The
     Developer shall not start any construction of any public or private
     improvement on the Property including, but not limited to, staking, earth
     work, overlot grading, or the erection of any structure, temporary or
     otherwise, until the City has received and approved the irrevocable letter
     of credit; provided, however, this requirement shall not apply to the
     issuance of a bench excavation permit which is governed by City of Black
     Hawk ordinance. The City shall not issue a foundation excavation permit for
     the Property until such time as a CLOMR is issued for the Property.

          The estimated costs of the Public Improvements shall be a figure
     mutually agreed upon by the Developer and the City's Director of Public
     Works, and where appropriate the Manager of the District, as set forth in
     Exhibit C. If, however, they are unable to agree, the Director of Public
     Works' estimate shall govern after giving consideration to information
     provided by the Developer including, but not limited to, construction
     contracts and engineering estimates. The purpose of the cost estimate is
     solely to determine the amount of security. No representations are made as
     to the accuracy of these estimates, and the Developer agrees to pay the
     Actual Costs of all such Public Improvements.

          The estimated costs of the Public Improvements may increase in future.
     Accordingly, the City reserves the right to review and adjust the cost
     estimate on an annual basis. Adjusted cost estimates will be made according
     to changes in the Construction Costs Index as published by the Engineering
     News Record. If the City adjusts the cost estimated for the Public
     Improvements, the City shall give written notice to the Developer. The
     Developer shall, within thirty (30) days after receipt of said written
     notice, provide the City with a new or amended letter of credit in the
     amount of the adjusted cost estimates. If the Developer refuses or fails to

<PAGE>

     so provide the City with a new or amended letter of credit, the City may
     exercise the remedies provided for in paragraph 5 of this Agreement;
     provided, however, that prior to increasing the amount of additional
     security required, the City shall give credit to the Developer for all
     required Public Improvements which have actually been completed so that the
     amount of security required at any time shall relate to the cost of
     required Public Improvements not yet constructed.

          In the event the Public Improvements are not constructed or completed
     within the period of time specified by paragraph 8 of this Agreement or a
     written extension of time mutually agreed upon by the parties to this
     Agreement, the City may draw on the letter of credit to complete the Public
     Improvements called for in this Agreement. In the event the letter of
     credit is to expire within fourteen (14) calendar days and the Developer
     has not yet provided a satisfactory replacement, the City may draw on the
     letter of credit and either hold such funds as security for performance of
     this Agreement or spend such funds to finish the Public Improvements or
     correct problems with the Public Improvements as the City deems
     appropriate.

          Upon completion or performance of such improvements, conditions, and
     requirements within the required time, and the approval of the Director of
     Public Works, ninety percent (90%) of the estimated costs of construction
     shall be released to the Developer within ten (10) days of acceptance by
     the City provided, however, the City shall retain through the one (1) year
     warranty period at least twenty percent (20%) of the total construction
     costs of the Public Improvements.

     IN WITNESS WHEREOF, the parties hereto have executed this Second Addendum
to Subdivision Agreement on the date stated above.

                                            CITY OF BLACK HAWK, COLORADO

                                            By:
                                                --------------------------------
                                                Kathryn E. Eccker, Mayor
ATTEST:

------------------------------
Penny Round, City Clerk

APPROVED AS TO FORM:

------------------------------
James S. Maloney, City Attorney

<PAGE>

                                              WINDSOR - WOODMONT, L.L.C.

                                              By:
                                                  ------------------------------

STATE OF COLORADO                   )
                                    ) ss.
COUNTY OF _________________         )

     The foregoing instrument was subscribed, sworn to, and acknowledged before
me this _______ day of _______________________, 1998, by
_________________________________________ as the _______________________________
of Windsor - Woodmont, L.L.C.

     Witness my hand and official seal.

     My commission expires:
                            ------------------------

(S E A L)
                                                  ------------------------------
                                                  Notary Public

<PAGE>

                     THIRD ADDENDUM TO SUBDIVISION AGREEMENT
                     ---------------------------------------

     THIS THIRD ADDENDUM TO SUBDIVISION AGREEMENT is made this ____ day of
March, 2000, by and between the CITY OF BLACK HAWK, COLORADO (the "City") and
WINDSOR WOODMONT BLACK HAWK RESORT CORP., (the "Developer").

                                    RECITALS:
                                    ---------

     On December 29, 1997, the City and the Developer entered into a Subdivision
Agreement (the "Agreement").

     On March 25, 1998, the City and Developer entered into the First Addendum
to Subdivision Agreement.

     On May 27, 1998, the City and Developer entered into the Second Addendum to
Subdivision Agreement.

     The City and the Developer desire to enter into this Third Addendum to
extend the date for completion of the public improvements described in the
Subdivision Agreement and approve the assignment of the Subdivision Agreement
from Windsor-Woodmont, LLC to Windsor Woodmont Black Hawk Resort Corp, which is
now the current owner of the Property.

     NOW, THEREFORE, the City and the Developer, for the consideration recited
in the Subdivision Agreement, agree to amend the Subdivision Agreement by this
Second Addendum to Subdivision Agreement to provide as follows:

     1. Completion of Public Improvements. The obligations of the Developer
     provided for in paragraph 6 of this Agreement, including the
     inspections hereof, shall be performed on or before December 31, 2001,
     and proper application for acceptance of the Public Improvements shall
     be made on or before such date. Upon completion of construction by the
     Developer of such Public Improvements, the City's Director of Public
     Works or his designee, and where appropriate the Manager of the
     District, shall inspect the improvements and certify its conformity or
     lack thereof to the City's specifications. The Developer shall make
     all corrections necessary to bring the improvements into conformity
     with the City's specifications. Once approved by the City's Director
     of Public Works, and where appropriate the District, the City shall
     accept said improvements upon conveyance pursuant to paragraph 10;
     provided, however, the City shall not be obligated to accept the
     Public Improvements until the Actual Costs described in paragraphs
     2.a. and b. of this Agreement are paid in full by the Developer. The
     City shall not issue any certificates of occupancy, temporary or
     otherwise, for any structure within the real property described in
     Exhibit A until the Public Improvements described herein are completed
     and accepted by the City, and additional public improvements which are
     described herein are completed and accepted by the City.

                                    -1-

<PAGE>

     IN WITNESS WHEREOF, the parties hereto have executed this Third Addendum to
Subdivision Agreement on the date stated above.

                                            CITY OF BLACK HAWK, COLORADO

                                            By:______________________________
                                                 Kathryn E. Eccker, Mayor
ATTEST:

------------------------------
Deborah S. Yancy, CMC, City Clerk

APPROVED AS TO FORM:

------------------------------
James S. Maloney, City Attorney

                                            WINDSOR WOODMONT BLACK HAWK
                                            RESORT CORP.

                                            By:______________________________

STATE OF COLORADO           )
                            ) ss.
COUNTY OF _________________ )

         The foregoing  instrument was  subscribed,  sworn to, and  acknowledged
before   me   this   _______   day   of   _______________________,    2000,   by
_________________________________________ as the _______________________________
of Windsor Woodmont Black Hawk Resort Corp.

         Witness my hand and official seal.

         My commission expires:  __________________________

(S E A L)
                                            ---------------------------------
                                            Notary Public

                                      -2-Exhibit 10.8

                        DEED OF TRUST TO PUBLIC TRUSTEE,
                     SECURITY AGREEMENT, FIXTURE FILING AND
                           ASSIGNMENT OF RENTS, LEASES
                             AND LEASEHOLD INTERESTS
                            (GILPIN COUNTY, COLORADO)

                                    TRUSTOR:
                    WINDSOR WOODMONT BLACK HAWK RESORT CORP.

                                    TRUSTEE:
                PUBLIC TRUSTEE OF THE COUNTY OF GILPIN, COLORADO

                                  BENEFICIARY:
                           SUN TRUST BANK, AS TRUSTEE

                                PROPERTY ADDRESS:
                         RICHMAN STREET and HIGHWAY 119
                              BLACK HAWK, COLORADO

--------------------------------------------------------------------------------

<PAGE>
                                TABLE OF CONTENTS
                                -----------------
ARTICLE 1.
     GRANT OF DEED OF TRUST....................................................2
     1.1   Grant of Deed of Trust..............................................2
           ----------------------
     1.2   Status of Title; Defense of Actions and Costs.......................7
           ---------------------------------------------
     1.3   Obligations Secured.................................................8
           -------------------
     1.4   After-Acquired Property.............................................9
           -----------------------
     1.5   Security Agreement; Fixture Filing..................................9
           ----------------------------------
ARTICLE 2.
     COVENANTS CONCERNING THE TRUST PROPERTY..................................10
     2.1   Taxes and Governmental Impositions.................................10
           ----------------------------------
     2.2   Mechanic's and Other Liens; Subrogation............................12
           ---------------------------------------
     2.3   Utilities..........................................................12
           ---------
     2.4   Insurance..........................................................13
           ---------
     2.5   Condemnation.......................................................13
           ------------
     2.6   Restoration........................................................13
           -----------
     2.7   Care of the Trust Property.........................................13
           --------------------------
     2.8   Future Tenant Leases...............................................14
           --------------------
     2.9   Further Encumbrance................................................15
           -------------------
     2.10  Partial Releases of Trust Property.................................16
           ----------------------------------
ARTICLE 3.
     ASSIGNMENT OF LEASES AND RENTS...........................................17
     3.1   Assignment of Leases and Rent......................................17
           -----------------------------
     3.2   Trustor's Limited License..........................................17
           -------------------------
     3.3   Limitation.........................................................17
           ----------
     3.4   Performance by Trustor.............................................17
           ----------------------
     3.5   No Merger of Leases................................................18
           -------------------
     3.6   Remedies ..........................................................18
           --------
     3.7   Application of Income..............................................19
           ---------------------
     3.8   Term     20
           ----
     3.9   Actions of Trustee.................................................20
           ------------------

ARTICLE 4.
     DEFAULTS AND REMEDIES....................................................20
     4.1   Events of Default..................................................20
           -----------------
     4.2   Performance of Defaulted Acts......................................20
           -----------------------------
     4.3   Remedies ..........................................................20
           --------
     4.4   Foreclosure........................................................22
           -----------
     4.5   Rescission of Notice of Default....................................23
           -------------------------------
     4.6   Appointment of Receiver............................................23
           -----------------------
     4.7   Remedies Not Exclusive; Waiver.....................................23
           ------------------------------
     4.8   Casino   ..........................................................24
           ------
                                      -ii-
--------------------------------------------------------------------------------

<PAGE>

     4.9   Multiple Collateral................................................24
           -------------------
     4.10  Extensions and Partial Payments....................................25
           -------------------------------
     4.11  Protective Advances................................................25
          --------------------
     4.12  Environmental Matters..............................................27
           ---------------------
     4.13  Appointment as Attorney-in-Fact....................................27
           -------------------------------

ARTICLE 5.
     GENERAL PROVISIONS.......................................................27
     5.1   Extension; Release.................................................27
           ------------------
     5.2   Trustor  ..........................................................27
           -------
     5.3   Additional Documents...............................................28
           --------------------
     5.4   Statute of Limitations.............................................28
           ----------------------
     5.5   Severability.......................................................28
           ------------
     5.6   Interaction with Indenture.........................................28
           --------------------------
     5.7   Other Collateral...................................................29
           ----------------
     5.8   Notices  ..........................................................29
           -------
     5.9   No Waiver of Remedies..............................................29
           ---------------------
     5.10  Trustee's Powers...................................................29
           ----------------
     5.11  Beneficiary's Powers...............................................29
           --------------------
     5.12  Additional Security................................................30
           -------------------
     5.13  Captions ..........................................................30
           --------
     5.14  Trust Irrevocable; No Offset.......................................30
           ----------------------------
     5.15  Corrections........................................................30
           -----------
     5.16  Attorneys' Fees....................................................30
           ---------------
     5.17  Acceptance by Trustee..............................................30
           ---------------------
     5.18  Authorization to Rely..............................................30
           ---------------------
     5.19  GOVERNING LAW......................................................30
           -------------
     5.20  Time of Essence....................................................31
           ---------------
     5.21  Future Advances....................................................31
           ---------------
     5.22  Actions by Beneficiary to Preserve.................................31
           ----------------------------------
     5.23  Reimbursement......................................................31
           -------------
     5.24  Usury Savings Clause...............................................31
           --------------------
     5.25  Jurisdiction and Venue.............................................32
           ----------------------
     5.26  Waiver of Jury Trial...............................................32
           --------------------
     5.27  Waiver of Homestead and Other Exemptions...........................32
           ----------------------------------------
     5.28  Construction Deed of Trust.........................................32
           --------------------------
     5.29  Gaming Laws........................................................32
           -----------
     5.30  Entire Agreement; Amendments.......................................32
           ----------------------------

                                     -iii-

--------------------------------------------------------------------------------

<PAGE>

                        DEED OF TRUST TO PUBLIC TRUSTEE,
                     SECURITY AGREEMENT, FIXTURE FILING AND
               ASSIGNMENT OF RENTS, LEASES AND LEASEHOLD INTERESTS
                            (GILPIN COUNTY, COLORADO)
                            -------------------------

     THIS DEED OF TRUST TO PUBLIC TRUSTEE, SECURITY AGREEMENT, FIXTURE FILING
AND ASSIGNMENT OF RENTS, LEASES AND LEASEHOLD INTERESTS (as the same may be
amended, supplemented or otherwise modified from time to time, this "Deed of
Trust") is made and entered into as of March 14, 2000, by WINDSOR WOODMONT
BLACKHAWK RESORT CORP., a Colorado corporation (the "Company"), whose address is
4144 North Central Expressway, Suite 1200, Dallas, Texas 75204 and whose federal
taxation identification number is 75-2740870 ("Trustor"), to the PUBLIC TRUSTEE
OF THE COUNTY OF GILPIN, COLORADO ("Trustee"), for the benefit of SUN TRUST
BANK, a Georgia banking corporation, as trustee, under the Indenture (as defined
herein) having an office at 2231 Valdina Street, Dallas, Texas 75207, in its
capacity as trustee under the Indenture referred to below (together with its
successors and assigns, "Beneficiary") for its benefit and the benefit of the
Holders.

                                    RECITALS

     A. Trustor and Beneficiary are the parties to that certain Indenture dated
as of March 14, 2000 (as the same may be amended, restated, supplemented or
otherwise modified from time to time, the "Indenture"), pursuant to which
Trustor (i) is issuing its 13% Series A first Mortgage Notes due 2005 (such
notes, together with any notes issued in replacement thereof or in exchange
therefor, the "Series A Notes", and (ii) will issue its 13% Series B First
Mortgage Notes due 2005 (such notes, together with any notes issued in
replacement thereof or in exchange therefor, the "Series B Notes", and together
with the Series A Notes, the "Original Notes"), in the original aggregate
principal amount of $100,000,000 and pursuant to which Trustor may issues
additional notes up to an aggregate principal amount of $35,000,000 in the same
series as the Original Notes (such notes, together with any notes issued in
replacement thereof or exchange therefor, the "Additional Notes", and together
with the Original Notes, the "Notes"; the Notes, the Indenture, the Collateral
Documents and all other documents, agreements and instruments (in each case, as
amended, supplemented or otherwise modified from time to time) now or hereafter
executed and delivered in connection with the Indenture and the transactions
described therein are collectively hereinafter referred to as the "Transaction
Documents"). All initial capitalized terms used, but not defined, herein shall
have the meaning set forth in Annex A.

--------------------------------------------------------------------------------

<PAGE>

     B. The Indenture requires that the obligations of Trustor under the Notes,
the Indenture and the other Transaction Documents be secured by liens and
security interests covering certain property of Trustor. In connection
therewith, Trustor is executing and delivering this Deed of Trust in accordance
with the Indenture.

     NOW, THEREFORE, in consideration of the foregoing premises and other good
and valuable consideration, the receipt and adequacy of which are hereby
acknowledged, Trustor agrees as follows:

                                   ARTICLE 1.
                             GRANT OF DEED OF TRUST

     1.1 Grant of Deed of Trust. Trustor does hereby irrevocably grant, assign,
bargain, convey, transfer, warrant and set over unto Trustee, IN TRUST, WITH
POWER OF SALE, under and subject to the terms and conditions hereof, for the
benefit and security of Beneficiary and for the ratable benefit and security of
the Holders, all of Trustor's right, title and interest in and to all of the
following property, to the extent assignable under applicable law, whether now
owned or hereafter acquired (collectively, the "Trust Property"):

         (a) the real property described in Exhibit A attached hereto and by
this reference incorporated herein, including without limitation all air rights
with respect thereto (the "Land");

         (b) any and all buildings, constructions, facilities and fixtures,
pipelines and all other improvements now on, or hereafter located or constructed
on or in, the Land or any portion thereof (collectively, the "Improvements"),
and all fixtures, construction materials, goods (including without limitation
consumer goods, equipment and inventory) and other articles of real and personal
property which are now or hereafter affixed to, placed upon or used in
connection with the Trust Property;

         (c) any and all tenements and hereditaments of whatever kind or
description and wherever situated and all of Trustor's right, title and interest
in and to any land lying within the right of way of any street, open or
proposed, adjoining the Land, any and all sidewalks, and any land lying between
the boundaries of the Land and the center line of any adjacent street, road,
avenue or alley, whether existing, vacated or proposed;

         (d) any and all furniture, fittings and fixtures (whether actually or
constructively attached, and including all trade fixtures), equipment, machinery
(including without limitation any and all equipment, machinery and apparatus
used for or in connection with maintaining and operating gaming facilities,
gaming devices including slot machines, poker tables and blackjack tables,
lodging, restaurants, bars or entertainment facilities), appliances,
construction materials, personal property, supplies, tools, paintings,
sculptures, murals, art work, books, now or hereafter or from time to time
situated on, in or under the Land and/or any the Improvements or used or usable
in connection with any present or future use of the Land, whether or not affixed
to the realty, including, but not limited to, power, lighting, heating,
electrical, ventilating, air conditioning, gas, electricity, water sprinkling
and sprinkler protection, mechanical and plumbing materials, waste removal,
refrigeration, ventilation, freezing, laundry, incinerating and power equipment;

                                      -2-

--------------------------------------------------------------------------------

<PAGE>

fixtures and supplies; fences and fencing; water and power systems; irrigation
systems and equipment; plumbing, lifting, cleaning, fire prevention, fire
extinguishing, ventilating, cooling and communication apparatus and equipment;
engines; boilers; furnaces; elevators; escalators; pipes; pumps; tanks;
switchboards; ducts; conduits; conveyor belts; motors; refrigeration facilities
plants; vacuum cleaning systems; awnings; shrubbery, trees, vines and other
plants of every kind and nature; ranges; furnaces; ovens; burners;
refrigerators; cabinets; dishwashers; disposals; shades; awnings; blinds;
drapes; attached floor coverings, including carpeting; screens, storm doors and
windows; rugs and carpets; draperies; beds, bureaus, chests, desks, lamps,
bookcases, tables, chairs and couches; radios and television sets; china,
glassware, silverware, tableware, linens, towels, bedding and blankets; kitchen
equipment and utensils; bars and bar fixtures; uniforms; safes, vaults, cash
registers, accounting and duplicating machines; statuary, hangings, mirrors,
decorations, pictures and ornaments;

         (e) any and all contract rights of whatever nature, whenever acquired,
relating to the Trust Property described in this Section 1.1, including without
limitation architectural and engineering plans, plans and specifications,
drawings, tests, reports or studies relating to the construction and the
Improvements on or to the Land, contracts for goods or services and management
contracts, all warranties and guaranties under such contracts and all rights
under architects' contracts, construction contracts, supply contracts,
completion bonds, performance bonds and payment bonds, all accounts, general
intangibles, documents, instruments and chattel paper arising from or in
connection with such Trust Property, including all books and records in
connection therewith, all rights, claims, suits or demands that Trustor now has
or may hereafter acquire with respect to any damage to the Trust Property;

         (f) any and all rights of Trustor under any leases or other agreements
entered into by Trustor (as a "landlord," "sublandlord," "lessor," "sublessor"
or similar capacity) now in existence or hereafter arising and providing for the
use and occupancy of all or any portion of the Trust Property (each, as amended,
supplemented or otherwise modified from time to time, a "Tenant Lease" and,
collectively, the "Tenant Leases");

         (g) any and all additions, betterments and improvements hereafter
acquired or constructed upon or in connection with any other property, real or
personal, now or at any time hereafter subject to the lien of this Deed of
Trust;

         (h) any and all easements, rights of way, servitudes, surface rights,
interests in land, permits, licenses, grants affecting land, and all amendments
thereof, relating or appurtenant to the Land and/or any of the Improvements,
fixtures, personal property, easements, rights, interests and/or other items
described in this Section 1.1, now or hereafter belonging or pertaining to the
Land, including without limitation all franchises, privileges, reservations,
allowances, immunities, powers, rights, ordinances, permits, licenses, grants,
leases, consents, possessory and prescriptive rights of Trustor in, on, over,
under, across and through lands, roads, highways, railroads, canals, channels,
waterways, ditches, bridges or structures, or elsewhere, together with Trustor's
interest (now owned or hereafter acquired) in all fixtures, the Improvements and
personal property now or hereafter from time to time situated on, in, over,
under, across or through, attached to or used in connection with such Trust
Property and all rights and appurtenances incident thereto;

                                      -3-

--------------------------------------------------------------------------------

<PAGE>

         (i) any and all rights, powers, franchises, privileges, immunities,
permits and licenses now or hereafter owned or possessed by Trustor that now or
at any time hereafter may be necessary or useful for, or appurtenant to, the
use, operation, management, maintenance, renewal, alteration or improvement of
any of the other Trust Property;

         (j) any and all income, rents, receipts, security or similar deposits,
revenues, issues, royalties, profits, earnings, products and proceeds from any
and all of the Land or any buildings or other the Improvements, now owned or
hereafter acquired (collectively, the "Rents, Issues and Profits"), together
with the right to collect and apply the same to any indebtedness secured
hereunder, subject, however, to the right hereafter given to Trustor to collect
the Rents, Issues and Profits as long as Trustor is not in default hereunder;

         (k) any and all rights and estates in reversion or remainder;

