Document:

Exhibit 10.4(A)

 

AGREEMENT

 

The parties hereto,
Greenville Yacht Club and Cotton Club of Greenville, Inc., hereby mutually
agree as follows:

 

1. By letter
agreement dated December 29, 1992, the parties agreed that the $50,000
previously paid by the Cotton Club as consideration for an option would become
unconditionally the Yacht Club’s property and that the remaining $250,000
(applicable to the first year’s dockage fees) would be conditioned upon the
Cotton Club of Greenville, Inc. fully obtaining all necessary permits from
the United States Corps of Engineers, and that should Cotton Club of Greenville, Inc.
be unsuccessful in obtaining any such permits that the remaining $250,000 would
be refunded and that the Dockage Agreement between the parties would become
null and void and of no further effect.

 

2. Also on December 29,
1992, Matthew B. Walker, as President of the Cotton Club of Greenville, Inc.
executed three promissory notes evidencing the terms of payment of the
remaining $250,000.

 

3. The parties hereto
amend their agreement (including the promissory note dated December 27,
1992, requiring payment of $83,333.33 plus interest on April 1, 1993)
regarding the payment of the remaining $250,000 as follows:

 

a. The sum of $83,333.34
plus interest which was due and payable on January 9, 1993, and which was
in fact paid on January 9, 1993, is unconditionally the property of the
Greenville Yacht Club, and specifically is not conditioned in any way upon the
acquisition of the requisite Corps of Engineers permits, or anything else for
that matter; and

 

 

b. Payment of the second
$83,333.33 plus interest accrued through April 1, 1993, which was to be
due and payable on April 1, 1993, shall not be due and payable until July 1,
1993, the same time at which the third payment of $83,333.33 shall be due and
payable; and

 

c. The parties agree to
suspend the accrual of interest from April 1, 1993, up through and
including July 1, 1993, on that promissory note dated December 29,
1992 that was previously due and payable on April 1, 1993.

 

4. In all other
respects the agreement between the parties regarding the interest rates payable
on the notes and the other terms embodied in the notes themselves will remain
in full force and effect. Additionally, the retention of the remaining
$166,666.66 of the first year’s dockage fees, as well as the dockage agreement
itself, will remain contingent upon the acquisition by the Cotton Club of
Greenville, Inc. in obtaining its necessary United States Corps of
Engineers permits as originally set forth in the letter of December 29,
1992.

 

AGREED, this 2 day
of April, 1993.

 

	
   

  	
  COTTON CLUB OF
  GREENVILLE, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ [ILLEGIBLE]

  
	
  Date: 4-2-93

  	
   

  
	
   

  	
   

  
	
   

  	
  GREENVILLE YACHT CLUB

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ [ILLEGIBLE]

  
	
  Date: 4-2-93

  	
   

  

 

2Exhibit 10.4(B)

 

SECOND
AMENDMENT TO DOCKAGE AGREEMENT

 

THIS
SECOND AMENDMENT TO DOCKAGE AGREEMENT (“Amendment”) is made and entered into on this, the
27th day of July, 1995, by and between THE
GREENVILLE YACHT CLUB, a Mississippi corporation (hereinafter “Yacht
Club”), and COTTON CLUB OF GREENVILLE, INC.,
d/b/a COTTON CLUB CASINO, a
Mississippi corporation (hereinafter “Cotton Club”).

 

WITNESSETH:

 

WHEREAS, on or about December 29, 1992 the
Yacht Club and Cotton Club entered into that certain Dockage Agreement
(hereinafter “Original Agreement”);
and

 

WHEREAS, on or about April 2, 1993, the
Yacht Club and Cotton Club amended the Original Agreement to modify its terms
governing payment of the initial dockage fee (for the year 1993); and

 

WHEREAS, the Yacht Club and Cotton Club desire
to amend further the Original Agreement and to resolve certain differences
which have arisen between them, all as set forth herein.

