Document:

Exhibit 10.1

 

CONFIDENTIAL TREATMENT
REQUESTED BY POSTER FINANCIAL GROUP, INC. (CIK:0001278868)

 

LEASE AGREEMENT

 

LEASE
SUMMARY UPON EXECUTION

 

1.               Casino:        GNLV, CORP., dba Golden
Nugget Hotel & Casino, 129 Fremont Street, Las Vegas, NV 89101.

 

2.               Premises/Property: 
                                      That portion of a “right-of-way” consisting of
Three Thousand Three Hundred Seventy-five (3,375), to be vacated and more
specifically defined in attached Exhibit “A,” located at 25 Fremont
Street, Las Vegas, Nevada 89101.

 

3.               Term of Lease:                                                                  Thirty-Five (35) Lease Years (as hereinafter
defined) commencing on the Rent Commencement Date (as hereinafter defined) and
expiring on the Term Expiration Date (as hereinafter defined), unless this
Lease is terminated earlier as elsewhere provided herein.

 

4.               Rent Commencement Date:                                                 Shall be the first (1st) day of the
first (1st) month following the approval of vacation of the Property
by the City of Las Vegas, Fremont Street Experience, LLC, and any and all
necessary Governmental Agencies, and Public Utilities.

 

5.               Extension Option(s):                                   Four (4) options of Sixteen (16) Lease Years each.

 

6.               Options to Purchase:                                Lessee may purchase the Property on the Term
Expiration Date, or on the expiration of any Renewal.

 

7.               Utility Services: 
Payable by Lessee.

 

8.               Permitted Use: 
Any Legal Use including all current and/or future rights to all
easements, right of ways, street, and vacated right of ways, whether
terrain/subterranean and/or air rights.

 

9.               Guarantor:                                    None

 

10.         Taxes:               Lessee pays all
real property taxes.

 

11.         Improvements:                 Lessee shall be
afforded uninhibited discretion in the construction of any new structure
including signage, all of which Lessee will bear associated costs.

 

12.         Condition Precedent:                                Lease
is contingent upon the approval of the City of Las Vegas, Fremont Street
Experience, LLC, and any and all necessary Governmental Agencies.  Lessor shall specifically execute any such
documentation as may be necessary and cooperate with Lessee in obtaining the
instant and desired vacation of right-of-way of Premises.

 

 

13.         Addresses:

 

Lessor:                                                                                                                                 Mr. Abraham Schiff

25 Fremont Street

Las
Vegas, NV 89101.

 

Lessee:                                                                                                                                GNLV, Corp., dba Golden Nugget Hotel &
Casino

c/o
Joanne Beckett, ESQ.

Senior
Vice President/General Counsel

The Golden
Nugget Hotel & Casino

129 Fremont
Street

Las Vegas, NV 89101

 

 

CONFIDENTIAL TREATMENT
REQUESTED BY POSTER FINANCIAL GROUP, INC. (CIK:0001278868)

 

                                                THIS LEASE AGREEMENT (the “Lease”) is entered into
this date by and between Abraham Schiff,
an individual (the “Lessor”), and GNLV, CORP., dba Golden Nugget Hotel
& Casino (the “Lessee”).

 

                                                In consideration of the covenants, agreements, and
stipulations herein contained on the part of the Lessee to be paid, kept, and
faithfully performed, the Lessor does hereby lease, demise, and let unto the
Lessee certain real property situated in the City of Las Vegas, County of
Clark, State of Nevada (the “Property” or the “Premises”), described in Exhibit
“A”.

 

WHEREAS: The Lessor will provide the Three
Thousand Seventy-five (3,375), square/feet of real property described in
Exhibit A, Las Vegas, Nevada 89101, to the
Lessee for its commercial use.

 

WHEREAS: The Lessor, through this Lease, grants
the Lessee the right of first refusal to purchase the Property during the
entire term of the Lease, which the Lessor desires to accept, at any time that
a bona fide purchase offer is made on the Property.