         (l) any and all oil and gas or other mineral rights in or pertaining to
the Land and all royalty, leasehold and other rights of Trustor pertaining
thereto, now owned or hereafter acquired;

         (m) any and all monies in the possession of Beneficiary or any Holder
(including without limitation retainages and deposits for taxes and insurance),
and all refundable utility, tenant, escrow and governmental fees and deposits,
and all refundable fees and deposits of every other nature, now owned or
hereafter acquired;

         (n) any and all rights to obtain water, sewer and other services from
municipalities and service districts;

         (o) any and all water and water rights, ditches and ditch rights,
reservoirs and storage rights, wells and well rights, springs and spring rights,
groundwater rights (whether tributary, nontributary or not-nontributary), water
contracts, water allotments, water taps, shares in ditch or reservoir companies,
and all other rights of any kind or nature in or to the use of water, which are
appurtenant to, historically used on or in connection with, or located on or
under the Land, including without limitation shares of stock evidencing the
foregoing and all deposits made with or other security given to utility
companies by Trustor with respect to the Land or any buildings or other the
Improvements, together with any and all easements, rights of way, fixtures,
personal property, contract rights, permits or decrees associated with or used
in connection with any such rights;

         (p) any and all shrubbery, trees, vines, flowers, plants and
landscaping features of every kind and nature and all crops of every type and
nature, annual and perennial, now or hereafter located on, under or above the
Land, all harvested crops wherever stored and any document of title or other
document representing a storage obligation, including, but not limited to,
warehouse receipts, negotiable or nonnegotiable, which may be received for crops
in which Trustor has any right, title or interest wherever stored;

         (q) any and all claims or demands relating to insurance which Trustor
now has or may hereafter acquire with respect to any Trust Property, including
without limitation all advance payments of insurance premiums made by Trustor
with respect thereto;

                                      -4-

--------------------------------------------------------------------------------

<PAGE>

         (r) any and all awards and payments, including without limitation
interest payments, resulting from the exercise of any right of condemnation or
eminent domain or from any other public or private taking of, injury to or
decrease in the value of, any of the Land or the Improvements, or any agreement
or conveyance in lieu of any such action;

         (s) any and all goods, inventory, equipment, building and other
materials, supplies, and other tangible personal property of every nature now
owned or hereafter acquired by Trustor and used or intended for use in the
construction, development, or operation of the Land or any the Improvements
(including without limitation all opened and unopened food and liquor supplies);

         (t) any and all of the records and books, computer programs, tapes,
discs, software and other like records and information now or hereafter
maintained by or on behalf of Trustor in connection with the use of the Land,
the Improvements, the Tenant Leases and Rents, Issues and Profits;

         (u) any and all franchise, operating and management agreements, liquor
and gaming licenses (in each case, to the full extent legally assignable),
restaurant, occupancy, hotel, motel and other licenses, permits and
authorizations relating to the operation of the Improvements;

         (v) any and all deposit accounts and other bank or similar accounts of
Trustor (together with all amounts in any such accounts), monies, accounts,
accounts receivable, contract rights and general intangibles (whether now owned
or existing or hereafter created or acquired, and including proceeds thereof)
relating in any way to, or arising in any manner from, Trustor's ownership, use,
operation, leasing, or sale of all or any part of the property, rights and
interests described in this Section 1.1 (including without limitation all
monies, rents, receipts, proceeds and compensation of every kind whatsoever
received by or on behalf of Trustor and produced from (i) the use or occupancy
of all or any part of the Improvements by the public or others, for lodging,
dwelling, office or residential purposes, (ii) gains arising from the sale or
other disposition of capital assets, including furniture, fixtures and
equipment, (iii) compensation awards, or proceeds in lieu thereof, (iv) all food
and beverage sales, (v) garage and parking rentals, (vi) meeting space rental,
(vii) telephone, telecopy and telex income, (viii) income from vending machines
and newsstands, (ix) recreational fees, (x) hotel rentals; and (xi)
entertainment revenues;

         (w) any and all other real property acquired by Trustor after the date
hereof whether or not it is adjacent or contiguous to the Land, and is acquired
by Trustor as a continuation, completion, correction or supplement to the Land;

         (x) any and all other rights and interests of every name and nature in
all property, whether real, personal or mixed, tangible or intangible, now or
hereafter owned or leased by Trustor, forming a part of or used in connection
with or relating to the Land and the construction, operation and convenience of
the Improvements (including without limitation any excavation permits and other
permits issued by governmental authorities);

         (y) subject to the provisions and limitations contained in the
Indenture, any and all proceeds of any sales or other dispositions of the
property or rights described in the foregoing clauses to this Section 1.1 or any

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part thereof, whether voluntary or involuntary; provided, however, that the
foregoing shall not be deemed to permit such sales, transfers or other
dispositions except as specifically permitted herein;

         (z) to the extent permitted by applicable law, any and all of Trustor's
right, title, and interest in and to any and all licenses, permits, variances,
special permits, franchises, certificates, rulings, certifications, validations,
exemptions, filings, registrations, authorizations, consents, approvals,
waivers, orders, rights and agreements (including without limitation options,
option rights and contract rights) now or hereafter obtained by Trustor from any
governmental authority having or claiming jurisdiction over the Land, the FF&E,
the Project or any other element of the Trust Property or providing access
thereto, or the operation of any business on, at, or from the Land, other than
any Gaming Licenses (except for any registrations, licenses, findings of
suitability or approvals issued by the Gaming Authority or any other gaming
licenses which are non-assignable) and the Liquor License; provided that, upon
an Event of Default hereunder or under (and as defined in) the Indenture, if
Beneficiary is not qualified under the Gaming Laws (as defined below) to hold
such Gaming Licenses, then Beneficiary shall designate an appropriately
qualified third party to which an assignment of such Gaming Licenses can be made
in compliance with the Gaming Laws;

         (aa) any and all monies and other property, real or personal, which may
from time to time be subjected to the lien hereof by Trustor or by anyone on its
behalf or with its consent, or which may come into the possession or be subject
to the control of Beneficiary pursuant to this Deed of Trust or any Collateral
Document, including without limitation any protective advances under this Deed
of Trust;

         (bb) any and all of Trustor's rights further to assign, sell, lease,
encumber or otherwise transfer or dispose of the property described in the
foregoing clauses of this Section 1.1, for debt or otherwise, or to evidence or
secure a Permitted Lien or Permitted Disposition;

         (cc) any and all after-acquired property in the same categories as any
of the foregoing clauses of this Section 1.1, and all additions and/or
accessions to, and all renewals, substitutions and replacements of, any of the
foregoing, and all other things of whatsoever kind and in any way or at any time
belonging or appurtenant to, or used in connection with, any of the Trust
Property described in this Section 1.1; and

         (dd) to the extent not otherwise included in the foregoing, any and all
proceeds and products of any and all of the foregoing and, to the extent
permitted by applicable law, proceeds of any and all Gaming and Liquor Licenses
even if such Gaming and Liquor Licenses are not subject to the liens granted
hereunder and all collateral security and guarantees given by any person with
respect to any of the foregoing, and in any event including without limitation
any and all (i) proceeds of any insurance, indemnity, warranty or guarantee
payable to Beneficiary or to Trustor from time to time with respect to any of
the Trust Property, (ii) payments (in any form whatsoever) made or due and
payable to Trustor from time to time in connection with any requisition,
confiscation, condemnation, seizure or forfeiture of all or any part of the
Trust Property by any governmental authority (or any person acting under color
of a governmental authority), (iii) products of the Trust Property, (iv) other
amounts from time to time paid or payable under or in connection with any of the
Trust Property, and (v) subject to the provisions and limitations contained in

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the Indenture, whatever is now or hereafter receivable or received by Trustor
upon the sale, exchange, collection or other disposition of any item of Trust
Property, whether voluntary or involuntary, including without limitation the
proceeds of a Permitted Disposition.

     Notwithstanding the foregoing, the Trust Property shall not include any of
the following assets (the "Excluded Assets"): (A) Gaming Licenses, (B) Liquor
Licenses, (C) all gaming devices, other licenses or permits and any interest in
such gaming devices, licenses or permits to the extent (but only to the extent)
that the Gaming Laws or Liquor Laws, as applicable, prohibit, as of the date
hereof, the Debtor from granting a security interest therein without the
approval of the relevant Gaming Authority or Liquor License Authority (but only
to the extent such approval has not been obtained), (D) FF&E to the extent that
(1) the purchase or lease of such FF&E is not financed with the proceeds of the
Notes but with the proceeds of an FF&E Financing and (2) the Debtor is permitted
to enter into such FF&E Financing for such FF&E under the Indenture and (E) the
Hyatt Intellectual Property, the Protected Marks and the Protected Name;
provided, however, that (x) any such Excluded Asset now owned or hereafter
acquired by the Debtor shall automatically become part of the Collateral when
and to the extent it may subsequently be made subject to such a lien and/or such
approval of the Gaming Authority or Liquor License Authority, as applicable, is
obtained and/or such FF&E Financing has been repaid, satisfied or terminated and
(y) all proceeds of any Excluded Assets shall be subject to the continuing
security interest granted hereunder to the full extent permitted under
applicable Gaming Laws or Liquor Laws or the terms of the FF&E Financing;
further provided, however, that the security interest granted herein in the
Hyatt Gaming Accounts shall be subordinated to the lien of Hyatt Gaming in such
accounts to the extent, but only to the extent, set forth in the Intercreditor
Agreement.

     TO HAVE AND TO HOLD the Trust Property unto Trustee, its successors and
assigns forever, FOR THE PURPOSE OF SECURING, in such order of priority as
Trustee and Beneficiary may elect, the indebtedness and obligations described in
Section 1.3 hereof.

     Trustor, for itself and its successors and assigns, covenants and agrees to
and with Beneficiary that, at the time or times of the execution of and delivery
of these presents or any instrument of further assurance with respect thereto,
Trustor has good right, full power and lawful authority to assign, grant,
convey, warrant, transfer, bargain or sell its interests in the Trust Property
in the manner and form as aforesaid, and that the Trust Property is free and
clear of all Liens and encumbrances whatsoever, except the Permitted Liens, and
Trustor shall warrant and forever defend the Trust Property in the quiet and
peaceable possession of Beneficiary and its successors and assigns against all
and every Person or Persons lawfully or otherwise claiming or to claim the whole
or any part thereof, except for the Permitted Liens. Trustor agrees that any
greater title to the Trust Property hereafter acquired by Trustor during the
term hereof shall be automatically subject hereto.

     1.2 Status of Title; Defense of Actions and Costs. Trustor has the right to
mortgage and convey the Trust Property to Trustee and Beneficiary and will
warrant and defend the same to Trustee and Beneficiary and their respective
successors and assigns against the lawful claims and demands of every Person or
whomsoever claiming or to claim the same. Trustor agrees to protect, preserve
and defend Trustee's and Beneficiary's interests in the Trust Property and title
thereto; to appear and defend this Deed of Trust in any action or proceeding
affecting or purporting to affect the Trust Property, the Lien or security
interest of this Deed of Trust thereon, or any of the rights of Trustee or
Beneficiary hereunder, and to pay all reasonable costs and expenses incurred by

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Trustee or Beneficiary in or in connection with any such action or proceeding,
including reasonable attorneys' fees, whether or not any such action or
proceeding progresses to judgment and whether or not brought by or against
Trustee or Beneficiary. Trustee and Beneficiary shall be reimbursed for any such
reasonable costs and expenses in accordance with the provisions of this Deed of
Trust and the other Transaction Documents. Trustee or Beneficiary may, but shall
not be under any obligation to, appear or intervene in any such action or
proceeding, retain counsel therein, defend the same or otherwise take such
action therein as it be advised and may settle or compromise the same. In
connection therewith Beneficiary or Trustee, as the case may be, in that behalf
and for any of such purposes, but without obligation, may expend and advance
such sums of money as it reasonably may deem necessary, and shall be reimbursed
therefor in accordance with the provisions of this Deed of Trust and the other
Transaction Documents.

     1.3 Obligations Secured. This Deed of Trust is given for the purpose of
securing the payment and performance in full when due (whether at stated
maturity, upon redemption or required repurchase, by acceleration or otherwise)
of all obligations of every type and nature of Trustor to Trustee, any other
trustee under any other Deed of Trust, Beneficiary or any Holder (including
without limitation any and all amounts which may at any time be or become due
and payable and any and all interest accruing after the maturity of the Notes
and interest accruing after the filing of any petition in bankruptcy, or the
commencement of any insolvency, reorganization or like proceeding, relating to
Trustor, whether or not a claim for post-filing or post-petition interest is
allowed in such proceeding and interest, to the extent permitted by law, on the
unpaid interest), whether direct or indirect, absolute or contingent, due or to
become due, or now existing or hereafter incurred, which may arise under, out
of, or in connection with, the Indenture, the Notes, this Deed of Trust, the
other Collateral Documents, or any other document made, delivered or given in
connection therewith, in each case whether on account of principal, premium,
interest, fees, Liquidated Damages, indemnities, costs, expenses or otherwise
(including without limitation all fees and disbursements of counsel to Trustee
or to the Holders that are required to be paid by Trustor pursuant to the terms
of the Indenture, the Notes, this Deed of Trust, any other Collateral Document,
or any other document entered into by Trustor, or either of them, in connection
with any of the foregoing) (the foregoing, collectively, the "Obligations").
Notwithstanding the scope of such definition, for purposes of any provision of
Title 38 of the Colorado Revised Statutes, the only "original evidence of debt"
secured by this Deed of Trust is the single counterpart of the Indenture which
bears a legend in the following form:

         The counterpart of the Indenture on which this legend appears
         is, for purposes of Title 38 of the Colorado Revised
         Statutes, the "original evidence of debt" secured by the Deed
         of Trust, as defined herein.

In no event shall Trustee require Beneficiary to produce any or all of the Notes
or other Transaction Documents, other than the single counterpart of the
Indenture referred to above, to support Beneficiary's written request for full
or partial release of this Deed of Trust or for the sale of the Trust Property
by Trustee, and Trustor hereby waives any defense that such single counterpart
of the Indenture is not, for purposes of Title 38 of the Colorado Revised
Statutes, the "original evidence of debt" secured by this Deed of Trust. Trustor
shall pay and perform the Obligations at the times and places and in the manner
specified in the Notes, the Indenture and the other Transaction Documents.  This

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Deed of Trust shall secure unpaid balances of all loans and other such
extensions of credit made to Trustor under the Transaction Documents, whether
made pursuant to an obligation of Beneficiary or any Holder to make such loans
or extensions or otherwise. Such Obligations and other extensions of credit may
or may not be evidenced by notes executed pursuant to the Indenture. All future
advances will have the same priority as the original advance. Any agreement
hereafter made by Trustor and Beneficiary pursuant to this Deed of Trust shall
be superior to the rights of the holder of any intervening Lien or encumbrance
to the extent allowed by law.

     PROVIDED, HOWEVER, that if the principal and interest and all other sums
due or to become due under the Notes shall have been indefeasibly paid in full
at the time and in the manner stipulated herein and all other sums payable
hereunder and all other indebtedness secured hereby shall have been indefeasibly
paid in full, then, in such case, the estate, right, title and interest of
Trustee and Beneficiary in the Trust Property shall cease, and upon written
notice from Beneficiary that all of the indebtedness secured hereby has been
indefeasibly paid in full, cancellation of the Notes secured hereby, surrender
of this Deed of Trust and the Indenture to Trustee and payment by Trustor of
Trustee's fees and costs, all other amounts payable to Trustee hereunder and all
recording costs, Trustee shall release this Deed of Trust and the Trust Property
shall become wholly free of the liens, security interests, conveyances and
assignments created and evidenced hereby.

     1.4 After-Acquired Property. If Trustor hereafter acquires (a) any property
that is of the kind or nature described in Section 1.1 hereof and is or is
intended to become a part thereof, or (b) an interest in any of the Trust
Property greater than the interest now held, then such property or interest
shall, immediately upon such acquisition, become subject to the lien of this
Deed of Trust as fully and completely and with the same effect as though now
owned by Trustor and specifically described herein, without need for the
delivery and/or recording of a supplement to this Deed of Trust or any other
instrument, all to the extent permitted by applicable law; provided, however,
Trustor shall from time to time, if requested by Beneficiary and at Trustor's
expense, execute and deliver any and all such further assurances, conveyances
and assignments thereof as Beneficiary may reasonably require for the purpose of
expressly and specifically subjecting to the lien of this Deed of Trust any and
all such property or interest.

     1.5 Security Agreement; Fixture Filing. As additional security for the
Obligations, Trustor grants to Beneficiary a security interest in the Trust
Property. This Deed of Trust shall also, as to any part of the Trust Property
that may or might now or hereafter be deemed to be personal property, fixtures
or other property covered by Article 9 of the Colorado Uniform Commercial Code
(the "Personal Property"), be deemed to constitute a security agreement, and
Trustor, as debtor, hereby grants to Beneficiary, as secured party, a security
interest therein pursuant to the Colorado Uniform Commercial Code. To the extent
that any Personal Property has been or may be acquired with funds advanced under
the Transaction Documents, this security interest granted hereunder is a
purchase money security interest. Trustor agrees, upon request of Beneficiary,
and at Trustor's expense, to execute any supplements to this Deed of Trust, any
separate security agreement and any financing statements and continuation
statements in order to include specifically the Personal Property or otherwise
to perfect the security interest granted hereby. Upon the occurrence and
continuance of any Event of Default, Beneficiary shall have all of the rights
and remedies therein provided or otherwise provided by law or by this Deed of
Trust, including but not limited to the right to require Trustor to assemble the
Personal Property and make it available to Beneficiary at a place to be

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designated by Beneficiary which is reasonably convenient to both parties, the
right to take possession of such Personal Property with or without demand and
with or without process of law and the right to sell and dispose of such
Personal Property and distribute the proceeds according to law. The parties
hereto agree that any requirement of reasonable notice shall be met if
Beneficiary sends such notice to Trustor at least ten (10) days prior to the
date of sale, disposition or other event giving rise to the required notice, and
that the proceeds of any disposition of any such Personal Property may be
applied by Beneficiary first to the reasonable expenses in connection therewith,
including reasonable attorneys' fees and legal expenses incurred, and then to
payment of the other Obligations. The parties hereto further agree that any sale
of the Personal Property held contemporaneously with any sale of the Land or
other Trust Property and upon the same notice as required in the Colorado
Uniform Commercial Code shall be deemed to be a public sale conducted in a
commercially reasonable manner. With respect to any Personal Property that has
become so attached to the real property covered hereby that an interest therein
arises under the real property law of the State of Colorado, this Deed of Trust
shall also constitute a financing statement and a fixture filing under Sections
4-9-313 and 4-9-402(6) of the Colorado Uniform Commercial Code.

                                   ARTICLE 2.
                     COVENANTS CONCERNING THE TRUST PROPERTY

     2.1 Taxes and Governmental Impositions.
         ----------------------------------

         (a) Payment. Subject to Section 2.1(c), Trustor will pay, or cause to
be paid, prior to delinquency, all taxes, assessments, charges, fees (including
without limitation gaming and Liquor License fees), fines and impositions of
every nature whatsoever charged, imposed, levied or assessed or to be charged,
imposed, levied or assessed upon or against the Trust Property or any part
thereof, or upon the interest of Trustee or Beneficiary in the Trust Property,
including without limitation (i) all income taxes (excluding income taxes of
Trustee or Beneficiary), assessments and other governmental charges lawfully
levied and imposed by the United States or any state, county, municipality or
other taxing or assessing authority in respect of the Trust Property or any part
thereof, (ii) all non-governmental levies or assessments, such as maintenance
charges, owner's association dues, charges or fees, levies or charges resulting
from covenants, conditions and restrictions affecting the Trust Property or any
part thereof, and (iii) any other charge that, if unpaid, would or could become
a Lien or charge upon the Trust Property, or any part thereof (all of which are
hereinafter collectively referred to as the "Impositions").

         (b) Alternative Impositions. If at any time after the date hereof there
shall be assessed or imposed (i) a tax or assessment on Trustor's interest in
the Trust Property in lieu of or in addition to the Impositions payable by
Trustor pursuant to subparagraph (a) above, or (ii) a license fee, tax or
assessment imposed on Trustee or Beneficiary and measured by or based in whole
or in part upon the amount of the outstanding Obligations secured hereby (but
excluding any state or federal income or franchise tax), then all such taxes,
assessments, or fees shall be deemed to be included within the term
"Impositions" as defined in Section 2.1(a) above, and Trustor shall pay and
discharge the same as herein provided with respect to the payment of
Impositions.

         (c) Contests. Trustor shall have the right, before the occurrence of
any delinquency of any Imposition, to contest or object to the amount or
validity of any such Imposition by appropriate legal proceedings, but such right

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shall not be deemed or construed in any way as relieving, modifying or extending
Trustor's covenant to pay any such Imposition at the time and in the manner
provided in Section 2.1(a) hereof, unless Trustor has given thirty (30) days'
prior written notice to Beneficiary of Trustor's intent so to contest or object
to such Imposition, and unless: (i) the legal proceedings shall operate
conclusively to prevent the sale of the Trust Property, or any part thereof, to
satisfy such Imposition prior to final determination of such proceedings and
Trustor shall furnish a good and sufficient bond, surety or cash resources in
the amount of the Imposition that is being contested, plus any interest and
penalty that may be imposed thereon and that could become a Lien against the
Trust Property and in a manner to stay or prevent the sale of the Trust
Property, or other security satisfactory to Beneficiary; or (ii) Trustor shall
have paid such Imposition under protest and is suing to recover any refunds
thereof. Subject to the foregoing, within thirty (30) days after the date when
an Imposition is due and payable, Trustor shall deliver to Beneficiary evidence
reasonably acceptable to Beneficiary showing the payment of such Imposition. In
the event that Trustor contests or objects to an Imposition in accordance with
the foregoing, then Trustor shall promptly and diligently proceed to resolve the
dispute concerning the Imposition in a manner not prejudicial to Beneficiary or
its rights hereunder or under the other Transaction Documents.