 

NOW,
THEREFORE, in
consideration of the premises and the respective mutual agreements, covenants,
representations and warranties contained herein and in the Original Agreement,
the sufficiency of which is hereby acknowledged, the Original Agreement is
further modified, altered and changed in the following respects only, and the
parties agree as follows:

 

1. The provision in Section 7
of the Original Agreement requiring Cotton Club to make annual payments is
changed to provide for payment of the dockage fees in consecutive, equal
monthly installments, to be paid together with: (a) Mississippi sales tax on
those fees at the applicable rate; and (b) interest on the unpaid balance
of that year’s dockage fee at a rate initially equal to that paid to Planters
Bank & Trust Company by the Yacht Club for the

 

 

duration of the Yacht
Club’s current indebtedness to that bank, and thereafter at a rate equal to one
percent (1%) over the prime loan rate announced by Planters Bank from time to
time. Such monthly installments shall be paid on the 9th day of each month. The
Yacht Club acknowledges that Cotton Club has paid it all monthly dockage fees,
interest and sales tax through July, 1995, and the parties agree that Cotton
Club shall begin making the monthly payments provided for above on August 9,
1995, and continuing through the primary and any extended term of the Original
Agreement, subject to Cotton Club’s rights to terminate. In the event Cotton
Club exercises its right to terminate in accordance With Section 3(b) of
the Original Agreement, that termination shall not relieve or otherwise effect
Cotton Club’s obligation to pay the balance of that year’s dockage fee, sales
tax and interest in the amounts and on the dates set forth above. The “full
dockage fee for the next succeeding year” which Cotton Club shall be obligated
to pay in the event of such termination shall be the then annual dockage fee
set forth in ¶ 7 of the Original Agreement, which sum shall be paid in a lump
sum (and not in monthly payments) in advance on or before the 29th day of December in
the year in which Cotton Club gives its written notice of termination;
provided, however, Cotton Club shall not be obligated to pay any portion of the
Mississippi sales tax on that dockage fee.

 

2. In addition to
the payments provided for in Section 7 of the Original Agreement, as
amended herein, Cotton Club agrees that it shall pay to the Yacht Club the sum
of $1,750.00 per month, on the 9th day of each month, beginning on August 9,
1995, and ending on December 9, 1995, said payment representing the
balance of one-half of the Mississippi sales tax due on the dockage fees paid
by Cotton Club to the Yacht Club during 1993 and 1994.

 

3. In addition to
the payments provided for in the Original Agreement, as amended herein, Cotton
Club agrees that it shall pay the Yacht Club the sum of One Hundred Thousand
and No/100 Dollars ($100,000) for a full, final and complete release of any
claims (a) of ownership that Yacht Club may have on the barge presently
used by Cotton Club to provide

 

2

 

ingress and egress to
Cotton Club and the Yacht Club and (b) for damages to Yacht Club’s piers,
gangways, anchors, vessels, cables, etc., resulting from adjustments to the
parties’ mooring cable (s) and/or anchor(s). That sum of $100,000.00 shall
be paid as follows: the sum of Fifty Thousand and No/100 Dollars ($50,000.00)
in cash on November 1, 1995; beginning December 9, 1995, and
continuing on the ninth day of each month thereafter, through and including September 9,
1996, the sum of Five Thousand and No/100 Dollars ($5,000.00) in cash. The
Yacht Club agrees that upon payment of that sum of $100,000.00 by Cotton Club
all such claims of Yacht Club to ownership of the barge (including its cables,
gangway, etc., and any fixtures thereon) and for damages to its piers,
gangways, etc., shall be deemed to be released and discharged, end Yacht Club
shall execute any and all documents to further effectuate and/or document such
release.

 

4. Effective upon
payment of the aforesaid sum of $100,000.00, Section 18 of the Original
Agreement shall be deemed to be amended to read as follows:

 

This Agreement entitles
Cotton Club to dock no more than one (1) gaming casino at the location
contemplated by this Agreement. However, Cotton Club shall be permitted to
furnish and position one or more additional vessels across the front of Cotton
Club’s and Yacht Club’s vessels for use in boarding those vessels. Yacht Club
makes no claim of ownership over, on, in or to either Cotton Club’s gaming
casino or its barge.