         (d) Payment by Beneficiary. Beneficiary shall have the right to pay any
Imposition after the date such Imposition shall have become delinquent if
Trustor's failure to pay such Imposition constitutes or would constitute, with
or without the giving of notice by Beneficiary or the passage of time, an Event
of Default (unless Trustor shall be contesting such Imposition pursuant to
Section 2.1(c) hereof), and to add to the Obligations the amount so paid,
together with interest thereon from the date of such payment at the then
applicable interest rate on the Notes (the "Default Rate") and nothing herein
contained shall affect such right and such remedy. Any amounts paid by
Beneficiary or Trustee in discharge of any Impositions shall be (i) a future
advance hereunder and a lien on the Trust Property secured hereby prior to any
right or title to, interest in, or claim upon the Trust Property subordinate to
the lien of this Deed of Trust, and (ii) payable on demand.

         (e) No Credit. Trustor shall not claim, demand or be entitled to
receive any credit or credits towards the satisfaction of this Deed of Trust or
on any interest payable thereon for any taxes assessed against the Trust
Property or any part thereof, and shall not claim any deduction from the taxable
value of the Trust Property by reason of this Deed of Trust.

         (f) Deposits for Impositions or Insurance Premiums.

             (i) At any time after the occurrence of an Event of Default, upon
request by Beneficiary, Trustor shall deposit with Beneficiary or to such
account as Beneficiary may direct (1) on the first day of each month following
such request an amount equal to 1/12 of the annual Impositions and/or annual
insurance premiums (as required by Beneficiary) reasonably estimated by
Beneficiary to become due with respect to the Trust Property for the ensuing
year, and (2) thirty (30) days prior to the next due date of any Impositions or
insurance premiums, an additional amount equal to the aggregate amount of such
Impositions or insurance premiums (as applicable), less the sum of the amounts
on deposit and the amounts to be deposited pursuant to clause (1) of this
subsection (f)(i). If the amounts on deposit under this Section 2.1(f) shall
exceed the amounts required, the excess shall be credited to the subsequent
deposits to be made by Trustor. If the amounts on deposit under this Section
2.1(f) shall be insufficient to pay such Impositions or insurance premiums (as

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applicable), upon request, Trustor shall immediately deposit an amount equal to
the deficiency with Beneficiary (or to such account as Beneficiary may direct).
Except as required under applicable law, the deposits under this Section 2.1(f)
shall be for the exclusive benefit of Beneficiary and all right, title and
interest in and to such deposits shall be subject to the exclusive dominion and
control of Beneficiary. In no event will Beneficiary be liable for any interest
on any amount so deposited. Beneficiary shall have no responsibility to ensure
the adequacy of the amounts deposited hereunder. At any time Beneficiary may
notify Trustor that it need no longer make deposits under this Section 2.1(f),
whereupon Trustor shall cease making such deposits; provided that any such
notice shall be without prejudice to Beneficiary's right to require thereafter
that Trustor make deposits under and in accordance with this Section 2.1(f).

             (ii) If deposits are made under this Section 2.1(f), Beneficiary
shall make payments of the Impositions or insurance premiums for which such
deposits are made as the same become due, but only following actual receipt by
Beneficiary of the bills therefor, which Trustor shall furnish to Beneficiary
not later than ten (10) Business Days prior to the due date thereof, and only to
the extent that the amounts on deposit with Beneficiary at the time are
sufficient to make such payments. Notwithstanding the foregoing or the fact any
amounts deposited under this Section 2.1(f) may be deposited with respect to
certain Impositions or insurance premiums, Beneficiary may use any amounts on
deposit under this Section 2.1(f) to pay any Impositions or insurance premiums
as the same become due and in whatever order as Beneficiary, in its sole
discretion, may determine.

             (iii) If an Event of Default or Default has occurred is continuing,
Beneficiary shall have the right, but not the obligation, to apply the deposits
held under this Section 2.1 toward the cure of such Event of Default or Default.

     2.2 Mechanic's and Other Liens; Subrogation. Trustor will not suffer any
mechanic's, laborer's, materialmen's, statutory or other Lien or any security
interest or encumbrance (including without limitation any deed of trust or
mortgage) to be created or to remain outstanding (other than Permitted Liens) on
any of the Trust Property. Trustor will promptly pay and discharge any and all
amounts which are now or hereafter become Liens against the Trust Property,
which Liens are not Permitted Liens, whether or not superior to the lien hereof
or to any assignment of rents and leases given to Beneficiary. The lien
covenants of this Section 2.2 shall survive any foreclosure and sale of the
Trust Property and any conveyance thereof by deed in lieu of foreclosure with
respect to any such Liens in existence as of the date of transfer of title. To
the extent that proceeds of the Notes and any other advances representing the
Obligations are used to pay indebtedness secured by any outstanding Lien or
prior encumbrance against the Trust Property, such proceeds have been advanced
at Trustor's request and Beneficiary shall be subrogated to any and all rights,
security interests and Liens owned by any owner or holder of such outstanding
Liens or encumbrances, irrespective of whether such Liens or encumbrances are
released, and it is expressly understood that in consideration of the payment of
such indebtedness, Trustor, with respect to the Beneficiary, hereby waives and
releases all demands and causes of action for offsets, payments and rentals to,
upon and in connection with such indebtedness. Notwithstanding the foregoing,
Trustor will not be deemed to be in default under this Section 2.2 if and so
long as Trustor (a) promptly notifies Beneficiary in writing of Trustor's
intention to contest such Lien together with a reasonably detailed description
of the Lien, (b) contests in good faith the validity or amount of any asserted
Lien and diligently prosecutes or defends an action appropriate to obtain a
binding determination of the disputed matter, and (c) provides Beneficiary with

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such security as Beneficiary may in its reasonable discretion require to protect
Beneficiary against all loss, damage and expense, including without limitation
attorneys' fees, which Beneficiary might incur if the asserted Lien is
determined to be valid.

     2.3 Utilities. Trustor will pay, or cause to be paid, prior to delinquency
any charges for utilities, whether public or private, with respect to the Trust
Property or any part thereof.

     2.4 Insurance.
         ---------

         (a) Maintenance. Trustor will obtain and maintain insurance with
respect to the Trust Property in accordance with the provisions of the
Indenture. From and after the entry of judgment of foreclosure, all rights and
powers of Beneficiary hereunder and under the Indenture to settle or participate
in the settlement of losses under policies of insurance or to hold and disburse
or otherwise control use of insurance proceeds shall continue in full force and
effect in Beneficiary as judgment creditor or mortgagee until confirmation of
sale.

         (b) Proceeds. If the Trust Property is materially damaged or destroyed,
Trustor shall give prompt notice thereof to Beneficiary and all insurance
proceeds shall be paid to Trustor, subject to the terms of the Indenture.

     2.5 Condemnation. Immediately upon obtaining knowledge of the institution
of any proceedings for the condemnation of the Trust Property or any material
portion thereof, Trustor will notify Beneficiary of the pendency of such
proceedings. All condemnation proceeds shall be applied in accordance with the
provisions of the Indenture.

     2.6 Restoration. Restoration of any of the Trust Property after partial or
complete casualty or condemnation shall be performed in accordance with the
applicable provisions of the Indenture.

     2.7 Care of the Trust Property.
         --------------------------

         (a) Preservation and Maintenance.

             (i) Trustor will preserve and maintain the Trust Property in
accordance with the applicable provisions of the Indenture. Further, Trustor
shall keep all of the Trust Property in good condition and repair and expressly
agrees that it will neither permit nor commit any waste upon the Trust Property,
nor do any other act or suffer or permit any act to be done, whereby the Lien
hereof may be impaired. Trustor shall comply in all material respects with all
zoning laws, building codes, subdivision laws, gaming and liquor laws (including
without limitation the Colorado Liquor Code and the Colorado Limited Gaming Act
and their respective regulations), and other applicable laws, and Trustor shall
not become involved in conduct that would cause either the Gaming or Liquor
Licenses relating to the Trust Property to be suspended or revoked. Trustor
agrees not to initiate or acquiesce in any zoning variance or reclassification
which would prohibit the use of the Trust Property for its intended purposes.
Trustor shall at all times comply in all material respects with applicable
restrictive covenants and the terms and conditions of all other Permitted Liens
relating to the Trust Property. Notwithstanding anything above to the contrary,
to the extent expressly permitted by the Indenture, Trustor may remove or sell

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any fixture, equipment, machinery or appliance in or on the Trust Property
incident to the replacement of such items with replacements leased or purchased
by Trustor with the proceeds of FF&E Financing.

             (ii) Without granting to Trustor any right to incur Indebtedness or
Liens not expressly permitted by the Indenture, Trustor may make alterations or
construct other improvements on the Land to the extent not prohibited by the
Indenture or under any other documents creating a Permitted Lien on the Trust
Property (any of the foregoing are called herein a "Permitted Alteration");
provided that such work shall be performed in a good and workmanlike manner and
in compliance with all laws including without limitation the Colorado Liquor
Code and the Colorado Limited Gaming Act.

         (b) Notice of Damage. If the Trust Property or any part thereof is
materially damaged by fire or any other cause, Trustor shall give prompt written
notice thereof to Beneficiary.

         (c) Right to Inspect. Beneficiary or its representative is hereby
authorized, with reasonable advance notice to Trustor, to enter upon and inspect
the Trust Property at any time during normal business hours and at any other
reasonable time

     2.8 Future Tenant Leases.
         --------------------

         (a) Any future Tenant Leases permitted by the Indenture must be
subordinate to the lien of this Deed of Trust, unless otherwise permitted by the
Indenture. Each future Tenant Lease must contain a provision that, at
Beneficiary's election, upon notice to tenant by Beneficiary, such Tenant Lease
shall become superior, in whole or in part, to the lien of this Deed of Trust.
Further, each future Tenant Lease of real property shall obligate the tenant
thereunder to attorn, at the option of the purchaser of the Trust Property, to
any purchaser at foreclosure or other successor owner of the Trust Property.

         (b) Trustor shall furnish to Beneficiary a true and complete copy of
each Tenant Lease, and any amendment, modification, extension or renewal of any
Tenant Lease hereafter made by Trustor, within thirty (30) days after execution
of each such Tenant Lease, amendment, modification, extension, or renewal by the
parties thereto.

         (c) Trustor shall, at Trustor's sole cost and expense, perform each and
every material covenant, condition, promise and obligation on the part of the
lessor to be performed pursuant to the terms of each and every Tenant Lease
existing on the date hereof or hereafter made with respect to the Trust Property
or any part or parts thereof.

         (d) Trustor shall promptly furnish to Beneficiary any and all material
information which Beneficiary may request concerning the performance and
observance of all covenants, agreements and conditions contained in the Tenant
Leases by the lessor thereunder to be kept, observed and performed and
concerning the compliance with all terms and conditions of the Tenant Leases.

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         (e) In the event of any failure by Trustor to keep, observe or perform
any material covenant, agreement or condition contained in the Tenant Leases or
to comply with the terms and conditions of any Tenant Leases, any performance,
observance or compliance by Beneficiary pursuant to this Deed of Trust on behalf
of Trustor shall not remove or waive, as between Trustor and Beneficiary, the
corresponding Default or Event of Default under the terms of this Deed of Trust.

         (f) Any proceedings or other steps taken by Beneficiary to foreclose
this Deed of Trust, or otherwise to protect the interests of Beneficiary
hereunder, shall not automatically operate to terminate the rights of any
present or future tenant under any Tenant Lease, notwithstanding that such
rights may be subject and subordinate to the lien of this Deed of Trust. The
failure to make any such tenant a defendant in any such foreclosure proceeding
and to foreclose such tenant's rights will not be asserted by Trustor or any
other defendant in such foreclosure proceeding as a defense to any proceeding
instituted by or on behalf of Beneficiary to foreclose this Deed of Trust or
otherwise protect the interests of Beneficiary hereunder.

     2.9 Further Encumbrance.
         -------------------

         (a) Trustor covenants that at all times prior to the discharge of the
Indenture, except for Permitted Liens, Permitted Dispositions and dispositions
permitted under Section 2.10, Trustor shall neither make nor suffer to exist,
nor enter into any agreement for, any sale, assignment, exchange, mortgage,
transfer, Lien, hypothecation or encumbrance of all or any part of the Trust
Property, including without limitation the Rents, Issues and Profits. As used
herein, "transfer" includes the actual transfer or other disposition, whether
voluntary or involuntary, by law, or otherwise, except those transfers
specifically permitted herein; provided, however, that "transfer" shall not
include the granting of utility or other beneficial easements with respect to
the Trust Property which have been granted by Trustor and are reasonably
necessary to the construction, maintenance or operation of the Project.

         (b) Trustor agrees that in the event the ownership of the Trust
Property or any part thereof becomes vested in a Person other than Trustor,
Beneficiary may, without notice to Trustor, deal in any way with such successor
or successors in interest with reference to this Deed of Trust, the Notes and
other Obligations hereby secured without in any way vitiating or discharging
Trustor's or any guarantor's, surety's or endorser's liability hereunder or
under the Obligations hereby secured. No sale of the Trust Property, no
forbearance to any Person with respect to this Deed of Trust and no extension to
any Person of the time for payment of the Notes and other sums secured hereby
given by Beneficiary shall operate to release, discharge, modify, change or
affect the original liability of Trustor, or such guarantor, surety or endorser,
either in whole or in part.

         (c) This Deed of Trust, shall not extend to (i) FF&E to the extent the
purchase or lease thereof has been financed or refinanced by, or with the
proceeds of, an FF&E Financing permitted under the Indenture and (ii) any future
or further advances made under such FF&E Financing and to any modifications,
renewals, extensions or refinancings thereof to which the lien of this Deed of
Trust would otherwise attach, in each case to the extent such FF&E Financing is
permitted under the Indenture; provided that any such FF&E Financing shall
encumber only that FF&E specifically subject to the FF&E Financing; and provided
further that, upon the repayment, satisfaction or termination of such FF&E

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Financing, all FF&E financed thereby shall no longer be deemed an Excluded Asset
and shall be subject to the lien of this Deed of Trust. The Beneficiary shall,
if requested by the Trustor, execute and deliver, at Trustor's sole expense, any
instruments reasonably necessary or appropriate to release the lien of this Deed
of Trust with respect to or otherwise confirm that the lien of this Deed of
Trust does not apply to any of such Excluded Assets; Trustor covenants and
agrees to comply with all of the terms and conditions set forth in any FF&E
Financing with respect to which Beneficiary has taken a Lien hereunder. If
Trustor shall fail to make any payment of principal of or interest on the sums
secured by such security interest or any payment in order to perform or observe
any other term, covenant, condition or agreement of any FF&E Financing on
Trustor's part to be performed or observed, except where Trustor is diligently
contesting such payment in good faith, then Beneficiary may make such payment of
the principal of or interest on the sums secured by such security interest or
may make any payment in order to perform or observe any other term, covenant,
condition or agreement of any FF&E Financing on Trustor's part to be performed
or observed, and any and all sums so expended by Beneficiary shall be part of
the Obligations and shall be secured by this Deed of Trust and shall be repaid
by Trustor upon demand, together with interest thereon at the Default Rate from
the date of advance.

     2.10 Partial Releases of Trust Property.
          ----------------------------------

          (a) Trustor may from time to time (i) transfer a portion of the Trust
Property (including any temporary taking) to any Person legally empowered to
exercise the power of eminent domain, (ii) make a Permitted Disposition, or
(iii) grant utility easements reasonably necessary for the construction and
operation of the Project, which grant or transfer is for the benefit of the
Trust Property. In each such case, and at Trustor's sole expense, Beneficiary
shall execute and deliver any instruments necessary or appropriate to effectuate
or confirm any such transfer or grant, free from the lien of this Deed of Trust;
provided, however, that Beneficiary shall execute a lien release or
subordination agreement, as appropriate, for matters described in clauses (i)
and (iii) above only if:

              (A) Beneficiary shall have received an Officers' Certificate or
Opinion of Counsel required or authorized by the Indenture;

              (B) No Default or Event of Default shall have occurred and be
continuing and the conditions of this Section 2.10 have been fulfilled, and such
transfer, grant or release is permitted by the Indenture;

              (C) Beneficiary shall have received a counterpart of the
instrument pursuant to which such transfer, grant or release is to be made, and
each instrument which Beneficiary is requested to execute in order to effectuate
or confirm such transfer, grant or release, and each shall be acceptable to
Beneficiary in form and substance; and

              (D) Beneficiary shall have received such other instruments,
certificates (including evidence of authority) and opinions as Beneficiary may
reasonably request or as required or authorized under the Indenture, including,
but not limited to, opinions that the proposed release is permitted by this
Section 2.10.

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         (b) Any consideration received for a transfer to any Person empowered
to exercise the right of eminent domain shall be subject to Section 2.5 hereof.

                                   ARTICLE 3.
                         ASSIGNMENT OF LEASES AND RENTS

     3.1 Assignment of Leases and Rent. As additional consideration for the
Obligations, Trustor hereby absolutely and unconditionally assigns and transfers
to Beneficiary the following:

         (a) the Tenant Leases;

         (b) any and all guaranties of the obligations of the tenants (the
"Tenants") under any of such Tenant Leases; and

         (c) unless and until the Event of Default has occurred, the immediate
and continuing right to collect and receive all of the Rents, Issues and Profits
now due or that may become due or to which Trustor may now or hereafter (whether
during any applicable period of redemption or otherwise) become entitled or may
demand or claim, arising or issuing from or out of the Tenant Leases, or from or
out of the Trust Property or any part thereof.

     3.2 Trustor's Limited License. Provided that no Event of Default hereunder
exists, Trustor shall have the right under a license granted hereby and
Beneficiary hereby grants to Trustor a license to collect, but not more than one
month in advance, all of the Rents, Issues and Profits arising from or out of
the Tenant Leases or any renewals or extensions thereof, or from or out of the
Trust Property or any part thereof, but only as trustee for the benefit of
Beneficiary. Trustor shall apply the Rents, Issues and Profits so collected
first to payment of any and all amounts due and payable under the Indenture.
Thereafter, so long as no Event of Default hereunder exists, Trustor may use the
Rents, Issues and Profits in any manner not inconsistent with the Indenture. The
license granted hereby shall be revoked automatically upon the occurrence of an
Event of Default hereunder.

     3.3 Limitation. The acceptance by Beneficiary of the assignment provided in
this Article 3, together with all of the rights, powers, privileges and
authority created in this Article 3 or elsewhere in this Deed of Trust, shall
not, prior to entry upon and taking possession of the Trust Property by
Beneficiary, be deemed or construed to constitute Beneficiary a "mortgagee in
possession," nor thereafter or at any time or in any event obligate Beneficiary
to appear in or defend any action or proceeding relating to the Tenant Leases,
the Rents, Issues and Profits or the Trust Property or to take any action
hereunder or to expend any money or incur any expenses or perform or discharge
any obligation or responsibility for any security deposits or other deposits
delivered to Trustor by any Tenant and not assigned and delivered to
Beneficiary, nor shall Beneficiary be liable in any way for any injury or damage
to person or property sustained by any person or persons, firm or corporation in
or about the Trust Property.

     3.4 Performance by Trustor. Trustor shall perform its obligations under the
Tenant Leases in accordance with their terms. Trustor shall not default in the
performance of any obligation of Trustor under any Tenant Lease if, by reason of
such default, the Tenant or other party thereunder has the right to cancel such

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Tenant Lease or to claim any diminution or offset against future Rents, Issues
or Profits.

     3.5 No Merger of Leases. If the estates of all parties to any Tenant Lease
shall at any time become vested in one owner, this Deed of Trust and the lien
created hereby shall not be destroyed or terminated by application of the
doctrine of merger, and in such event, Beneficiary shall continue to have and
enjoy all of the rights and privileges of Beneficiary as to the separate
estates. In addition, upon the foreclosure of the lien created by this Deed of
Trust, any Tenant Leases then existing and affecting all or any portion of the
Trust Property shall not be destroyed or terminated by application of the law of
merger or as a matter of law or as a result of such foreclosure, unless
Beneficiary or any purchaser at any such foreclosure sale shall so elect in
writing. No act by or on behalf of Beneficiary or any such purchaser shall
constitute a termination of any Tenant Lease or sublease unless Beneficiary or
such purchaser shall give written notice thereof to the lessee or sublessee
under such Tenant Lease.

     3.6 Remedies. If an Event of Default has occurred and is continuing, in
addition to all other rights and remedies of Beneficiary as set forth under
Article 4 hereof, Beneficiary shall have the following rights and remedies:

         (a) Possession and/or Collection of Rent. Beneficiary, without first
being required to (i) foreclose, (ii) take any actions to foreclose, (iii)
institute any legal proceedings of any kind whatsoever or (iv) exercise any
other actions or remedies hereunder or at law or in equity, shall have the
exclusive right and power (but not the obligation) (A) to enter upon and take
possession of the Trust Property or any part thereof, (B) to rent or re-rent the
same, either in the name of Beneficiary or Trustor, and/or (C) to receive all
Rents, Issues and Profits from the Trust Property. Beneficiary shall apply any
Rents, Issues and Profits received by Beneficiary first, to the costs and
expenses incurred by Beneficiary in protecting and operating the Trust Property,
and next, to the payment of the Obligations in such manner and in such order of
priority as Beneficiary shall determine consistent with the provisions of the
Indenture. Any such action by Beneficiary shall not operate as a waiver of the
Event of Default in question, or as an affirmance of any Tenant Leases or of the
rights of any Tenants in the event title to that part of the Trust Property
covered by the Tenant Leases or held by the Tenants should be acquired by
Beneficiary or other purchaser at a foreclosure sale. The right of Beneficiary
to receive all Rents, Issues and Profits from the Trust Property upon the
occurrence and during the continuance of any Event of Default shall be
applicable whether or not Beneficiary has entered upon, foreclosed, taken any
actions to foreclose or taken possession of the Trust Property, whether or not
Beneficiary has instituted any legal proceedings of any kind whatsoever, or
whether or not Beneficiary has otherwise attempted to exercise any other actions
or remedies hereunder or at law or in equity. If any such Rents, Issues and
Profits are paid to or received by Trustor, Trustor shall hold same in trust for
Beneficiary and immediately pay the same to Beneficiary (in the form received,
except for any necessary endorsement), without the necessity of any request or
demand therefor. Until receipt from Beneficiary of notice of the occurrence of
an Event of Default hereunder and during the continuance thereof, all Tenants of
the Tenant Leases and any successors to the leasehold interest of such Tenants
may pay Rents, Issues and Profits directly to Trustor, but after notice of the
occurrence of any Event of Default and during the continuance of same, Trustor
covenants to and shall hold all Rents, Issues and Profits paid to Trustor in
trust for Beneficiary. Trustor hereby authorizes and directs all Tenants of the
Tenant Leases herein described, and any successors to the leasehold interest of

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such Tenants, upon receipt of any notice from Beneficiary stating that an Event
of Default hereunder has occurred, to pay to Beneficiary the Rents, Issues and
Profits due and to become due under such Tenant Leases. Trustor agrees that such
Tenants shall have the right to rely upon any such notice and request by
Beneficiary without any obligation or right to inquire as to whether an Event of
Default actually exists and notwithstanding any notice from or claim of Trustor
to the contrary, and Trustor shall have no right or claim against the Tenants
for any such Rents, Issues and Profits so paid by the Tenants to Beneficiary. In
such event, receipt by Beneficiary of Rents, Issues and Profits from such
Tenants or their successors shall be a release of such Tenants or their
successors to the extent of all amounts so received by Beneficiary.

         (b) Management. Beneficiary, at its option, but subject to the
provisions of Sections 4.8 and 5.30 hereof, may take over and assume the
management, operation and maintenance of the Trust Property and perform all acts
necessary and proper and expend such sums out of the income of the Trust
Property as may be needful in connection therewith, including without limitation
applying for appropriate approvals from the Liquor License Authorities and
Gaming Authorities, in the same manner and to the same extent as Trustor
theretofore might do, including without limitation the right to enter into new
leases, to cancel or surrender existing Tenant Leases, to alter or amend the
terms of existing Tenant Leases, to renew existing Tenant Leases, or to make
concessions to Tenants. Trustor hereby releases all claims against Beneficiary
arising out of such management, operation and maintenance, including without
limitation such claims as may arise from the negligence of Beneficiary, but not
the gross negligence or willful misconduct of Beneficiary and not any liability
of Beneficiary to account as hereinafter set forth.

         (c) Receiver. Upon or at any time after the occurrence of an Event of
Default, but subject to the provisions of Sections 4.8 and 5.30 hereof,
Beneficiary shall at once become entitled to the possession, use and enjoyment
of the Trust Property and the Rents, Issues and Profits, from the date of such
occurrence and continuing during the pendency of any proceedings for sale by the
public trustee or foreclosure proceedings, and the period of redemption, if any.
Beneficiary shall be entitled to a receiver for the Trust Property, and of the
Rents, Issues and Profits, after any such default, including without limitation
the time covered by any proceedings for sale by the public trustee or
foreclosure proceedings and the period of redemption, if any. Beneficiary shall
be entitled to such receiver as a matter of right, without regard to the
solvency or insolvency of Trustor, or of the then owner of the Trust Property,
and without regard to the value thereof, and such receiver may be appointed by
any court of competent jurisdiction upon ex parte application, and without
notice, notice being hereby expressly waived. All Rents, Issues and Profits,
income and revenue therefrom shall be applied by such receiver to the payment of
the Obligations according to the orders and directions of the court, or in the
absence of such orders or directions, in the manner set forth in Section 3.7
below.

     3.7 Application of Income. Beneficiary shall, after payment of all proper
charges and expenses, including reasonable compensation to any managing agent as
it shall select and employ, and after the accumulation of a reserve to meet
taxes, assessments and insurance as herein required in requisite amounts, credit
the net amount of income received by it from the Trust Property by virtue of
this absolute assignment to any amounts due and owing to it by Trustor under the
terms hereof, but the manner of the application of such net income and what
items shall be credited shall be determined pursuant to the Indenture, or

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otherwise in the sole discretion of Beneficiary. Without impairing its rights
hereunder, Beneficiary may, at its option, at any time and from time to time,
release to Trustor Rents, Issues and Profits received by Beneficiary, or any
portion of such Rents, Issues and Profits. Beneficiary shall not be liable for
its failure to collect, or its failure to exercise diligence in the collection
of Rents, Issues and Profits, but shall be accountable only for Rents, Issues
and Profits that Beneficiary shall actually receive.

     3.8 Term. This absolute assignment shall remain in full force and effect so
long as the Obligations or any part thereof to Beneficiary remains unpaid or
unsatisfied, in whole or in part.

     3.9 Actions of Trustee. All provisions hereof shall inure to the benefit of
and all actions authorized hereunder shall be exercisable by Trustee or any
substitute of Trustee at Beneficiary's request.

                                   ARTICLE 4.
                             DEFAULTS AND REMEDIES

     4.1 Events of Default. An Event of Default shall mean the occurrence of any
Event of Default as defined in Annex A attached hereto.

     4.2 Performance of Defaulted Acts. From and after the occurrence of an
Event of Default, Beneficiary may (without prejudice to its other rights and
remedies), but need not, make any payment or perform any act required of Trustor
herein, in the Indenture or in any other Transaction Document, in each case in
any form and manner deemed expedient, including without limitation making full
or partial payments of principal or interest on prior encumbrances, if any, and
purchasing, discharging, compromising or settling any tax Lien or other prior
Lien or title or claim thereof, or redeeming from any tax sale or forfeiture
affecting the Trust Property or contesting any tax or assessment. All monies
paid for any of the purposes herein authorized and all expenses paid or incurred
in connection therewith, including reasonable attorneys' fees (including
reasonable fees of in-house counsel), shall be included among the Obligations
and shall be due and payable upon demand and with interest thereon from the date
of such payment or expense at the Default Rate. Inaction of Beneficiary shall
never be considered as a waiver of any right accruing to it hereunder on account
of any default on the part of Trustor. Beneficiary, in making any payment hereby
authorized relating to taxes or assessments, may do so according to any bill,
statement or estimate procured from the appropriate public office without
inquiry into the accuracy of such bill, statement or estimate or into the
validity of any tax, assessment, sale, forfeiture, tax Lien or title or claim
thereof.

     4.3 Remedies. Upon the occurrence of any Event of Default, Beneficiary may,
at its option (in each case, subject to and in accordance with any applicable
terms of the Indenture):

         (a) declare all sums secured hereby to be immediately due and payable,
and the same shall thereupon become immediately due and payable without any
presentment, demand, protest or notice of any kind;

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         (b) terminate Trustor's right and license to collect the Rents, Issues
and Profits and either in person or by agent, with or without bringing any
action or proceeding, or by a receiver appointed by a court, and without regard
to the adequacy of its security, enter upon and take possession of the Trust
Property, or any part thereof, in its own name or in the name of Trustee, and do
any acts which it deems necessary or desirable to preserve the value,
marketability or rentability of the Trust Property, or any part thereof or
interest therein, make, modify, enforce, cancel or accept the surrender of any
Tenant Lease, take actions which may affect the income therefrom or protect the
security hereof, and with or without taking possession of the Trust Property,
sue for or otherwise collect the Rents, Issues and Profits, including without
limitation those past due and unpaid, and apply the same, less costs and
expenses of operation and collection, including without limitation attorneys'
fees (including fees of in-house counsel), upon any Obligations secured hereby,
all in such order as Beneficiary may determine. From and after receipt of
written notice from Beneficiary to pay Rents, Issues and Profits directly to
Beneficiary or another party designated by Beneficiary, each Tenant shall pay
all such payments under its Tenant Lease in the manner instructed by
Beneficiary. The entering upon and taking possession of the Trust Property or
any portion thereof, the collection of the Rents, Issues and Profits and the
application thereof as aforesaid, or any of such acts, shall not cure or waive
any default or notice of default hereunder or invalidate any act done in
response to such default or pursuant to such notice, and notwithstanding the
continuance in possession of the Trust Property or the collection, receipt and
application of the Rents, Issues and Profits, Trustee or Beneficiary shall be
entitled to exercise every right provided for in any of the Indenture, the
Notes, the other Transaction Documents or by law upon the occurrence of any
Event of Default, including without limitation the right to exercise the power
of sale provided herein;

         (c) notwithstanding the availability of legal remedies, obtain specific
performance, mandatory or prohibitory injunctive relief, or other equitable
relief requiring Trustor to cure or refrain from repeating any default;

         (d) with or without accelerating the maturity of the Obligations, sue
from time to time for any payment due under any of the Indenture, the Notes or
the other Transaction Documents, or for money damages resulting from any
Trustor's default under any of the Indenture, the Notes or the other Transaction
Documents;

         (e) exercise all rights and remedies set forth in Section 1.5 and all
rights of a secured party under the Uniform Commercial Code;

         (f) foreclose this Deed of Trust, insofar as it encumbers the Trust
Property, by way of a trustee's sale pursuant to the provisions of Title 38,
Article 38, Colorado Revised Statutes, as currently in effect, as amended, or in
any other manner then permitted by law. If this Deed of Trust encumbers more
than one parcel of real estate, foreclosure may be by separate parcel or en
masse, as Beneficiary may elect in its sole discretion. Foreclosure through
Trustee will be initiated by Beneficiary's filing of its notice of election and
demand for sale with Trustee. Upon the filing of such notice of election and
demand for sale, Trustee shall promptly comply with all notice and other
requirements of the laws of the State of Colorado then in force with respect to
such sales, and shall give four weeks' public notice of the time and place of
such sale by advertisement weekly in some newspaper of general circulation then
published in the County or City and County in which the Trust Property is

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located. The right to foreclose this Deed of Trust as a mortgage by appropriate
proceedings in any court of competent jurisdiction is also hereby given;

         (g) exercise all other rights and remedies provided herein, in the
Indenture, the Notes, the other Transaction Documents or in any other document
or agreement now or hereafter securing all or any portion of the Obligations, or
at law or in equity, or any combination of any such rights or remedies, to the
extent permitted by law.

         Upon request by Beneficiary, Trustor shall assemble and make available
to Beneficiary at the Land any of the Trust Property which is not located on the
Land or which has been removed therefrom.

     4.4 Foreclosure.
         -----------

         (a) All fees, costs and expenses of any kind incurred by Beneficiary in
connection with foreclosure of this Deed of Trust, including without limitation
the costs of any appraisals of the Trust Property obtained by Beneficiary, all
costs of any receivership for the Trust Property advanced by Beneficiary, and
all reasonable attorneys' fees and consultants' fees incurred by Beneficiary
(including charges of in-house counsel), appraisers' fees, outlays for
documentary and expert evidence, stenographers' charges, publication costs and
costs (which may be estimates as to items to be expended after entry of the
decree) of procuring all such abstracts of title, title searches and
examination, title insurance policies and similar data and assurances with
respect to title, as Trustee or Beneficiary may reasonably deem necessary either
to prosecute such suit or to evidence to bidders at the sales that may be had
pursuant to such proceedings the true conditions of the title to or the value of
the Trust Property, together with and including a reasonable compensation to
Trustee, shall constitute a part of the Obligations and may be included as part
of the amount owing from Trustor to Beneficiary at any foreclosure sale.

         (b) The proceeds of foreclosure sale of the Trust Property shall be
distributed and applied in the following order of priority: first, on account of
all costs and expenses incident to the foreclosure proceedings, including
without limitation all such items as are mentioned in Section 4.4(a) hereof;
second, to the payment of all sums expended under the terms hereof not then
repaid, with accrued interest at the Default Rate; third, to the payment of all
other Obligations; and lastly, the remainder, if any, to the person or persons
legally entitled thereto.

         (c) In case of an insured loss after judicial foreclosure or Trustee's
sale proceedings have been instituted, the proceeds of any insurance policy or
policies, if not applied to rebuilding or restoring the buildings or
improvements, shall be used to pay the amount due upon the Obligations. In the
event of judicial foreclosure or Trustee's sale, Beneficiary or Trustee is
hereby authorized, without the consent of Trustor, to assign any and all
insurance policies to the purchaser at the sale, or to take such other steps as
Beneficiary or Trustee may deem advisable to cause the interest of such
purchaser to be protected by any of the such insurance policies.

         (d) To the fullest extent allowable by law, Trustor hereby expressly
waives any right which it may have to direct the order in which any Trust
Property shall be sold in the event of any sale or sales pursuant to this Deed
of Trust.

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         (e) Nothing in this Section 4.4 dealing with foreclosure procedures or
specifying particular actions to be taken by Beneficiary or by Trustee or any
similar officer shall be deemed to contradict or add to the requirements and
procedures now or hereafter specified by Colorado law, and any such
inconsistency shall be resolved in favor of Colorado law applicable at the time
of foreclosure.

     4.5 Rescission of Notice of Default. Beneficiary may from time to time
withdraw any notice of election and demand for sale in accordance with Section
38-38-101(11) of the Colorado Revised Statutes. The exercise by Beneficiary of
such right shall not constitute a waiver of any breach or default then existing
or subsequently occurring, or impair the right of Beneficiary to execute and
deliver to Trustee, as above provided, other declarations or notices of default
to satisfy the Obligations under this Deed of Trust or the other Obligations,
nor otherwise affect any provision, covenant or condition of any of the
Indenture, the Notes or the other Transaction Documents or any of the rights,
obligations or remedies of Trustee or Beneficiary hereunder or thereunder.

     4.6 Appointment of Receiver. Trustor waives any right to any hearing or
notice of hearing prior to the appointment of a receiver. Such receiver and its
agents shall be empowered (a) to take possession of the Trust Property and any
businesses conducted by Trustor or any other person (excluding the business of
tenants of Trustor) thereon and any business assets used in connection therewith
and, if the receiver deems it appropriate, to operate the same, (b) to exclude
Trustor and Trustor's agents, servants, and employees from the Trust Property,
(c) to collect the rents, issues, profits, and income therefrom, (d) to complete
any construction which may be in progress, (e) to do such maintenance and make
such repairs and alterations as the receiver deems reasonably necessary, (f) to
use all stores of materials, supplies and maintenance equipment on the Trust
Property, (g) to pay all taxes and assessments against the Trust Property and
all premiums for insurance thereon, (h) to pay all utility and other operating
expenses, and all sums due under any prior or subsequent encumbrance, and (i)
generally to do anything which Trustor could legally do if Trustor were in
possession of the Trust Property. All expenses incurred by the receiver or his
agents shall constitute a part of the Obligations, including without limitation
reasonable attorneys' fees. Any revenues collected by the receiver shall be
applied first to the expenses of the receivership, including reasonable
attorneys' fees incurred by the receiver and by Beneficiary (including charges
of in-house counsel), together with interest thereon at the Default Rate from
the date incurred until repaid, and the balance shall be applied toward the
Obligations or in such other manner as the court may direct. Unless sooner
terminated with the express consent of Beneficiary, any such receivership will
continue until the Obligations have been discharged in full, or until title to
the Trust Property has passed after foreclosure sale and all applicable periods
of redemption have expired.

     4.7 Remedies Not Exclusive; Waiver. Trustee and Beneficiary, and each of
them, shall be entitled to enforce the payment and performance of any
Obligations and to exercise all rights and powers under this Deed of Trust or
under any other Transaction Document or other agreement or any laws now or
hereafter in force, notwithstanding the fact that some or all of the Obligations
may now or hereafter be otherwise secured, whether by mortgage, deed of trust,
pledge, Lien, assignment or otherwise. Neither the acceptance of this Deed of
Trust nor its enforcement, whether by court action or pursuant to the power of
sale or other powers contained herein, shall prejudice or in any manner affect
Trustee's or Beneficiary's right to realize upon or enforce any other rights or
security now or hereafter held by Trustee or Beneficiary. Trustee and
Beneficiary, and each of them, shall be entitled to enforce this Deed of Trust

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and any other rights or security now or hereafter held by Beneficiary or Trustee
in such order and manner as they or either of them may in their absolute
discretion determine. No remedy herein or by law provided or permitted shall be
exclusive of any other remedy, but each shall be cumulative and in addition to
every other remedy given hereunder or now or hereafter existing at law or in
equity. Every power or remedy given by any of the Transaction Documents to
Trustee or Beneficiary, or to which either of them may be otherwise entitled,
may be exercised, concurrently or independently, from time to time and as often
as may be deemed expedient by Trustee or Beneficiary, and either of them may
pursue inconsistent remedies. By exercising or by failing to exercise any right,
option or election hereunder, Beneficiary shall not be deemed to have waived any
provision hereof or to have released Trustor from any of the Obligations secured
hereby unless such waiver or release is in writing and signed by Beneficiary.
The waiver by Beneficiary of Trustor's failure to perform or observe any term,
covenant or condition referred to or contained herein to be performed or
observed by Trustor shall not be deemed to be a waiver of such term, covenant or
condition on any other occasion or any subsequent failure of Trustor to perform
or observe the same or any other such term, covenant or condition referred to or
contained herein, and no custom or practice which may develop between Trustor
and Beneficiary during the term hereof shall be deemed a waiver of or in any way
affect the right of Beneficiary to insist upon the performance by Trustor of the
Obligations secured hereby in strict accordance with the terms hereof or any
other Transaction Document.

     4.8 Casino. Trustor acknowledges that part of the Trust Property consists
of a casino and gaming property (the "Casino") which is subject to Gaming Laws
and the jurisdiction of the Gaming Authorities and that, under the applicable
Gaming Laws, the operation of the Casino by a person other than a person
properly licensed by the Gaming Authorities to operate a casino and gaming
business (a "Licensee") is prohibited and may result in the closing of the
Casino, the loss of customers, employees, revenues and good will, and the severe
diminution in the value of the Trust Property, all to the economic jeopardy and
extreme detriment of Beneficiary. In order to mitigate such adverse
consequences, Trustor agrees that, if an Event of Default has occurred, either
before or after seeking an appointment of a receiver, in addition to any other
right or remedy available to Beneficiary hereunder or under applicable law (but
subject to any applicable requirements of the applicable Gaming Laws), (a)
Beneficiary shall have the right (but not the obligation) to solicit any
Licensee or other person with the capacity to become a Licensee to purchase,
lease and/or operate the Casino as a receiver of the Trust Property, as a
supervisor of the Casino, as a purchaser of the Trust Property or Casino at any
foreclosure sale, or in any other appropriate capacity permitted under the
applicable Gaming Laws; (b) any such Licensee or other person and Beneficiary
may, to the extent permitted under the applicable Gaming Laws, apply to and
appear before the Gaming Authorities and any other appropriate authority for a
license or a finding of suitability to permit such Licensee or other person to
operate the Casino; and (c) Trustor shall cooperate fully with any action taken
by Beneficiary and any such Licensee or other person pursuant to this Section
4.8.

     4.9 Multiple Collateral.
         -------------------

         (a) No recovery of any judgment by Trustee or Beneficiary and no levy
of an execution under any judgment upon the Trust Property or upon any property
of Trustor encumbered by any other Collateral Document shall affect in any
manner or to any extent the lien of this Deed of Trust upon the Trust Property
or any part thereof, and any Liens, rights, powers and remedies of Trustee or

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Beneficiary shall continue unimpaired until all of the Obligations have been
satisfied and indefeasibly paid in full.

         (b) Trustor agrees that it shall not at any time insist upon, plead,
seek or in any manner whatever claim or take any benefit or advantage of a
judgment, declaration or a determination that:

             (i) the Trust Property or any other property of Trustor encumbered
by a Transaction Document represents, on an individual basis, an allocable
portion of the then outstanding aggregate principal amount of the Notes or the
Obligations;

             (ii) the lien of this Deed of Trust or of any other Transaction
Document has been released, unless the Obligations have been satisfied and
indefeasibly paid in full;

             (iii) a deficiency judgment with respect to any action taken by
Trustee or Beneficiary against the Trust Property or any other property of
Trustor encumbered by a Transaction Document extinguishes all or any portion of
the remaining Obligations, or precludes Trustee or Beneficiary from proceeding
against the Trust Property or to satisfy such remaining Obligations; or

             (iv) Trustee's or Beneficiary's commencement, prosecution, or
taking to judgment of any action (including without limitation Trustee's or
Beneficiary's acceptance of a deed in lieu of foreclosure) or Trustee's or
Beneficiary's application for or use of any remedy (including without limitation
the appointment of a receiver for the Trust Property or any other property of
Trustor encumbered by a Transaction Document) against the Trust Property or any
other property of Trustor encumbered by a Transaction Document precludes or bars
Trustee or Beneficiary (under a "single action" rule, "security first" rule or
similar rule) from commencing, prosecuting or taking to judgment any other
action or applying for or using any remedy against the Trust Property or any
other property of Trustor encumbered by a Transaction Document.

         (c) Beneficiary may, at its option, in such order, and utilizing such
combinations of remedies with respect to the Trust Property and/or any other
property of Trustor encumbered by a Transaction Document as Beneficiary shall so
elect, pursue its remedies against (i) the Trust Property, individually, or any
other property of Trustor encumbered by a Transaction Document, individually;
(ii) the Trust Property and any combination of any other property of Trustor
encumbered by a Transaction Document; (iii) the Trust Property and all of the
other property of Trustor encumbered by a Transaction Document; or (iv) all or
any combination of any other property of Trustor encumbered by a Transaction
Document, in separate proceedings or in one proceeding in any order which
Beneficiary deems appropriate.

     4.10 Extensions and Partial Payments. Trustor agrees that, without
affecting the liability of any person for payment of the Obligations or
affecting the lien of this Deed of Trust upon the Trust Property or any part
thereof, Beneficiary may at any time and from time to time, on request of
Trustor, without notice to any person liable for payment of any Obligations,
extend the time or agree to alter the terms of payment of all or any part of
such Obligations. Acceptance by Beneficiary of any payment in an amount less
than the amount then due on the Obligations shall be deemed an acceptance on
account only, and the failure to pay the entire amount then due shall continue

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to be an Event of Default hereunder. At any time thereafter and until the entire
amount then due on the Obligations has been paid, Beneficiary shall be entitled
to exercise all rights conferred upon it in this Deed of Trust upon the
occurrence of an Event of Default hereunder.