 

5. In the event the
payments set forth in ¶ ¶ 1, 2 and 3 above are not paid when due, and that
failure to pay shall continue for ten (10) days after Yacht Club
simultaneously (a) mails by certified or registered mail and (b) transmits
via facsimile, to Cotton Club and to its attorneys (to the addresses and fax
numbers set forth in ¶ 8 below) written notice of such failure to pay, then
Yacht Club may invoke the default remedies under ¶ 19 of the Original
Agreement; and, in addition, a late penalty shall be assessed thereafter as
follows: $35.00 for the first day, or portion thereof; $60.00 for the second
day, or portion thereof; $80.00 for the third day, or portion thereof; $125.00
for the fourth day, or portion thereof, $150.00 for the fifth day, or portion
thereof; and $500.00 for the sixth and each subsequent day, or portion thereof.

 

3

 

6. The last sentence
of the first paragraph of Section 13 of the Original Agreement is deleted,
and the following inserted in lieu thereof:

 

Cotton Club agrees that
on or before the end of the term of the Original Agreement and any renewals or
extensions thereof, it shall provide the Yacht Club with ingress and egress
comparable to that utilized by the Yacht Club prior to Cotton Club’s dockage of
its vessel.

 

7. Yacht Club hereby
waives and/or forgives any default by Cotton Club under the Original Agreement
through and including the date of this Amendment and, likewise, the release of
Yacht Club’s claims for damages to its piers, etc., set forth in ¶ 3 above, is
limited to actions and conduct occurring prior to this Amendment.

 

8. The substance
(but not the title) of Section 28 of the Original Agreement is deleted and
the following inserted in lieu thereof: Except as otherwise expressly provided,
all notices and other communications provided for hereunder shall be in writing
(including telegraphic, telex, telecopier or cable communication) and mailed,
telegraphed, telexed, telecopied, cabled or delivered:

 

	
  If to Yacht
  Club:

  	
  Greenville
  Yacht Club

  
	
   

  	
  P.
  O. Box 417

  
	
   

  	
  Greenville,
  MS 38702-0417

  
	
   

  	
  Attention:
  J. T. Hall, Commodore

  
	
   

  	
   

  
	
  with copies to:

  	
  C.
  W. Walker, III

  
	
   

  	
  Lake,
  Tindall & Thackston

  
	
   

  	
  P.
  O. Box 918

  
	
   

  	
  Greenville,
  MS 38702-0918

  
	
   

  	
  Fax:
  (601) 378-2183

  
	
   

  	
   

  
	
  If to Cotton
  Club:

  	
  Cotton
  Club of Greenville, Inc.

  
	
   

  	
  P.
  O. Box 1777

  
	
   

  	
  Greenville,
  MS 38702-1777

  
	
   

  	
  Attention:
  Mike Howard, CEO

  
	
  Fax: (601) 378-8953

  	
   

  

 

4

 

	
  with copies to:

  	
  Roy
  D. Campbell, III

  
	
   

  	
  Campbell,
  Delong, Hagwood & Wade

  
	
   

  	
  P.
  O. Box 1856

  
	
   

  	
  Greenville,
  MS 38702-1856

  
	
   

  	
  Fax:
  (601) 334-6407

  

 

or, as to Yacht Club or
Cotton Club, at such other address as shall be designated by such party in a
written notice to the other party hereto. All such notices and communications
addressed to Yacht Club or Cotton Club shall, if sent through the United States
Mail, be effective when deposited in the United States Mail, or, if sent by
telegraph, telex, telecopy or cable or overnight courier, be effective when so
telegraphed, telexed, telecopied, cabled, or delivered to overnight courier,
or, if sent by hand-delivery, be effective on the same day so sent.

 

9. Cotton Club and
the Yacht Club agree that, except as specifically modified and amended as set
forth in this Amendment, the Original Agreement shall remain in full force and
effect. They further agree that, except as expressly stated herein, the
amendments and agreements stated herein shall take effect immediately.

 

10. This Amendment
may be executed in multiple originals. This document likewise may be executed
in multiple counterparts which when taken together shall constitute a single
agreement.

 

IN
WITNESS WHEREOF
the parties have executed this Amendment as of the day and year first above
written.

 

	
   

  	
  COTTON CLUB OF
  GREENVILLE, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mike Howard

  
	
   

  	
   

  	
  Mike Howard, CEO

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  THE GREENVILLE YACHT
  CLUB

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ J. T. Hall

  
	
   

  	
   

  	
  J. T.
  Hall, Commodore

  

 

5

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