     4.11 Protective Advances. All advances, disbursements and expenditures made
or incurred by Beneficiary before and during a foreclosure, and before and after
judgment of foreclosure, and at any time prior to sale and, where applicable,
after sale, and during the pendency of any related proceedings, for the
following purposes, in addition to those otherwise authorized by this Deed of
Trust or by applicable law (collectively "Protective Advances"), shall have the
benefit of all applicable provisions of law, including without limitation those
referred to below:

          (a) all advances by Beneficiary in accordance with the terms of this
Deed of Trust to: (i) preserve, maintain or repair any Trust Property, or
restore or rebuild the improvements upon the Trust Property; (ii) preserve the
lien of this Deed of Trust or the priority hereof; or (iii) enforce this Deed of
Trust;

          (b) payments by Beneficiary of: (i) principal, interest or other
obligations in accordance with the terms of any prior Lien or encumbrance on the
Trust Property; (ii) real estate taxes and assessments, general and special and
other taxes and assessments of any kind or nature whatsoever that are assessed
or imposed upon the Trust Property or any part thereof; (iii) amounts in
connection with any Tenant Lease pursuant to Section 4.3 hereof; (iv) other
obligations authorized by this Deed of Trust; or (v) any other amounts in
connection with other Liens, encumbrances or interests reasonably necessary to
preserve the status of title to the Trust Property;

          (c) advances by Beneficiary in settlement or compromise of any claims
asserted by claimants under any prior Liens;

          (d) reasonable attorneys' fees and other costs incurred (including
charges for in-house counsel): (i) in connection with a judicial foreclosure or
trustee's sale; (ii) in connection with any action, suit or proceeding brought
by or against Beneficiary for the enforcement of this Deed of Trust or arising
from the interest of Beneficiary hereunder; or (iii) in preparation for or in
connection with the commencement, prosecution or defense of any other action
that could materially adversely affect the lien of this Deed of Trust or the
Trust Property;

          (e) expenses deductible from proceeds of sale; and

          (f) expenses incurred and expenditures made by Beneficiary for any one
or more of the following: (i) premiums for casualty and liability insurance paid
by Beneficiary (whether or not Beneficiary or a receiver is in possession) and
all renewals thereof; (ii) repair or restoration of damage or destruction in
excess of available insurance proceeds or condemnation awards; (iii) payments
deemed by Beneficiary to be required for the benefit of the Trust Property or
required to be made by the owner of the Trust Property under any grant or
declaration of easement, easement agreement, agreement with any adjoining land
owners or instruments creating covenants or restrictions for the benefit of or
affecting the Trust Property; (iv) shared or common expense assessments payable
to any association or corporation in which the owner of the Trust Property is a

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member in any way affecting the Trust Property; and (v) any costs incurred in
connection with obtaining approvals and licenses from Gaming Authorities
including investigation costs.

          All Protective Advances shall be additional Obligations secured by
this Deed of Trust and shall become immediately due and payable upon demand and
with interest thereon from the date of the advance until paid at the Default
Rate. This Deed of Trust shall be a lien for all Protective Advances as to
subsequent purchasers and judgment creditors from the time this Deed of Trust is
recorded.

          All Protective Advances shall, except to the extent, if any, that any
of the same is clearly contrary to or inconsistent with the applicable
provisions of law, apply to and be included in: (a) any determination of the
amount of indebtedness secured by this Deed of Trust at any time; (b) the
indebtedness found due and owing to Beneficiary in the judgment of foreclosure
and any subsequent supplemental judgments, orders, adjudications or findings by
the court of any additional indebtedness becoming due after such entry of
judgment, it being agreed that in any foreclosure judgment, the court may
reserve jurisdiction for such purpose; and (c) application of income in the
hands of any receiver or mortgagee in possession.

     4.12 Appointment as Attorney-in-Fact. Trustor constitutes and appoints
Beneficiary as Trustor's attorney-in-fact, at Beneficiary's election, with full
authority in the place and stead of Trustor and in the name of Trustor,
Beneficiary or otherwise, from time to time after the occurrence of an Event of
Default, to perform any action and to execute and record any instrument deemed
necessary, advisable or incidental to accomplish the purposes of this Deed of
Trust, including without limitation in connection with exercising remedies and
effectuating the actions described in this Article 4, in each instance only to
the extent Trustor has failed to comply with the provisions of this Deed of
Trust. Such appointment is irrevocable and coupled with an interest until
payment in full and complete performance of all the Obligations. Beneficiary may
appoint a substitute attorney-in-fact. Trustor ratifies all actions taken by the
attorney-in-fact but, nevertheless, if Beneficiary requests, Trustor will
specifically ratify any action taken by the attorney-in-fact by executing and
delivering to the attorney-in-fact or to any entity designated by the
attorney-in-fact all documents necessary to effect such ratification.

                                   ARTICLE 5.
                               GENERAL PROVISIONS

     5.1 Extension; Release. The lien hereof shall remain in full force and
effect during any postponement or extension of the time of payment of the
Obligations, or of any part thereof, and any number of extensions or
modifications hereof, or any renewals, modifications, extensions, replacements
or substitutions of the Notes or any additional notes taken by Beneficiary or
any Holder, shall not affect the lien hereof or the liability of Trustor or of
any subsequent obligor to pay the Obligations, unless and until such lien or
liability shall have been expressly released in writing by Beneficiary by proper
instrument in accordance with the terms of the Indenture. Upon written request
from Beneficiary, Trustee shall fully reconvey, without warranty, this Deed of
Trust and the lien hereof by proper instrument in accordance with the terms of
the Indenture. The recitals in any such reconveyance of any matters or facts
shall be conclusive proof of the truthfulness thereof. The grantee in such

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reconveyance may be described as "the person or persons legally entitled
thereto." Beneficiary shall have no obligation to record any release instrument.

     5.2 Trustor. This Deed of Trust and all provisions hereof, shall extend to
and be binding upon Trustor and all persons claiming under or through Trustor.
Whenever in this Deed of Trust there is reference made to any of the parties
hereto, such reference shall be deemed to include, wherever applicable, a
reference to the heirs, executors and administrators or successors and assigns
(as the case may be) of Trustor, Trustee and Beneficiary. Trustor's successors
and assigns shall include, without limitation, a receiver, trustee or
debtor-in-possession of or for such Trustor.

     5.3 Additional Documents. Trustor agrees that upon request of Beneficiary
it will from time to time and at its expense execute, acknowledge and deliver
all such additional instruments and further assurances of title and will do or
cause to be done all such further acts and things as may be reasonably necessary
or desirable to fully protect, preserve, perfect and maintain the security of
Beneficiary hereunder and otherwise effectuate the intent of this Deed of Trust.

     5.4 Statute of Limitations. To the fullest extent allowed by law, the right
to plead, use or assert any statute of limitations as a plea or defense or bar
of any kind, or for any purpose, to any debt, demand or obligation secured or to
be secured hereby, or to any complaint or other pleading or proceeding filed,
instituted or maintained for the purpose of enforcing this Deed of Trust or any
rights hereunder, is hereby waived by Trustor.

     5.5 Severability. The invalidity of any one or more covenants, phrases,
clauses, sentences or paragraphs of this Deed of Trust shall not affect the
remaining portions of this Deed of Trust or any part thereof, and the same shall
be construed as if such invalid covenants, phrases, clauses, sentences or
paragraphs, if any, had not been inserted herein. If the lien of this Deed of
Trust is invalid or unenforceable as to any part of the Obligations secured
hereby, or if the lien is invalid or unenforceable as to any part of the Trust
Property, the unsecured or partially secured portion of such Obligations shall
be completely paid prior to the payment of the remaining and secured or
partially secured portion of such Obligations, and all payments made on such
Obligations, whether voluntary or under foreclosure, trustee's sale, or other
enforcement action or procedure, shall be considered to have been first paid on
and applied to the full payment of that portion of such indebtedness which is
not secured or fully secured by the lien of this Deed of Trust.

     5.6 Interaction with Indenture.
         --------------------------

         (a) Incorporation by Reference. Any capitalized term used in this Deed
of Trust without definition, but defined in the Indenture, shall have the same
meaning here as in the Indenture.

         (b) Conflicts. Notwithstanding any other provision of this Deed of
Trust to the contrary, the terms and provisions of this Deed of Trust shall be
subject and subordinate to the terms of the Indenture. To the extent that the
Indenture provides Trustor with a particular cure or notice period, or
establishes any limitations or conditions on Beneficiary's actions with regard
to a particular set of facts, Trustor shall be entitled to the same cure periods
and notice periods, and Beneficiary shall be subject to the same limitations and
conditions, under this Deed of Trust, as under the Indenture, in place of the

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cure periods, notice periods, limitations and conditions provided for under this
Deed of Trust; provided, however, that such cure periods, notice periods,
limitations and conditions shall not be cumulative as between the Indenture and
this Deed of Trust. In the event of any conflict or inconsistency between the
provisions of this Deed of Trust and those of the Indenture, including without
limitation any conflicts or inconsistencies in any definitions herein or
therein, the provisions or definitions of the Indenture shall govern.

     5.7 Other Collateral. This Deed of Trust is one of a number of security
agreements to secure the debt delivered by or on behalf of Trustor pursuant to
the Indenture and the other Collateral Documents and securing the Obligations
secured hereunder. All potential junior Lien claimants are placed on notice
that, under any of the Collateral Documents or otherwise (such as by any
separate future unrecorded agreement between Trustor and Beneficiary), other
collateral for the Obligations secured hereunder (i.e., collateral other than
the Trust Property) may, under certain circumstances, be released without a
corresponding reduction in the total principal amount secured by this Deed of
Trust. Such a release would decrease the amount of collateral securing the same
indebtedness, thereby increasing the burden on the remaining Trust Property
created and continued by this Deed of Trust. No such release shall impair the
priority of the lien of this Deed of Trust. By accepting its interest in the
Trust Property, each and every junior Lien claimant shall be deemed to have
acknowledged the possibility of, and consented to, any such release. Nothing in
this paragraph shall impose any obligation upon Beneficiary.

     5.8 Notices. All notices and other communications under this Deed of Trust
shall be in writing, except as otherwise provided in this Deed of Trust. A
notice, if in writing, shall be considered as properly given if given in
accordance with the provisions of Annex B attached hereto.

     5.9 No Waiver of Remedies. By accepting payment of any amount secured
hereby after its due date, or an amount which is less than the amount then due,
or performance of any obligation required hereunder after the date required for
such performance, Beneficiary does not waive its right to require prompt payment
or performance when due of all other amounts or obligations so secured or to
declare a default by reason of the failure to so pay or perform.

     5.10 Trustee's Powers. At any time or from time to time without liability
therefor and without notice to Trustor, upon written request of Beneficiary and
presentation of the original or certified copies of this Deed of Trust, and
without affecting the personal liability of any person for payment of the
Obligations secured hereby or the effect of this Deed of Trust upon the
remainder of the Trust Property, Trustee may (a) release any part of the Trust
Property, (b) consent in writing to the making of any map or plat of all or any
part of the Property, (c) join in granting any easement on any part of the Trust
Property, or (d) join in any extension agreement or any agreement subordinating
the lien or charge of this Deed of Trust.

     5.11 Beneficiary's Powers. Without affecting the liability of Trustor or
any other person liable for the payment of any Obligation secured hereby, and
without affecting the lien or charge of this Deed of Trust upon any portion of
the Trust Property not then or theretofore released as security for the full
amount of all unpaid Obligations, Beneficiary may, from time to time and without
notice (a) release any person so liable, (b) extend the maturity or alter any of
the terms of any such obligation, or join in any agreement modifying the terms
of the Indenture or any Transaction Document, (c) waive any provision hereof or

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grant other indulgences, (d) release or reconvey, or cause to be released or
reconveyed, at any time at Beneficiary's option, all or any part of the Trust
Property, (e) take or release any other or additional security for any
obligation herein mentioned, (f) make compositions or other arrangements with
debtors in relation thereto, or (g) subordinate the lien or charge of this Deed
of Trust.

     5.12 Additional Security. If Beneficiary at any time holds additional
security for any of the Obligations secured hereby, all such security shall be
taken, considered and held as cumulative, and Beneficiary may enforce the sale
thereof or otherwise realize upon the same, at its option, either before or
concurrently with the exercise of any of its rights or remedies hereunder or
after a sale is made hereunder. The taking of additional security, execution of
partial releases of the security, or any extension of the time of payment of the
indebtedness secured hereby shall not diminish the force, effect or impair the
liability of any maker, surety or endorser for the payment of any such
indebtedness.

     5.13 Captions. The captions or headings at the beginning of each Section
hereof are for the convenience of the parties and are not to be construed as a
part of this Deed of Trust.

     5.14 Trust Irrevocable; No Offset. The Trust created hereby is irrevocable
by Trustor. No offset or claim that Trustor now has or may in the future have
against Beneficiary or Trustee shall relieve Trustor from paying the amounts or
performing the Obligations contained herein or secured hereby.

     5.15 Corrections. Trustor shall, upon request of Trustee, promptly correct
any defect, error or omission which may be discovered in the contents of this
Deed of Trust or in the execution or acknowledgment hereof, and will execute,
acknowledge and deliver such further instruments and do such further acts as may
be necessary or as may be reasonably requested by Trustee to carry out more
effectively the purposes of this Deed of Trust, to subject to the lien and
security interest hereby created any of Trustor's properties, rights or interest
covered or intended to be covered hereby, and to perfect and maintain such lien
and security interest.

     5.16 Attorneys' Fees. All references to "attorneys' fees" in this Deed of
Trust shall include, without limitation, such reasonable amounts as may then be
charged by Beneficiary for legal services furnished by attorneys in the employ
of Beneficiary (including reasonable charges for in-house counsel).

     5.17 Acceptance by Trustee. Trustee accepts this Trust when this Deed of
Trust, duly executed and acknowledged, is made a public record as provided by
law.

     5.18 Authorization to Rely. Trustee, upon presentation to it of an
affidavit signed by or on behalf of Beneficiary setting forth any fact or facts
showing a default by Trustor under any of the terms or conditions of this Deed
of Trust, is authorized to accept as true and conclusive all facts and
statements in such affidavit and to act hereunder in complete reliance thereon.

     5.19 GOVERNING LAW. THIS DEED OF TRUST, THE RIGHTS AND OBLIGATIONS OF THE
PARTIES HERETO, AND ANY CLAIMS OR DISPUTES RELATING THERETO, SHALL BE GOVERNED
BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK EXCEPT

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THAT, FOR PURPOSES OF DETERMINING THE CREATION, VALIDITY, PRIORITY AND
ENFORCEMENT OF THE LIEN CREATED HEREBY AND THE EXERCISE OF REMEDIES HEREUNDER IN
CONNECTION WITH SUCH LIEN, THE LAWS OF THE STATE OF COLORADO SHALL GOVERN.

     5.20 Time of Essence. Time is of the essence of this Deed of Trust and of
every part hereof of which time is an element.

     5.21 Future Advances. To the extent Beneficiary may make advances pursuant
hereto or to the terms of the Indenture, the parties hereto acknowledge and
intend that all such advances, if any, whenever hereafter made, shall be secured
by this Deed of Trust with the same priority as the initial amounts advanced and
secured by this Deed of Trust.

     5.22 Actions by Beneficiary to Preserve. Should an Event of Default occur,
Beneficiary, in its own discretion, without obligation so to do and without
further notice to or demand upon Trustor and without releasing Trustor from any
Obligation, may make or do the same in such manner and to such extent as it may
deem necessary or desirable to protect the security hereof. In connection
therewith (without limiting Beneficiary's general powers), Beneficiary shall
have and is hereby given the right, but not the obligation (a) to enter upon and
take possession of the Trust Property, (b) to make additions, alterations,
repairs and improvements to the Trust Property which it may consider necessary,
desirable or proper to keep the Trust Property in good condition and repair the
same as needed, (c) to appear and participate in any action or proceeding
affecting or which may affect the security hereof or the rights or powers of
Beneficiary hereunder, (d) to pay, purchase, contest or compromise any
encumbrance, claim, charge, Lien or debt which in the judgment of Beneficiary
may affect or appear to affect the security of this Deed of Trust or be or
appear to be prior or superior hereto, and (e) in exercising such powers, to pay
necessary expenses and employ necessary or desirable consultants including
without limitation in connection with applying for gaming approvals under
applicable Gaming Laws and approvals for transfers of ownership for any Liquor
License.

     5.23 Reimbursement. Trustor shall pay immediately upon demand all sums
expended for expenses paid or incurred by Beneficiary, including without
limitation court costs, expenses for evidence of title, appraisals and surveys,
license fees, trustees' fees and reasonable attorneys' fees (including charges
for in-house counsel), under any of the terms of this Deed of Trust, including
without limitation the provisions of Section 5.22 hereof, together with interest
on the amount of each expenditure from the date of such expenditure at the
Default Rate.

     5.24 Usury Savings Clause. It is the intention of the parties to conform
strictly to the usury laws, whether state or federal, that are applicable to the
transaction of which this Deed of Trust is a part. All agreements between
Trustor and Beneficiary, whether now existing or hereafter arising and whether
oral or written, are hereby expressly limited so that in no contingency or event
whatsoever shall the amount paid or agreed to be paid by Trustor for the use,
forbearance or detention of the money to be loaned or advanced under the
Indenture, the Notes, this Deed of Trust, any other Collateral Document, or any
other agreement or instrument relating thereto, or for the payment or
performance of any covenant or obligation contained herein or therein, exceed
the maximum amount permissible under applicable federal or state usury laws. If

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under any circumstances whatsoever fulfillment of any such provision, at the
time performance of such provision shall be due, shall involve exceeding the
limit of validity prescribed by law, then the obligation to be fulfilled shall
be reduced to the limit of such validity. If under any circumstances Trustor
shall have paid an amount deemed interest by applicable law, which would exceed
the highest lawful rate, such amount that would be excessive interest under
applicable usury laws shall be applied to the reduction of the principal amount
owing in respect of the Obligations and not to the payment of interest, or if
such excessive interest exceeds the unpaid balance of principal and any other
amounts due hereunder, the excess shall be refunded to Trustor. All sums paid or
agreed to be paid for the use, forbearance or detention of the principal under
any extension of credit or advancement of funds by Beneficiary or any Holder
shall, to the extent permitted by applicable law, and to the extent necessary to
preclude exceeding the limit of validity prescribed by law, be amortized,
prorated, allocated and spread from the date of the Indenture until payment in
full of the Obligations so that the actual rate of interest on account of such
principal amounts is uniform throughout the term hereof.

     5.25 Jurisdiction and Venue. At the sole option of Beneficiary, any action
concerning this Deed of Trust or any other Transaction Document may be brought
in the Colorado District Court for the County in which the Beneficiary is
located or in the United States District Court for the District of Colorado, and
Trustor consents to venue and personal jurisdiction with respect thereto.

     5.26 Waiver of Jury Trial. Trustor hereby waives any right to jury trial of
any claim, cross-claim or counter-claim relating to or arising out of or in
connection with this Deed of Trust and/or any of the other Transaction
Documents.

     5.27 Waiver of Homestead and Other Exemptions. To the extent permitted by
law, Trustor hereby waives all rights to any homestead or other exemption to
which Trustor would otherwise be entitled under any present or future
constitutional, statutory, or other provision of applicable state or federal
law.

     5.28 Construction Deed of Trust. This Deed of Trust secures indebtedness
for construction purposes as described in Section 4-9-313, Colorado Revised
Statutes (1973), as amended.

     5.29 Gaming Laws. The grant of, and terms and provisions of, this Deed of
Trust, including, but not limited to, all rights and remedies of Beneficiary and
powers of attorney and appointment, are expressly subject to all laws, statutes,
regulations and orders affecting limited gaming or the sale of liquor
(collectively, the "Gaming Laws"), in the State of Colorado, which may include,
but not be limited to, the necessity for Beneficiary to obtain the prior
approval of the regulatory agencies enforcing the Gaming Laws before taking any
action hereunder and to be licensed by such regulatory agencies before
exercising certain rights and remedies hereunder.

     5.30 Entire Agreement; Amendments. This Deed of Trust sets forth the entire
understanding and agreement among the parties hereto, and shall supersede any
other understandings and agreements (written or oral) among the parties hereto
with respect to the to the subject matter of this Deed of Trust. No amendment or
modification to, or waiver, discharge or release of, any terms of this Deed of
Trust, shall be valid unless in writing and executed and delivered by the
Trustor, the Trustee and the Beneficiary.

                                      -32-

--------------------------------------------------------------------------------

<PAGE>

     IN WITNESS WHEREOF, Trustor has duly executed and delivered this Deed of
Trust to Public Trustee, Security Agreement, Fixture Filing and Assignment of
Rents, Leases and Leasehold Interests (Gilpin County, Colorado) as of the day
and year first written above.

                                  WINDSOR WOODMONT BLACK HAWK
                                  RESORT CORP.,
                                  a Colorado corporation

                                  By:  /s/  Daniel P. Robinowitz
                                     ---------------------------
                                            Daniel P. Robinowitz
                                            President

--------------------------------------------------------------------------------

<PAGE>

                                 ACKNOWLEDGMENT

STATE OF NEW YORK    )
                     ) ss.
COUNTY OF NEW YORK   )

     The foregoing instrument was acknowledged before me this 14th day of March
2000, by Daniel P. Robinowitz as President of Windsor Woodmont Black Hawk Resort
Corp., a Colorado corporation.

                                      WITNESS my hand and official seal.

                                      By:  /s/  April Blanshaft
                                         ----------------------------
                                                April Blanshaft

                                      My commission expires
                                                           --------------------

<PAGE>

                                    EXHIBIT A

             (Attached to and forming a part of the Deed of Trust to
        Public Trustee, Security Agreement, Fixture Filing and Assignment
   of Rents, Leases and Leasehold Interests, dated as of March 14, 2000 to the
             Public Trustee of the County of Gilpin, Colorado, from
          Windsor Woodmont Black Hawk Resort Corp., for the benefit of
                           SunTrust Bank, as Trustee)

                                LEGAL DESCRIPTION
                                -----------------

                             [see attached document]

                                      -35-

--------------------------------------------------------------------------------

<PAGE>

                                    Exhibit A

                                Legal Description

LOT 1
-----

A TRACT OF LAND IN THE SOUTH ONE-HALF OF SECTION 7, TOWNSHIP 3 SOUTH, RANGE 72
WEST OF THE 6TH P.M., CITY OF BLACK HAWK, COUNTY OF GILPIN, STATE OF COLORADO,
BEING A PART OF THE HUDDLESTON EXTENSION, THE ELEPHANT LODE, THE EAGLE NEST
LODE, AND CERTAIN TRACTS ON THE WEST SIDE OF RICHMAN STREET, ALL BEING PART OF
THE LANDS DESCRIBED IN BOOK 627 PAGE 226, BOOK 627 PAGE 228, BOOK 627 PAGE 230,
BOOK 627 PAGE 232, BOOK 627 PAGE 237, BOOK 627 PAGE 241, BOOK 627 PAGE 254, AND
BOOK 628 PAGE 35, MORE PARTICULARLY DESCRIBED AS FOLLOWS:

BEGINNING AT A POINT WHICH BEARS N42(degree)06'59"E A DISTANCE OF 628.59 FEET
FROM CORNER NO. 21 OF THE SECURITY PLACER, MINERAL SURVEY NO. 5664;
THENCE ALONG THE FOLLOWING COURSES:
THENCE S00(degree)45'35"E. A DISTANCE OF 177.47 FEET TO A POINT;
THENCE ON A NON-TANGENT CURVE TO THE RIGHT CONTAINING A CENTRAL ANGLE OF
35(degree)49'51", A RADIUS OF 255.50 FEET, AN ARC LENGTH OF 159.78 FEET, A CHORD
BEARING OF S17(degree)09'20"W, A CHORD DISTANCE  OF 157.19 FEET TO A POINT;
THENCE S64(degree)30'00"W, A DISTANCE OF 75.71 FEET TO A POINT;
THENCE ON A CURVE TO THE RIGHT CONTAINING A CENTRAL ANGLE OF 10(degree)53'05", A
RADIUS OF 1298.20 FEET, AN ARC LENGTH OF 246.63 FEET, A CHORD BEARING OF
N56(degree)49'58"W, A CHORD DISTANCE OF 246.26 FEET TO A POINT;
THENCE N51(degree)27'30"W, A DISTANCE OF 241.02 FEET TO A POINT;
THENCE N29(degree)11'40"E, A DISTANCE OF 12.36 FEET TO A POINT;
THENCE N53(degree)19'44"W, A DISTANCE OF 117.41 FEET TO A POINT;
THENCE N52(degree)30'00"E, A DISTANCE OF 571.84 FEET TO A POINT;
THENCE S17(degree)13'38"E, A DISTANCE OF 79.93 FEET TO A POINT;
THENCE ON A CURVE TO THE LEFT CONTAINING A CENTRAL ANGLE OF 10(degree)02'07", A
RADIUS OF 219.50 FEET, AN ARC LENGTH OF 38.45 FEET, A CHORD BEARING OF
S22(degree)14'42"E, A CHORD DISTANCE OF 38.40 FEET TO A POINT;
THENCE S27(degree)15'45", A DISTANCE OF 181.68 FEET TO A POINT;
THENCE ON A CURVE TO THE RIGHT CONTAINING A CENTRAL ANGLE OF 26(degree)30'10", A
RADIUS OF 180.50 FEET, AN ARC LENGTH OF 83.49 FEET, A CHORD BEARING OF
S14(degree)00'40", A CHORD DISTANCE OF 82.75 FEET TO THE POINT OF BEGINNING,
COUNTY OF GILPIN, STATE OF COLORADO.

                                  Page 1 of 19

<PAGE>

PARCEL R
--------

     TRACT OF LAND SITUATE ON THE EAST SIDE OF RICHMAN STREET IN THE CITY OF
     BLACK HAWK, DESCRIBED AS FOLLOWS:
     STARTING AT HIGHWAY #119 RIGHT-OF-WAY MONUMENT STATION 842+40; THENCE NORTH
     23(degree)21'40" WEST, 142.92 FEET TO THE NORTHWEST CORNER OF TRACT
     DESCRIBED IN BOOK 279 AT PAGE 221; THENCE NORTH 13(degree)46'40" EAST,
     125.23 FEET TO THE POINT OF BEGINNING ON THE NORTH LINE OF TRACT #4
     DESCRIBED IN BOOK 269 AT PAGE 309, WHENCE BY RECORD THE JENNIE BLANCHE,
     SUR. #551, COR. #4 BEARS SOUTH 4(degree)07'40" EAST, 34.8 FEET AND A WALL
     CORNER BEARS EAST 1.6 FEET; THENCE NORTH 3(degree)03' WEST, 66.55 FEET
     ALONG WALL LINE; THENCE NORTH 1(degree)40'40" WEST 45.44 FEET ALONG WALL
     LINE; THENCE EAST 100 FEET; THENCE SOUTH 1(degree)40'40" WEST45.44 FEET;
     THENCE SOUTH 3(degree)03' EAST, 66.55 FEET; THENCE WEST 100 FEET, MORE OF
     LESS, ALONG THE NORTH BOUNDARY LINE OF TRACT #4 AS DESCRIBED IN BOOK 269 AT
     PAGE 309, TO THE POINT OF BEGINNING, COUNTY OF GILPIN, STATE OF COLORADO

PARCEL S
--------

          THAT TRACT OF LAND AS DESCRIBED IN DEED RECORDED AUGUST 4, 1970, IN
          BOOK 267 AT PAGE 402, GILPIN COUNTY, COLORADO, DESCRIBED AS FOLLOWS: A
          TRACT OF LAND ADJOINING THE EASTERLY SIDE OF RICHMAN STREET, MORE
          PARTICULARLY DESCRIBED AS FOLLOWS, TO WIT: COMMENCING AT A POINT ON
          THE NORTHERLY SIDE LINE OF JENNIE BLANCHE LODE MINING CLAIM, UNITED
          STATES MINERAL SURVEY NO. 551, 150 FEET EASTERLY OF CORNER NO. 4 OF
          SAID CLAIM, THENCE WEST TO THE EASTERLY BOUNDARY OF SAID RICHMAN
          STREET; THENCE SOUTHERLY ALONG THE SAID BOUNDARY OF RICHMAN STREET TO
          A 1/2 INCH REBAR WHICH BEARS SOUTH 20(degree)24' WEST 92.7 FEET FROM A
          CAPPED REBAR MARKED 4/551, BEING CORNER NO. 4 OF SAID SURVEY NO. 551;
          THENCE SOUTH 68(degree)06' EAST TO A POINT OF INTERSECTION IN THE
          WESTERLY END OF SAID SURVEY NO. 551; THENCE NORTHERLY TO SAID CORNER
          NO. 4 OF SAID SURVEY NO. 551; THENCE EASTERLY ALONG THE NORTHERLY LINE
          OF SAID SURVEY NO. 551 TO THE POINT OF BEGINNING; EXCEPT ANY PORTION
          THEREOF AS MAY CONFLICT WITH THE BRYAN TRACT, BLACK HAWK CITY TITLE,
          COUNTY OF GILPIN, STATE OF COLORADO

                                  Page 2 of 19

<PAGE>

PARCEL S-1
----------

          THAT PORTION OF THE BRYAN LODE OR TRACT, AS DESCRIBED IN DEED RECORDED
          NOVEMBER 25, 1898, IN BOOK 135 AT PAGE 274, CITY OF BLACK HAWK, LYING
          WITHIN THE BOUNDARIES OF PARCEL S, ABOVE, COUNTY OF GILPIN, STATE OF
          COLORADO

PARCEL T
--------

          THAT PART OF THE JENNIE BLANCHE LODE MINING CLAIM, UNITED STATES
          SURVEY NO. 551, LYING WESTERLY OF A LINE THAT IS PARALLEL TO THE
          ENDLINES OF SAID MINING CLAIM AND INTERSECTS THE NORTHERLY SIDE LINE
          THEREOF AT A POINT 150 FEET EASTERLY OF CORNER NO. 4 OF SAID JENNIE
          BLANCHE LODE MINING CLAIM, EXCEPT THAT PART DESCRIBED AS FOLLOWS: A
          TRACT OF LAND IN THE SOUTH 1/2 OF SECTION 7, TOWNSHIP 3 SOUTH, RANGE
          72 WEST OF THE 6TH P.M., CITY OF BLACK HAWK, COUNTY OF GILPIN, STATE
          OF COLORADO, BEING A PART OF THE JENNIE BLANCHE LODE, MINERAL SURVEY
          NO. 551, FROM WHICH POINT OF BEGINNING CORNER NO. 3 OF SAID JENNIE
          BLANCHE LODE BEARS S19(degree)45'00"E A DISTANCE OF 11.28. FEET, AND
          THE WEST 1/4 CORNER OF SECTION 7, TOWNSHIP 3 SOUTH, RANGE 72 WEST
          BEARS N72(degree)03'49"W, 3364.64 FEET, AND CORNER NO. 21 OF THE
          SECURITY PLACER, MINERAL SURVEY NO. 5864 BEARS S 75(degree)48'09" W A
          DISTANCE OF 535.15 FEET; THENCE N19(degree)45'00"W ALONG LINE 3-4 OF
          SAID JENNIE BLANCHE LODE A DISTANCE OF 17.17 FEET, THENCE S
          87(degree)50'51"E, PARALLEL WITH AND 3 FEET NORTHERLY OF A CONCRETE
          RETAINING WALL, A DISTANCE OF 6.15 FEET; THENCE S1(degree)14'25"W,
          PARALLEL WITH AND 3 FEET EASTERLY OF A CONCRETE RETAINING WALL, A
          DISTANCE OF 15.93 FEET TO A POINT ON SAID LINE 3-4, THE POINT OF
          BEGINNING, AND EXCEPT ANY PORTION THEREOF LYING WESTERLY OF THE
          EASTERLY BOUNDARY OF RICHMAN STREET AS DETERMINED BY THE BOUNDARY
          AGREEMENT WITH THE CITY OF BLACK HAWK WHICH IS TO BE RECORDED, AND
          EXCEPT ANY PORTION CONVEYED TO RICHMAN PROPERTIES LIMITED LIABILITY
          COMPANY BY BOUNDARY SETTLEMENT AND REAL PROPERTY TRADE AGREEMENT
          RECORDED JUNE 29,1998, IN BOOK 644, PAGE 409. AND EXCEPT ANY PORTION
          CONVEYED BY DEEDS RECORDED IN BOOK 644 AT PAGES 402, 405, AND 407,
          COUNTY OF GILPIN, STATE OF COLORADO

                                  Page 3 of 19

<PAGE>

WHICH PROPERTY, PARCELS R, S, S-1 AND T, ARE ALSO DESCRIBED AS FOLLOWS:

     A TRACT OF LAND IN THE SOUTH 1/2 OF SECTION 7, TOWNSHIP 3 SOUTH, RANGE 72
     WEST OF THE 6TH P.M., CITY OF BLACK HAWK, COUNTY OF GILPIN, STATE OF
     COLORADO, WHICH BEGINS AT A POINT ON THE EAST LINE OF RICHMAN STREET, AND
     FROM WHICH POINT OF BEGINNING THE WEST 1/4 CORNER OF SAID SECTION 7 BEARS
     N72(degree)30'37"W, 3271.41 FEET, AND CORNER NO. 21 OF THE SECURITY PLACER,
     MINERAL SURVEY NO. 5864 BEARS S67(degree)10'39"W A DISTANCE OF 475.05 FEET;
     THENCE N13(degree)21'00"E ALONG SAID EAST LINE OF RICHMAN STREET A DISTANCE
     OF 116.56 FEET TO A POINT; THENCE LEAVING SAID EAST LINE OF RICHMAN STREET,
     N90(degree)00'00"E A DISTANCE OF 8.06 FEET;
     THENCE N3(degree)03'00"W A DISTANCE OF 72.83 FEET;
     THENCE N1(degree)40'40"E A DISTANCE OF 45.44 FEET;
     THENCE N90(degree)00'00"E A DISTANCE OF 100.00 FEET;
     THENCE S1(degree)40'40"W A DISTANCE OF 45.44 FEET;
     THENCE S03(degree)03'00"E A DISTANCE OF 72.83 FEET;
     THENCE N90(degree)00'00"E A DISTANCE OF 64.87 FEET TO A POINT ON LINE 4-5
     OF THE JENNIE BLANCHE LODE, MINERAL SURVEY NO. 551;
     THENCE S19(degree)45'00"E A DISTANCE OF 1590.90 FEET TO A POINT ON LINE 2-3
     OF SAID JENNIE BLANCHE LODE;
     THENCE S76(degree)30'00"W ALONG SAID LINE 2-3 A DISTANCE OF 150.00 FEET TO
     CORNER NO. 3 OF SAID JENNIE BLANCHE LODE; THEN N19(degree)45'00"W ALONG
     LINE 3-4 OF SAID JENNIE BLANCHE LODE, A DISTANCE OF 11.28 FEET;
     THENCE N01(degree)14'25"E, PARALLEL WITH AND 3 FEET EASTERLY OF A CONCRETE
     WALL, A DISTANCE OF 15.93 FEET;
     THENCE N87(degree)50'51"W, PARALLEL WITH AND 3 FEET NORTH OF SAID WALL, A
     DISTANCE OF 6.15 FEET TO A POINT ON SAID LINE 3-4 OF SAID JENNIE BLANCHE
     LODE;
     THENCE N19(degree)45'00" ALONG SAID LINE A DISTANCE OF 8.25 FEET;
     THENCE N68(degree)06'00"W A DISTANCE OF 77.99 FEET TO THE POINT OF
     BEGINNING.

                                  Page 4 of 19

<PAGE>

PARCEL A:
---------

     THE BRYAN LODE OR TRACT, AS DESCRIBED IN DEED RECORDED NOVEMBER 25, 1898,
     IN BOOK 135 AT PAGE 274, CITY OF BLACK HAWK, EXCEPT ANY MINE OF GOLD,
     SILVER, CINNABAR OR COPPER OR TO ANY VALID MINING CLAIM OR POSSESSION HELD
     UNDER EXISTING LAWS, AS SHOWN IN PATENT TO THE CITY OF BLACK HAWK, RECORDED
     IN BOOK 56 AT PAGE 555 AND IN BOOK 62 AT PAGE 456, AND EXCEPT ANY PORTION
     THEREOF IN CONFLICT WITH RICHMAN STREET, COUNTY OF GILPIN, STATE OF
     COLORADO.

PARCEL B:
---------

     THE LIBRA LODE AND DUMP SITE MINING CLAIM, AS DESCRIBED IN DEED RECORDED
     DECEMBER 31, 1898, IN BOOK 140 AT PAGE 304, CITY OF BLACK HAWK, EXCEPT ANY
     MINE OF GOLD, SILVER, CINNABAR OR COPPER OR TO ANY VALID MINING CLAIM OR
     POSSESSION HELD UNDER EXISTING LAWS, AS SHOWN IN PATENT TO THE CITY OF
     BLACK HAWK, RECORDED IN BOOK 56 AT PAGE 555 AND IN BOOK 62 AT PAGE 456,
     COUNTY OF GILPIN, STATE OF COLORADO.

                                  Page 5 of 19

<PAGE>

PARCEL C:
---------

     ALL THAT PORTION OF SURVEY 880, LITTLE SILVER LODE, NOT IN CONFLICT WITH
     SURVEYS 81, 82, 602, 928, 5173 AND 7626, GILPIN COUNTY, COALEY, MAHASKA,
     LINDEN CASTLE, LULU, MOUNTAIN LION AND DEMOCRAT LODES, ALSO THE BRYAN,
     GALENA AND BLACK JACK LODES AND THE S.E. 1/4 OF THE N.E. 1/4 OF SEC. 7,
     T.3S., R.72W. OF THE 6TH P.M. THE SAID SURVEY NO. 880 LITTLE SILVER LODE,
     BEING BOUNDED AND DESCRIBED AS FOLLOWS, TO WIT;
     BEGINNING AT CO. NO. 1 WHENCE THE N.E. COR. SEC. 7, T.3S., R.72W. OF THE
     6TH P.M. BEARS N. 6(degree)39'40" E., 3144.42 FT., THENCE S.
     59(degree)15'W., 1500 FT. TO COR. NO. 2, THENCE S. 30(degree)45'E, 150 FT.
     TO COR. NO. 3, THENCE N. 59(degree)15' E, 1500 FT. TO COR. NO. 4, THENCE N.
     30(degree)45'W., 150 FT. TO CORNER NO. 1, THE PLACE OF BEGINNING, AS
     DESCRIBED IN DEED RECORDED NOVEMBER 20, 1905, IN BOOK 158 AT PAGE 219,
     CITY OF BLACK HAWK,
     AND EXCEPT ANY MINE OF GOLD, SILVER, CINNABAR OR COPPER OR TO ANY VALID
     MINING CLAIM OR POSSESSION HELD UNDER EXISTING LAWS, AS SHOWN IN PATENT TO
     THE CITY OF BLACK HAWK, RECORDED IN BOOK 56 AT PAGE 555 AND IN BOOK 62 AT
     PAGE 456, COUNTY OF GILPIN, STATE OF COLORADO.

PARCEL D:
---------

     THE PETRIKIN TRACT, AS DESCRIBED IN DEED RECORDED OCTOBER 14, 1908, IN BOOK
     170 AT PAGE 165,
     CITY OF BLACK HAWK, EXCEPT ANY MINE OF GOLD, SILVER,
     CINNABAR OR COPPER OR TO ANY VALID MINING CLAIM OR POSSESSION HELD UNDER
     EXISTING LAWS, AS SHOWN IN PATENT TO THE CITY OF BLACK HAWK, RECORDED IN
     BOOK 56 AT PAGE 555 AND IN BOOK 62 AT PAGE 456,
     COUNTY OF GILPIN, STATE OF COLORADO.

                                  Page 6 of 19

<PAGE>

PARCEL E:
---------

     THE MARTELLO AND SCHOENHERR TRACT, AS DESCRIBED IN DEED RECORDED FEBRUARY
     5, 1917, IN BOOK 170 AT PAGE 389, CITY OF BLACK HAWK, EXCEPT ANY MINE OF
     GOLD, SILVER, CINNABAR OR COPPER OR TO ANY VALID MINING CLAIM OR POSSESSION
     HELD UNDER EXISTING LAWS, AS SHOWN IN PATENT TO THE
     CITY OF BLACK HAWK,
     RECORDED IN BOOK 56 AT PAGE 555 AND IN BOOK 62 AT PAGE 456, COUNTY OF
     GILPIN, STATE OF COLORADO.

PARCEL F:
---------

     THE COALEY LODE MINING CLAIM, U.S. SURVEY NO. 82, AS DESCRIBED IN U.S.
     PATENT RECORDED MARCH 26, 1971, IN BOOK 270 AT PAGE 461, EXCLUSIVE OF THE
     SURFACE AREA INCLUDED WITHIN THE BOUNDARIES SURVEY NO. 81, AS EXCLUDED IN
     SAID PATENT, COUNTY OF GILPIN, STATE OF COLORADO.

PARCEL G:
---------

     THE GILPIN COUNTY TUNNEL OR LODE MINING CLAIM, U.S. SURVEY NO. 81, AS
     DESCRIBED IN U.S. PATENT RECORDED MARCH 26, 1971, IN BOOK 270 AT PAGE 466,
     COUNTY OF GILPIN, STATE OF COLORADO.

PARCEL H:
---------

     THE WHEELER TUNNEL LODE MINING CLAIM, U.S. SURVEY NO. 531, AS DESCRIBED IN
     U.S. PATENT RECORDED MARCH 26, 1971, IN BOOK 270 AT PAGE 471,
     EXCEPT ANY PORTION EMBRACED IN SURVEY NO. 82, AS EXCEPTED IN SAID PATENT,
     COUNTY OF GILPIN, STATE OF COLORADO.

                                  Page 7 of 19

<PAGE>

PARCEL I:
---------

     THE MAHASKA LODE MINING CLAIM, U.S. SURVEY NO. 602, AS DESCRIBED IN U.S.
     PATENT RECORDED MARCH 26, 1971, IN BOOK 270 AT PAGE 476, EXCEPTING ANY
     PORTION EMBRACED IN SURVEY NOS. 81, 82, 291 AND 551, AS EXCEPTED IN SAID
     PATENT, COUNTY OF GILPIN, STATE OF COLORADO.

PARCEL J:
---------

     THE JENNIE BLANCHE LODE MINING CLAIM, U.S. SURVEY NO. 551, AS DESCRIBED IN
     U.S. PATENT RECORDED IN BOOK 76 A PAGE 180, EXCEPT THAT PART OF THE SURFACE
     THEREOF IN CONFLICT WITH THE GILPIN COUNTY LODE MINING CLAIM, U.S. SURVEY
     NO. 81, AND EXCEPT THAT PART THEREOF LYING WESTERLY OF A LINE THAT IS
     PARALLEL TO AN ENDLINE OF SAID JENNIE BLANCHE LODE AND INTERESTS THE
     NORTHERLY SIDELINE THEREOF AT A POINT 150 FEET EASTERLY OF CORNER NO. 4 OF
     SAID JENNIE BLANCHE LODE, AS EXCEPTED IN DEED RECORDED MAY 12, 1972, IN
     BOOK 277 AT PAGE 178,
     COUNTY OF GILPIN, STATE OF COLORADO.

PARCEL K:
---------

     THE DEMOCRAT LODE MINING CLAIM, U.S. SURVEY NO. 7626, AS DESCRIBED IN U.S.
     PATENT RECORDED SEPTEMBER 14, 1898, IN BOOK 136 AT PAGE 9,
     EXCEPTING THEREFROM ANY PORTION EMBRACED IN SURVEY NOS. 81, 82, 211, 531,
     602, 928 AND EXCEPT A PORTION OF THE REPUBLICAN LODE CLAIM UNSURVEYED, AS
     EXCEPTED IN SAID PATENT,
     COUNTY OF GILPIN, STATE OF COLORADO.

                                  Page 8 of 19

<PAGE>

PARCEL L:
---------

     THE GALENA LODE MINING CLAIM, AS DESCRIBED IN DEED RECORDED NOVEMBER 20,
     1920, IN BOOK 170 AT PAGE 459; EXCEPTING ANY CONFLICTS WITH SURVEY NO. 82;
     COALEY LODE, SURVEY NO. 81; GILPIN COUNTY LODE, SURVEY NO. 928; LINDEN
     CASTLE LODE, SURVEY NO. 602; MAHASKA LODE, SURVEY NO. 5173; MOUNTAIN LION
     AND LULU LODES; THE DEMOCRAT AND SHENANDOAH VALLEY LODES; AND THE
     AGRICULTURAL PATENT TO THE SE 1/4 OF THE NE 1/4 OF SECTION 7, TOWNSHIP 3
     SOUTH, RANGE 72 WEST OF THE 6TH P.M., AS EXCEPTED IN SAID DEED;
     CITY OF BLACK HAWK; AND EXCEPT ANY MINE OF GOLD, SILVER, CINNABAR OR COPPER
     OR TO ANY VALID MINING CLAIM OR POSSESSION HELD UNDER EXISTING LAWS, AS
     SHOWN IN PATENT TO THE CITY OF BLACK HAWK, RECORDED IN BOOK 56 AT PAGE 555
     AND IN BOOK 62 AT PAGE 456,
     COUNTY OF GILPIN, STATE OF COLORADO.

PARCEL M:
---------

     THE MOUNTAIN LION,
     CITY OF BLACK HAWK,
     EXCEPT ANY MINE OF GOLD, SILVER, CINNABAR OR COPPER OR TO ANY VALID MINING
     CLAIM OR POSSESSION HELD UNDER EXISTING LAWS, AS SHOWN IN PATENT TO THE
     CITY OF BLACK HAWK, RECORDED IN BOOK 56 AT PAGE 555 AND IN BOOK 62 AT PAGE
     456, COUNTY OF GILPIN, STATE OF COLORADO.

PARCEL N:
---------

     THE LULU,
     CITY OF BLACK HAWK,
     EXCEPT ANY PORTION THEREOF LYING OUTSIDE THE BOUNDARIES OF THE CITY OF
     BLACK HAWK,
     AND EXCEPT ANY MINE OF GOLD, SILVER, CINNABAR OR COPPER OR TO ANY VALID
     MINING CLAIM OR POSSESSION HELD UNDER EXISTING LAWS, AS SHOWN IN PATENT TO
     THE CITY OF BLACK HAWK, RECORDED IN BOOK 56 AT PAGE 555 AND IN BOOK 62 AT
     PAGE 456, EXCEPT ANY PORTION THEREOF CONVEYED TO MAHOGANY RIDGE LIMITED
     PARTNERSHIP, A COLORADO LIMITED PARTNERSHIP, BY BILL OF SALE RECORDED
     FEBRUARY 1, 2000 IN BOOK 687 AT PAGE 193,
     COUNTY OF GILPIN, STATE OF COLORADO.

                                  Page 9 of 19

<PAGE>

PARCEL O:
---------

     THE JENNIE BLANCHE EXTENSION TRACT, AS DESCRIBED IN DEED RECORDED AUGUST 1,
     1996, IN BOOK 605 AT PAGE 15,
     CITY OF BLACK HAWK,
     EXCEPT ANY MINE OF GOLD, SILVER, CINNABAR OR COPPER OR TO ANY VALID MINING
     CLAIM OR POSSESSION HELD UNDER EXISTING LAWS, AS SHOWN IN PATENT TO THE
     CITY OF BLACK HAWK, RECORDED IN BOOK 56 AT PAGE 555 AND IN BOOK 62 AT PAGE
     456, COUNTY OF GILPIN, STATE OF COLORADO.

PARCEL P:
---------

     THE SHENANDOAH VALLEY LODE, AS DESCRIBED AUGUST 1, 1996, IN BOOK 605 AT
     PAGE 16,
     CITY OF BLACK HAWK,
     EXCEPT ANY MINE OF GOLD, SILVER, CINNABAR OR COPPER OR TO ANY VALID MINING
     CLAIM OR POSSESSION HELD UNDER EXISTING LAWS, AS SHOWN IN PATENT TO THE
     CITY OF BLACK HAWK, RECORDED IN BOOK 56 AT PAGE 555 AND IN BOOK 62 AT PAGE
     456, COUNTY OF GILPIN, STATE OF COLORADO.

PARCEL Q:
---------

     THE MAYFLOWER TUNNEL A/K/A MAY FLOWER LODE, AS DESCRIBED AUGUST 1, 1996, IN
     BOOK 605 AT PAGE 14,
     CITY OF BLACK HAWK,
     EXCEPT ANY MINE OF GOLD, SILVER, CINNABAR OR COPPER OR TO ANY VALID MINING
     CLAIM OR POSSESSION HELD UNDER EXISTING LAWS, AS SHOWN IN PATENT TO THE
     CITY OF BLACK HAWK, RECORDED IN BOOK 56 AT PAGE 555 AND IN BOOK 62 AT PAGE
     456, COUNTY OF GILPIN, STATE OF COLORADO.

                                  Page 10 of 19

<PAGE>

PARCEL X
--------

     THE KLONDYKE LODE, BLACK HAWK CITY TITLE, AS DESCRIBED IN DEED RECORDED
     JANUARY 18, 1900, IN BOOK 135 AT PAGE 401, EXCLUSIVE OF ITS CONFLICT WITH
     THE COALEY LODE, SURVEY NO. 82; THE WHEELER TUNNEL LODE, SURVEY NO. 531;
     THE LINDEN CASTLE LODE, SURVEY NO. 928; THE DEMOCRAT LODE, SURVEY NO. 7626;
     THE BRYAN LODE; THE SILVER DIME LODE; AND EXCLUSIVE OF ANY PORTION THEREOF
     LYING OUTSIDE THE BOUNDARY OF THE TOWNSITE OF BLACK HAWK, AS EXCEPTED IN
     SAID DEED; AND EXCEPT ANY PORTION NOT CONVEYED BY DEED RECORDED MAY 31,
     1968, IN BOOK 259 AT PAGE 3,
     CITY OF BLACK HAWK,
     COUNTY OF GILPIN,
     STATE OF COLORADO.

PARCEL Y
--------

     THE BLACK BEAR LODE, BLACK HAWK CITY TITLE, AS DESCRIBED IN DEED FROM CITY
     OF BLACK HAWK RECORDED AUGUST 9, 1902, IN BOOK 153 AT PAGE 37, EXCEPTING
     THEREFROM ANY PORTION EMBRACED IN SURVEY NO. 7626, DEMOCRAT LODE; SURVEY
     NO. 211, RADICAL LODE; MISSOURI LODE, ELEPHANT LODE; AND LION LODE, AS
     EXCEPTED IN SAID DEED,
     CITY OF BLACK HAWK,
     COUNTY OF GILPIN,
     STATE OF COLORADO.

PARCEL Z
--------

     MARY TRACT, BLACK HAWK CITY TITLE, AS DESCRIBED IN DEED RECORDED SEPTEMBER
     10, 1902, IN BOOK 153 AT PAGE 59,
     CITY OF BLACK HAWK,
     COUNTY OF GILPIN,
     STATE OF COLORADO.

                                  Page 11 of 19

<PAGE>

PARCEL AA
---------

     THE SURFACE GROUND OF THE BLACK JACK LODE MINE, BLACK HAWK, CITY TITLE, AS
     DESCRIBED IN DEED RECORDED IN BOOK 121 AT PAGE 211, EXCEPT ANY PORTION
     THEREOF CONVEYED TO THE COUNTY OF GILPIN BY THAT RIGHT OF WAY DEED
     RECORDED, DECEMBER 15, 1989, IN BOOK 213 AT PAGE 90,
     CITY OF BLACK HAWK,
     COUNTY OF GILPIN,
     STATE OF COLORADO.

PARCEL BB
---------

     THE LINDEN CASTLE LODE MINING CLAIM, U.S. SURVEY NO. 928, AS DESCRIBED IN
     UNITED STATES PATENT RECORDED APRIL 9, 1920, IN BOOK 187 AT PAGE 105,
     EXCEPTING THEREFROM ANY PORTION THEREOF EMBRACED IN MINING CLAIMS OR SURVEY
     NOS. 82, 531, OR 602, OR THE GALENA LODE CLAIM, OR THAT PORTION OF THE
     CLAIM EMBRACED IN THE SOUTHWEST QUARTER OF THE NORTHWEST QUARTER OF SECTION
     8, TOWNSHIP 3 SOUTH, RANGE 72 WEST OF THE 6TH P.M.,
     COUNTY OF GILPIN, STATE OF COLORADO.

PARCEL CC
---------

     THAT PORTION OF THE LION LODE MINING CLAIM, BLACK HAWK CITY TITLE, AS
     DESCRIBED IN DEED RECORDED MARCH 19, 1998, IN BOOK 637 AT PAGE 14, LYING
     EAST OF RICHMAN STREET, CITY OF BLACK HAWK, EXCEPT ANY PORTION THEREOF
     LYING OUTSIDE THE BOUNDARIES OF THE PATENTS FOR THE CITY OF BLACK HAWK,
     CITY OF BLACK HAWK,
     COUNTY OF GILPIN, STATE OF COLORADO.

                                  Page 12 of 19

<PAGE>

PARCEL DD
---------

     THE PRINCE HENRY LODE, BLACK HAWK CITY TITLE, AS DESCRIBED IN DEED FORM THE
     CITY OF BLACK HAWK RECORDED AUGUST 9, 1902, IN BOOK 153 AT PAGE 37;
     EXCEPTING THEREFROM ANY PORTION EMBRACED IN SURVEY NO. 7626, DEMOCRAT LODE;
     SURVEY NO. 211, RADICAL LODE; MISSOURI LODE; ELEPHANT LODE; AND LION LODE,
     AS EXCEPTED IN SAID DEED; AND EXCEPT THAT PART OF THE SAID PRINCE HENRY
     LODE DESCRIBED AS FOLLOWS:
          BEGINNING AT CORNER NO. 3 OF THE LION LODE, CITY TITLE, BOOK A, PAGE
          111, FROM WHICH POINT CORNER NO. 4 OF THE CHAMPION LODE, SURVEY NO.
          229, BEARS N85(degree)51'37"W A DISTANCE OF 543.34 FEET; THENCE
          N69(degree)04'W ALONG LINE 3-4 OF SAID LION LODE, A DISTANCE OF 44.58
          FEET TO ITS INTERSECTION WITH THE NORTHWESTERLY LINE OF SAID PRINCE
          HENRY LODE; THENCE N55(degree)52'E ALONG SAID NORTHWESTERLY LINE A
          DISTANCE OF 383.13 FEET TO A POINT ON LINE 4-3 OF THE DEMOCRAT LODE,
          SURVEY NO. 626; THENCE S80(degree)40'E ALONG SAID LINE 4-3 A DISTANCE
          OF 96.06 FEET TO A POINT ON NORTHWESTERLY LINE OF THE LINE A DISTANCE
          OF 150.77 FEET TO THE MOST WESTERLY CORNER OF SAID LODE; THENCE
          S45(degree)53'E ALONG THE SOUTHWESTERLY LINE OF SAID LODE A DISTANCE
          OF 81.32 FEET TO A POINT ON THE SOUTHEASTERLY LINE OF SAID PRINCE
          HENRY LODE; THENCE S55(degree)52'W ALONG SAID LINE A DISTANCE OF
          281.35 FEET TO A POINT ON LINE 3-4 OF THE ELEPHANT LODE, CITY TITLE;
          THENCE N39(degree)35'W ALONG SAID LINE A DISTANCE OF 53.77 FEET TO
          CORNER NO. 4 OF SAID ELEPHANT LODE; THENCE N40(degree)31'56"W A
          DISTANCE OF 60.31 FEET TO THE POINT OF BEGINNING,
     CITY OF BLACK HAWK,
     COUNTY OF GILPIN,
     STATE OF COLORADO.

                                  Page 13 of 19

<PAGE>

PARCEL EE
---------

     AN EASEMENT OVER AND ACROSS THE LEOPOLD LODE, BLACK HAWK CITY TITLE, AS
     DESCRIBED IN DEED RECORDED JULY 11, 1902, IN BOOK 150 AT PAGE 42, EXCEPT
     ANY PORTION THEREOF LYING OUTSIDE THE BOUNDARIES OF THE LAND DESCRIBED IN
     THE PATENTS TO THE CITY OF BLACK HAWK, RECORDED IN BOOK 56 AT PAGE 555 AND
     IN BOOK 62 AT PAGE 456; AND EXCEPT ANY PORTION THEREOF CONVEYED BY THE CITY
     OF BLACK HAWK PRIOR TO JULY 11, 1902, SAID EASEMENT RECORDED APRIL 29,
     1998, IN BOOK 640 AT PAGE 79,
     CITY OF BLACK HAWK,
     COUNTY OF GILPIN,
     STATE OF COLORADO.

PARCEL FF
---------

     THE SOUTH JENNIE BLANCHE LODE, BLACK HAWK CITY TITLE, AS DESCRIBED IN
     INSTRUMENT RECORDED AUGUST 1, 1996, IN BOOK 605 AT PAGE 15, CITY OF BLACK
     HAWK,
     COUNTY OF GILPIN,
     STATE OF COLORADO.

PARCEL GG
---------

     THE COALEY LODE MINING CLAIM, U.S. SURVEY NO. 291, AS DESCRIBED IN U.S.
     PATENT RECORDED IN BOOK 65 AT PAGE 71, EXCEPTING THEREFROM ANY PORTION
     EMBRACED IN SURVEY NO. 81, AS EXCEPTED IN SAID PATENT,
     COUNTY OF GILPIN,
     STATE OF COLORADO.

                                  Page 14 of 19

<PAGE>

PARCEL HH
---------

     A TRACT OF LAND IN THE NE 1/4 OF THE SE 1/4 OF SECTION 7, TOWNSHIP 3 SOUTH,
     RANGE 72 WEST OF THE 6TH P.M., CITY OF BLACK HAWK, COUNTY OF GILPIN, STATE
     OF COLORADO, DESCRIBED AS FOLLOWS:
     BEGINNING AT THE EAST 1/4 CORNER OF SAID SECTION 7; THENCE
     S00(degree)12'19"W ALONG THE EAST LINE OF SAID SE 1/4 A DISTANCE OF 605.07
     FEET TO A POINT ON LINE 4-3 OF THE LIBRA LODE AND DUMP SITE MINING CLAIM,
     AS DESCRIBED IN BOOK 140 AT PAGE 304; THENCE S39(degree)25'00"W ALONG SAID
     LINE 4-3 A DISTANCE OF 299.95 FEET TO CORNER NO. 3; THENCE
     N22(degree)42'00"W ALONG LINE 3-2 OF THE LIBRA LODE AND DUMP SITE MINING
     CLAIM, AS DESCRIBED IN BOOK 140 AT PAGE 304, A DISTANCE OF 123.00 FEET TO
     CORNER NO. 2;
     THENCE N8(degree)10'00"E ALONG LINE 2-1 OF SAID LIBRA LODE AND DUMP SITE
     MINING CLAIM A DISTANCE OF 412.88 FEET TO CORNER NO. 1, WHICH POINT IS ALSO
     CORNER NO. 10 OF THE MOUNTAIN LION LODE, M. S. NO. 5173;
     THENCE N31(degree)45'00"W ALONG LINE 10-9 OF SAID MOUNTAIN LION LODE A
     DISTANCE OF 135.61 FEET TO A POINT ON THE SOUTHERLY LINE OF THE PETRIKIN
     LODE, AS DESCRIBED IN BOOK 170 AT PAGE 165;
     THENCE N90(degree)00'00"E ALONG SAID SOUTHERLY LINE A DISTANCE OF 175.32
     FEET TO A CORNER OF SAID LODE;
     THENCE N00(degree)00'00"E ALONG THE EAST LINE OF SAID PETRIKIN LODE A
     DISTANCE OF 195.10 FEET TO A POINT ON THE NORTH LINE OF THE SE 1/4 OF SAID
     SECTION 7;
     THENCE N86(degree)54'49"E ALONG SAID NORTH LINE A DISTANCE OF 77.59 FEET TO
     THE POINT OF BEGINNING; EXCEPTING THEREFROM THAT PART OF THE ABOVE
     DESCRIBED PARCEL DESCRIBED AS COMMENCING AT THE EAST QUARTER CORNER OF SAID
     SECTION 7;
     THENCE S25(degree)56'22"W A DISTANCE OF 285.08 FEET TO THE TRUE POINT OF
     BEGINNING; THENCE S24(degree)26'34"E A DISTANCE OF 90.00 FEET;
     THENCE S65(degree)33'26"W A DISTANCE OF 30.00 FEET;
     THENCE N24(degree)26'34"W A DISTANCE OF 90.00 FEET;
     THENCE N65(degree)33'26"E A DISTANCE OF 30.00 FEET TO THE TRUE POINT OF
     BEGINNING.

                                  Page 15 of 19

<PAGE>

PARCEL II
---------

     A TRACT OF LAND IN THE SE 1/4 OF SECTION 7, TOWNSHIP 3 SOUTH, RANGE 72 WEST
     OF THE 6TH P.M., CITY OF BLACK HAWK, COUNTY OF GILPIN, STATE OF COLORADO,
     WHICH BEGINS AT THE INTERSECTION OF LINE 1-2 OF THE SOUTH JENNIE BLANCHE
     LODE, AS DESCRIBED IN BOOK C AT PAGE 168 OF THE CITY OF BLACK HAWK RECORDS
     WITH LINE 1-2 OF THE JENNIE BLANCHE EXTENSION TRACT, AS DESCRIBED IN BOOK
     605 AT PAGE 15, GILPIN COUNTY RECORDS, FROM WHICH POINT OF BEGINNING THE
     EAST 1/4 CORNER OF SAID SECTION 7 BEARS N39(degree)20'35"E A DISTANCE OF
     629.18 FEET;
     THENCE N64(degree)00'00"E ALONG SAID LINE 1-2 OF THE JENNIE BLANCHE
     EXTENSION TRACT A DISTANCE OF 47.94 FEET TO A POINT ON LINE 10-9 OF THE
     LIBRA LODE AND DUMP SITE MINING CLAIM, AS DESCRIBED IN BOOK 140 AT PAGE
     304; THENCE S4(degree)00'00"W ALONG SAID LINE 10-9 A DISTANCE OF 321.94
     FEET TO SAID CORNER NO. 9;
     THENCE S35(degree)22'00"E ALONG LINE 9-8 OF SAID LIBRA LODE AND DUMP SITE
     MINING CLAIM A DISTANCE OF 181.86 FEET TO CORNER NO. 8;
     THENCE S39(degree)25'00"W ALONG LINE 8-7 OF SAID LIBRA LODE AND DUMP SITE
     MINING CLAIM A DISTANCE OF 590.23 FEET TO CORNER NO. 7;
     THENCE N44(degree)00'00"W A DISTANCE OF 101.33 FEET TO A POINT ON LINE 4-3
     OF THE SILVER LODE, AS DESCRIBED IN BOOK A, PAGE 311, CITY OF BLACK HAWK
     RECORDS;
     THENCE N46(degree)00'00"E ALONG SAID LINE 4-3 A DISTANCE OF 250.48 FEET TO
     CORNER NO. 3; THEN N90(degree)00'00"W ALONG LINE 3-2 OF SAID SILVER LODE A
     DISTANCE OF 215.98 FEET TO CORNER NO. 2;
     THENCE N61(degree)45'04"W A DISTANCE OF 194.02 FEET TO CORNER NO. 3 OF THE
     GERTRUDE LODE, AS DESCRIBED IN BOOK 150 AT PAGE 405, GILPIN COUNTY RECORDS;
     THENCE N26(degree)55'09"W ALONG LINE 3-4 OF SAID GERTRUDE LODE A DISTANCE
     OF 149.86 FEET TO CORNER NO. 4;
     THENCE N45(degree)35'45"W A DISTANCE OF 80.09 FEET TO A POINT ON LINE 3-2
     OF THE SOUTH JENNIE BLANCHE LODE, AS DESCRIBED IN BOOK C, PAGE 168, CITY OF
     BLACK HAWK RECORDS;
     THENCE N64(degree)00'00"E ALONG SAID LINE 3-2 A DISTANCE OF 750.00 FEET TO
     CORNER NO. 2;
     THENCE N26(degree)00'00"W ALONG LINE 2-1 OF SAID SOUTH JENNIE BLANCHE LODE
     A DISTANCE OF 52.58 FEET TO THE POINT OF BEGINNING.

                                  Page 16 of 19

<PAGE>

PARCEL II (Continued)
---------------------

                                       AND

     TWO TRACTS OF LAND IN THE NE 1/4 OF THE SE 1/4 OF SECTION 7, TOWNSHIP 3
     SOUTH, RANGE 72 WEST OF THE 6TH P.M., CITY OF BLACK HAWK, COUNTY OF GILPIN,
     STATE OF COLORADO, MORE PARTICULARLY DESCRIBED AS FOLLOWS:

     VOID NO. 3: BOUNDED BY THE SHENANDOAH VALLEY LODE, THE JENNIE BLANCHE
     EXTENSION LODE, THE MOUNTAIN LION LODE, AND THE PETRIKIN LODE; BEGINNING AT
     A POINT FROM WHICH THE EAST 1/4 CORNER OF SAID SECTION 7 BEARS
     N65(degree)02'42"E A DISTANCE OF 473.31 FEET;
     THENCE S31(degree)45'00"E A DISTANCE OF 137.81 FEET;
     THENCE S64(degree)00'00"W A DISTANCE OF 16.93 FEET;
     THENCE N35(degree)13'00"W A DISTANCE OF 137.73 FEET;
     THENCE S90(degree)00'00"E A DISTANCE OF 1.38 FEET TO THE POINT OF
     BEGINNING; AND VOID NO. 4: BOUNDED BY THE MOUNTAIN LION LODE, THE DUMP SITE
     LODE, AND THE JENNIE BLANCHE EXTENSION LODE: BEGINNING AT A POINT FROM
     WHICH THE EAST 1/4 CORNER OF SAID SECTION 7 BEARS N38(degree)59'32"E A
     DISTANCE OF 497.85 FEET;
     THENCE S31(degree)45'00"E A DISTANCE OF 25.67 FEET;
     THENCE S51(degree)35'45"W A DISTANCE OF 5.64 FEET;
     THENCE N19(degree)45'00"W A DISTANCE OF 26.91 FEET TO THE POINT OF
     BEGINNING.

                                  Page 17 of 19

<PAGE>

PARCEL JJ
---------

     THE SE 1/4 OF THE NE 1/4 OF SECTION 7, TOWNSHIP 3 SOUTH, RANGE 72 WEST OF
     THE 6TH P.M.; EXCEPTING THEREFROM ANY PORTION CONTAINED IN SURVEY NOS: 211
     RADICAL LODE; 531 WHEELER LODE; 5173 LULU LODE; 291 COALEY LODE; 602
     MAHASKA LODE; 82 GILPIN COUNTY LODE; 229 CHAMPION LODE; 5173 MOUNTAIN LION
     LODE; 928 LINDEN CASTLE LODE; BLACK JACK LODE; GALENA LODE; REPUBLIC LODE;
     SILVER DOLLAR LODE, LITTLE SILVER LODE AND A PARCEL CALLED THE PITRIKEN
     TRACT, IF ANY, AS EXCEPTED IN DEED RECORDED JUNE 17, 1935, IN BOOK 194 AT
     PAGE 484,
     AND EXCEPT ANY MINE OF GOLD, SILVER, CINNABAR OR COPPER OR TO ANY VALID
     MINING CLAIM OR POSSESSION HELD UNDER EXISTING LAWS, AS SHOWN IN PATENT TO
     THE CITY OF BLACK HAWK, RECORDED IN BOOK 56 AT PAGE 555 AND IN BOOK 62 AT
     PAGE 456, AND EXCEPT A TRACT OF LAND IN THE SE 1/4 OF THE NE 1/4 OF SECTION
     7, TOWNSHIP 3 SOUTH, RANGE 72 WEST OF THE 6TH P.M., CITY OF BLACK HAWK,
     COUNTY OF GILPIN, STATE OF COLORADO, DESCRIBED AS FOLLOWS:
     BEGINNING AT THE NE CORNER OF THE SE 1/4 OF THE NE 1/4 OF SECTION 7;
     THENCE S02(degree)43'41"W ALONG THE EAST LINE OF SAID SE 1/4 A DISTANCE OF
     885.11 FEET;
     THENCE S90(degree)00'00"W A DISTANCE OF 300.00 FEET;
     THENCE N31(degree)41'00"W A DISTANCE OF 1012.92 FEET TO A POINT ON THE
     NORTH LINE OF THE SE 1/4 OF THE NE 1/4 OF SECTION 7;
     THENCE N88(degree)01'24"E ALONG SAID NORTH LINE A DISTANCE OF 785.13 FEET
     TO THE POINT OF BEGINNING CITY OF BLACK HAWK,
     COUNTY OF GILPIN, STATE OF COLORADO.

                                  Page 18 of 19

<PAGE>

PARCEL KK
---------

     THE SILVER DOLLAR LODE, AS DESCRIBED IN LOCATION CERTIFICATE RECORDED
     AUGUST 5, 1895, IN BOOK 124 AT PAGE 484, CITY OF BLACK HAWK,
     COUNTY OF GILPIN, STATE OF COLORADO

PARCEL LL
---------

     THE CHICAGO LODE, AS DESCRIBED IN DEED RECORDED AUGUST 19, 1901, IN BOOK
     150 AT PAGE 403, EXCLUSIVE OF ANY LAND CONVEYED BY THE CITY OF BLACK HAWK
     PRIOR TO DECEMBER 15, 1899, AS EXCLUDED IN SAID DEED,
     CITY OF BLACK HAWK,
     COUNTY OF GILPIN, STATE OF COLORADO

PARCEL MM
---------

     THE SILVER DIME LODE, AS DESCRIBED IN DEED RECORDED AUGUST 19, 1901, IN
     BOOK 150 AT PAGE 404, EXCLUSIVE OF ANY LAND CONVEYED BY THE CITY OF BLACK
     HAWK PRIOR TO DECEMBER 15, 1899, AS EXCLUDED IN SAID DEED,
     CITY OF BLACK HAWK,
     COUNTY OF GILPIN, STATE OF COLORADO

PARCEL NN
---------

     THE GERTRUDE LODE, AS DESCRIBED IN DEED RECORDED AUGUST 19, 1901, IN BOOK
     150 AT PAGE 405, EXCLUSIVE OF ANY LAND CONVEYED BY THE CITY OF BLACK HAWK
     PRIOR TO DECEMBER 15, 1899, AS EXCLUDED IN SAID DEED,
     CITY OF BLACK HAWK,
     COUNTY OF GILPIN, STATE OF COLORADO

                                  Page 19 of 19

<PAGE>

                                     ANNEX A

             (Attached to and forming a part of the Deed of Trust to
       Public Trustee, Security Agreement, Fixture Filing and Assignment
   of Rents, Leases and Leasehold Interests, dated as of March 14, 2000 to the
             Public Trustee of the County of Gilpin, Colorado, from
          Windsor Woodmont Black Hawk Resort Corp., for the benefit of
                           SunTrust Bank, as Trustee)

                                  DEFINED TERMS
                                  -------------

     "Black Hawk Casino" means the project to develop, construct, equip and
operate the Black Hawk Casino by Hyatt and related entities as described in the
Offering Memorandum.

     "Business Day" means any day other than Saturday, Sunday or any other day
on which banks in Denver, Colorado are permitted or required to be closed by law
or any Governmental Authority.

     "Capital Lease Obligation" means, at the time any determination thereof is
to be made, the amount of the liability in respect of a capital lease that would
at that time be required to be capitalized on a balance sheet in accordance with
GAAP.

     "Capital Stock" means:

     (1)  in the case of a corporation, corporate stock;

     (2)  in the case of an association or business entity, any and all shares,
          interests, participations, rights or other equivalents (however
          designated) of corporate stock;

     (3)  in the case of a partnership or limited liability company, partnership
          or membership interests (whether general or limited); and

     (4)  any other interest or participation that confers on a Person the right
          to receive a share of the profits and losses of, or distributions of
          assets of, the issuing Person.

     "Cash Collateral and Disbursement Agreement" means the Cash Collateral and
Disbursement Agreement among the Company, the Trustee, Hyatt Gaming Management
Inc., the Construction Escrow Agent, the Independent Construction Consultant and
the Disbursement Agent in connection with the Black Hawk Casino.

     "Collateral Documents" means, collectively, the Deed of Trust to Public
Trustee, Security Agreement, Fixture Filing and Assignment of Rents, Leases and
Leasehold Interests by the Company to the Public Trustee of Gilpin, Colorado,
the Security Agreement by the Company in favor of the Trustee, the Assignments
of Patent, Trademark and Copyright made by the Company in favor of the Trustee,
the Collateral Assignments by the Company in favor of the Trustee, the Cash
Collateral and Disbursement Agreement, the Pledge and Assignment by the Company
in favor of the Trustee, the Manager Subordination Agreement, Uniform Commercial
Code financing statements and fixture filings, and any other agreements,

                                      -36-

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<PAGE>

instruments, documents, pledges or filings that evidence, set forth or limit the
Lien of the Trustee in the Collateral (as such terms are defined in the
Indenture).

     "Construction Disbursement Accounts" has the meaning set forth in the Cash
Collateral and Disbursement Agreement.

     "Construction Disbursement Budget" has the meaning set forth in the Cash
Collateral and Disbursement Agreement.

     "Construction Escrow Agent" means the construction escrow agent retained in
connection with the construction of the Black Hawk Casino, or any successor
construction escrow agent appointed by the Trustee pursuant to the terms of the
Cash Collateral and Disbursement Agreement.

     "Deed of Trust" has the meaning given in the introductory paragraph.
"Default" means any event that is, or with the passage of time or the giving of
notice or both would be, an Event of Default. "Disbursement Agent" means Norwest
Bank Minnesota, N.A., as disbursement agent.

     "Event of Default" shall have the meaning given in the Indenture.

     "FF&E" means furniture, fixtures or equipment used in the ordinary course
of the business of the Company and its Subsidiaries.

     "FF&E Financing" means the incurrence of Indebtedness, the proceeds of
which are utilized solely to finance or refinance the acquisition of (or entry
into a capital lease by the Company or a Subsidiary with respect to) FF&E.

     "Final Plans" with respect to any particular work or improvement means
Plans which (i) have received final approval from all governmental authorities
required to approve such Plans prior to completion of the work or improvements
and (ii) contain sufficient specificity to permit the completion of the work or
improvement.

     "GAAP" means generally accepted accounting principles set forth in the
opinions and pronouncements of the Accounting Principles Board of the American
Institute of Certified Public Accountants and statements and pronouncements of
the Financial Accounting Standards Board or in such other statements by such
other entity as have been approved by a significant segment of the accounting
profession, which are in effect from time to time.

     "Gaming Authority" means any agency, authority, board, bureau, commission,
department, office or instrumentality of any nature whatsoever of the United
States federal government, any foreign government, any state, province or city
or other political subdivision or otherwise, whether now or hereafter in
existence, including the Colorado Limited Gaming Commission and the Colorado
Division of Gaming, and any other applicable gaming regulatory authority with

                                      -37-

--------------------------------------------------------------------------------

<PAGE>

authority to regulate any gaming operation (or proposed gaming operation) owned,
managed or operated by the Company or any of its respective Subsidiaries.

     "Gaming License" means any license, permit, franchise or other
authorization from any Gaming Authority necessary on the date of the Indenture
or at any time thereafter to own, lease, operate or otherwise conduct the
business of the Company or any of its Wholly Owned Restricted Subsidiaries.

     "Governmental Authority" means any nation or government, any state,
municipality or other political subdivision thereof, and any entity exercising
executive, legislative, judicial, regulatory or administrative functions of or
pertaining to government, including without limitation the Colorado Division of
Gaming and the Colorado Limited Gaming Control Commission.

     "Guarantee" means a guarantee other than by endorsement of negotiable
instruments for collection in the ordinary course of business, direct or
indirect, in any manner including without limitation by way of a pledge of
assets or through letters of credit or reimbursement agreements in respect
thereof, of all or any part of any Indebtedness.

     "Holders" means the record holders from time to time of the Notes.

     "Indebtedness" means, with respect to any specified Person, any
indebtedness of such Person, whether or not contingent, in respect of:

     (1)  borrowed money;

     (2)  evidenced by bonds, notes, debentures or similar instruments or
          letters of credit (or reimbursement agreements in respect thereof);

     (3)  banker's acceptances;

     (4)  representing Capital Lease Obligations; or

     (5)  the balance deferred and unpaid of the purchase price of any property,
          except any such balance that constitutes an accrued expense or trade
          payable, if and to the extent any of the preceding items (other than
          letters of credit and Hedging Obligations) would appear as a liability
          upon a balance sheet of the specified Person prepared in accordance
          with GAAP. In addition, the term "Indebtedness" includes all
          Indebtedness of others secured by a Lien on any asset of the specified
          Person (whether or not such Indebtedness is assumed by the specified
          Person) and, to the extent not otherwise included, the Guarantee by
          the specified Person of any indebtedness of any other Person.

                                     -38-

--------------------------------------------------------------------------------

<PAGE>

     The amount of any Indebtedness outstanding as of any date shall be:

     (1)  the accreted value thereof, in the case of any Indebtedness issued
          with original issue discount; and

     (2)  the principal amount thereof, together with any interest thereon that
          is more than 30 days past due, in the case of any other Indebtedness.

     "Independent Construction Consultant" means the independent construction
consultant retained in connection with the construction of the Black Hawk
Casino, or any successor independent construction consultant appointed by the
Trustee pursuant to the terms of the Cash Collateral and Disbursement Agreement.

     "Lien" means, with respect to any asset, any mortgage, lien, pledge,
charge, security interest or encumbrance of any kind in respect of such asset,
whether or not filed, recorded or otherwise perfected under applicable law,
including any conditional sale or other title retention agreement, any lease in
the nature thereof, any option or other agreement to sell or give a security
interest in and any filing of or agreement to give any financing statement under
the Uniform Commercial Code (or equivalent statutes) of any jurisdiction.

     "Liquidated Damages" means all liquidated damages then owing pursuant to
the Registration Rights Agreement.

     "Liquor License" means any license, permit, franchise or other
authorization from any Liquor Licensing Authority necessary on the date of the
Indenture or at any time thereafter to own, lease, operate or otherwise conduct
the retail, restaurant or other entertainment facilities of the Company or any
of its Wholly Owned Restricted Subsidiaries in the manner described in the
Offering Memorandum.

     "Liquor Licensing Authority" means any agency, authority, board, bureau,
commission, department, office or instrumentality of any nature whatsoever of
the United States federal government, any foreign government, any state,
province or city or other political subdivision or otherwise, whether now or
hereafter in existence, including the Colorado Liquor Enforcement Division and
the City of Black Hawk Liquor Licensing Authority and any other applicable
liquor licensing regulatory authority with authority to regulate any Liquor
Licensed operation (or proposed Liquor Licensed operation) owned, managed or
operated by the Company or any of its respective Subsidiaries.

     "Manager Subordination Agreement" means the Subordination Non-Disturbance
and Attornment Agreement dated as of the date of the Indenture among the Company
and the Trustee.

     "Minimum Facilities" means, with respect to the Black Hawk Casino, a casino
which has in operation at least 1,200 slot machines and related amenities
(including a restaurant, a bar and an entertainment area) and has parking for at
least 800 vehicles.

     "Obligations" shall have the meaning attributed to it in Section 1.3.

                                      -39-

--------------------------------------------------------------------------------

<PAGE>

     "Offering Memorandum" means the Offering Memorandum of U.S. Bancorp Libra
dated March 14, 2000.

     "Operating" means, with respect to the Black Hawk Casino, the first time
that:

     (1)  all Gaming Licenses have been granted and have not been revoked or
          suspended;

     (2)  all Liens (other than Liens created by the Collateral Documents or
          Permitted Liens) related to the development, construction and
          equipping of, and beginning operations at, the Black Hawk Casino have
          been discharged or, if payment is not yet due or if such payment is
          contested in good faith by the Company, sufficient funds remain in the
          Construction Disbursement Account to discharge such Liens and the
          Company has taken any action (including the institution of legal
          proceedings) necessary to prevent the sale of any or all of the Black
          Hawk Casino or the real property on which the Black Hawk Casino will
          be constructed;

     (3)  the Independent Construction Consultant, the general contractor and
          the architect of the Black Hawk Casino shall deliver a certificate to
          the Trustee certifying that the Black Hawk Casino is substantially
          complete in all material respects in accordance with the Final Plans
          with respect to the Minimum Facilities and all applicable building and
          other laws, ordinances and regulations;

     (4)  the Black Hawk Casino is in a condition (including installation of
          furnishings, fixtures and equipment) to receive customers in the
          ordinary course of business;

     (5)  the Minimum Facilities are open to the general public and operating in
          accordance with applicable law;

     (6)  a permanent or temporary certificate of occupancy has been issued for
          the Black Hawk Casino by the appropriate governmental authorities; and

     (7)  a notice of completion of the Black Hawk Casino has been recorded.

     "Operating Deadline" means December 31, 2001.

     "Opinion of Counsel" means an opinion from legal counsel who is reasonably
acceptable to the Trustee, that meets the requirements of the Indenture. The
counsel may be an employee of or counsel to either the Issuers or the Trustee.

     "Permitted Dispositions" means the sale, transfer, lease or other
disposition of assets in the Trust Property, in the ordinary course of business,
of inventory held in the ordinary course of business and other sales, transfers,
or other dispositions of assets in the Trust Property in the ordinary course of
business; provided that all provisions of the Indenture are complied with.

                                      -40-

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<PAGE>

     "Permitted Liens" means:

     (1)  Liens on property of a Person existing at the time such Person is
          merged into or consolidated with the Company or any [Wholly Owned
          Restricted Subsidiary] of the Company; provided that such Liens were
          in existence prior to the contemplation of such merger or
          consolidation and do not extend to any assets other than those of the
          Person merged into or consolidated with the Company or any Wholly
          Owned Restricted Subsidiary;

     (2)  Liens on property existing at the time of acquisition thereof by the
          Company or any [Wholly Owned Restricted Subsidiary] of the Company
          (other than materials, supplies or FF&E acquired in connection with
          developing, constructing or equipping of, or commencing operations at,
          the Black Hawk Casino), provided that such Liens were in existence
          prior to the contemplation of such acquisition;

     (3)  Liens existing on the date of the Indenture and previously disclosed
          to the Trustee in writing;

     (4)  statutory Liens of landlords and carriers, warehousemen, mechanics,
          suppliers, materialmen, repairmen or other like Liens arising in the
          ordinary course of business and with respect to amounts not yet
          delinquent or being contested in good faith by an appropriate process
          of law; provided that (a) a reserve or other appropriate provision as
          shall be required by GAAP shall have been made therefor and (b) with
          respect to such Liens arising in connection with the Black Hawk
          Casino, the Company has obtained any title insurance endorsements
          required by, and has otherwise complied with the provisions relating
          thereto contained in, the Cash Collateral and Disbursement Agreement;

     (5)  Liens for taxes, assessments or governmental charges or claims that
          are not yet delinquent or that are being contested in good faith by
          appropriate proceedings promptly instituted and diligently concluded;
          provided that any reserve or other appropriate provision as shall be
          required in conformity with GAAP shall have been made therefor;

     (6)  Liens securing obligations in respect of the Indenture or the Notes;

     (7)  Liens on FF&E to secure Indebtedness permitted by the Indenture;

     (8)  pledges or deposits in the ordinary course of business to secure lease
          obligations or nondelinquent obligations under workers' compensation,
          unemployment insurance or similar legislation; and

     (9)  easements, rights-of-way, restrictions, minor defects or
          irregularities in title and other similar charges or encumbrances not
          interfering in any material respect with the business or assets of the
          Company or any Subsidiary incurred in the ordinary course of business.

                                      -41-

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<PAGE>

     "Person" means any individual, corporation, partnership, joint venture,
association, joint-stock company, trust, unincorporated organization, limited
liability company or government or other entity.

     "Plans" means the plans, specifications, working drawings, change orders,
correspondence and related items that collectively:

     (1)  provide for and detail the manner of development, construction and
          equipping of the Black Hawk Casino;

     (2)  call for construction which will permit the Black Hawk Casino to be
          Operating on or prior to the Operating Deadline;

     (3)  call for construction which will cause the Black Hawk Casino to be
          Operating for a total cost consistent with its Construction
          Disbursement Budget (as defined in the Cash Collateral and
          Disbursement Agreement) and the line items set forth therein;

     (4)  to the extent such Plans are amended, in the reasonable, professional
          judgment of the Independent Construction Consultant, continue to
          represent a logical evolution consistent with previous Plans; and

     (5)  together with any amendments, are consistent with the description of
          the Black Hawk Casino contained in the Offering Circular, and are
          consistent with all governmental approvals and requirements, including
          without limitation the Black Hawk Building Department, Historical
          Architecture Review Commission and Gaming Authorities.

     "Project" means the Black Hawk Casino as described in the Offering
Memorandum, as the Plans may be amended pursuant to the Collateral Documents and
the Indenture, but excluding the Excluded Assets defined in Section 1.

     "Subsidiary" means, with respect to any specified Person:

     (1)  any corporation, association or other business entity of which more
          than 50% of the total voting power of shares of Capital Stock entitled
          (without regard to the occurrence of any contingency) to vote in the
          election of directors, managers or trustees thereof is at the time
          owned or controlled, directly or indirectly, by such Person or one or
          more of the other Subsidiaries of that Person (or a combination
          thereof); and

     (2)  any partnership (a) the sole general partner or the managing general
          partner of which is such Person or a Subsidiary of such Person or (b)
          the only general partners of which are such Person or one or more
          Subsidiaries of such Person (or any combination thereof).

     "Wholly Owned Restricted Subsidiary" of any specified Person means a
Restricted Subsidiary of such Person all of the outstanding Capital Stock or
other ownership interests of which (other than directors' qualifying shares)

                                      -42-

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<PAGE>

shall at the time be owned by such Person or by one or more Wholly Owned
Subsidiaries of such Person and one or more Wholly Owned Restricted Subsidiaries
of such Person.

                                   * * * * *

                                      -43-

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<PAGE>

                                     ANNEX B
             (Attached to and forming a part of the Deed of Trust to
        Public Trustee, Security Agreement, Fixture Filing and Assignment
   of Rents, Leases and Leasehold Interests, dated as of March 14, 2000 to the
             Public Trustee of the County of Gilpin, Colorado, from
          Windsor Woodmont Black Hawk Resort Corp., for the benefit of
                           SunTrust Bank, as Trustee)

                                NOTICE PROVISION
                                ----------------

     All notices, requests, demands and other communications (each, a "Notice")
required to be provided to the Contracting Party or the Trustee pursuant to this
Consent shall be in writing and shall be delivered (i) in person, (ii) by
certified U.S. mail, with postage prepaid and return receipt requested, or (iii)
by overnight courier service at the following address:

                  If to the Trustor:
                  -----------------

                  Windsor Woodmont Black Hawk Resort Corp.
                  2231 Valdina Street
                  Dallas, Texas 75207
                  Attn: Mr. Daniel Robinowitz
                  Facsimile No.: (214) 630-1261

                  If to the Trustee:
                  -----------------

                  Gilpin County Public Trustee
                  P.O. Box 368
                  Central City, Colorado 80427
                  Attn: Public Trustee
                  Facsimile No.: (303) 582-3086

                  If to the Beneficiary:
                  ---------------------

                  SunTrust Bank
                  225 East Robinson Street, Suite 250
                  Orlando, Florida 32801
                  Attn: Ms. Deborah L. Moreyra
                  Facsimile No.: (407) 237-5299

     All Notices sent by any party hereto shall be deemed to have been received
by the party to whom such Notice is sent upon (i) delivery to the address of the
recipient party, provided that such delivery is made prior to 5:00 p.m. (local
time for the recipient party) on a Business Day, otherwise the following
Business Day, or (ii) the attempted delivery of such Notice if (A) such

                                      -44-

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<PAGE>

recipient party refuses delivery of such Notice, or (B) such recipient party is
no longer at such address, and such recipient party failed to provide the
sending party with its current address pursuant to this Annex B. A party shall
have the right to change their respective address for the purposes of this Annex
B by providing a Notice of such change in address as required under this Annex
B.

                                    * * * * *

                                      -45-

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