 

WHEREAS: The Lessor, through this Lease, grants
the Lessee an option to purchase the Property upon the completion of the Term
of this Lease.

 

WHEREAS: The Lessee hereby accepts this Lease and agrees to pay to the
Lessor the Fixed Minimum Rent stated below for the Term of this Lease in the
manner detailed in this Lease, only upon the condition that an appropriate
vacation is approved and obtained on the Property within two (2) years from the
date of this Lease.

 

In consideration of the leasing of the Property
and of the mutual agreements contained herein, each Party does hereby expressly
covenant and agree to and with the other, as follows:

 

 

ARTICLE I

 

DESCRIPTION OF PROPERTY

 

Section 1.1.                                   The
leased property consists of certain real
property comprising Three Thousand Seventy-five (3,375), square/feet of
real property located at 25 Fremont Street,
Las Vegas, Nevada 89101, and more fully described in Exhibit “A”.

 

 

ARTICLE II

 

TERM

 

Section 2.1.                                   The
Term on this Lease shall be for a period of Thirty-Five
(35) years commencing on the Rent Commencement Date and expiring on the Term
Expiration Date.

 

 

CONFIDENTIAL TREATMENT
REQUESTED BY POSTER FINANCIAL GROUP, INC. (CIK:0001278868)

 

Section 2.2.                                   The Rent Commencement Date shall be the first (1st)
day of the first (1st) month following the approval of a vacation
of the Property by the City of Las Vegas, Fremont Street Experience, L.L.C.,
and any and all necessary Governmental Agencies, and Public Utilities.

 

Section 2.3.                                   The
Lessee shall be granted Four (4) consecutive Sixteen (16) year options to renew
the Lease pursuant to the terms and conditions of the Lease.

 

Section 2.4.                                   Immediately following approval of a vacation of
the Property by the City of Las Vegas, Fremont Street Experience, L.L.C., and
any and all necessary Governmental Agencies and Public Utilities, Lessor shall
deliver the Premises to Lessee.  From the
date Lessor delivers possession of the Premises to Lessee until the Rent
Commencement Date, Lessee shall observe and perform all obligations of Lessee
hereunder other than payment of Fixed Minimum Rent.

 

Section 2.5.                                   Expiration
of the Term.

 

(a)  This Lease shall expire at the end of the
Term or any exercised options thereof without the necessity of any notice from
either Lessor or Lessee.  The Lessee
hereby waives notice to vacate or quit the Premises and agrees that Lessor
shall be entitled to the benefit of all provisions under this Lease respecting the
summary recovery of possession of the Premises from Lessee holding over to the
same extent as if statutory notice had been given.

 

(b)  Lessee shall have no right to quit the
Premises, cease to operate its business, cancel or terminate this Lease except
as such right is expressly granted to Lessee herein.

 

Section  2.6.                                Holding
Over.  If, at the expiration of the
Term, Lessee continues to occupy the Premises with or without Lessor’s consent,
its tenancy shall become month-to-month. Lessee shall be subject to all the
conditions of this Lease excepting the Term thereof and Lessee’s obligation to
pay hold-over rent equal to one hundred twenty percent (120%) of the monthly
Fixed Minimum Rent (as adjusted yearly pursuant to Section 3.1) payable by
Lessee immediately prior to expiration of the Term.

 

 

ARTICLE III

 

RENT

 

Section 3.1. Rent.

 

                                                (a) Commencing on the Rent Commencement Date, and
for the duration of the Lease Term, the Lessee agrees to pay the Lessor Rent on
the first day of each and every calendar month thereafter. The Rent shall be [CONFIDENTIAL](1) during the first year of the Lease Term
and shall increase each year thereafter by Three Percent (3%).  In this regard, the Three Percent (3%) Rental
Increase shall be compounded yearly as defined in Exhibit “B”.

 

(1)                                  Confidential
Treatment has been requested for the redacted portion.  The confidential, redacted portions have been
filed separately with the Securities and Exchange Commission.

 

 

CONFIDENTIAL TREATMENT
REQUESTED BY POSTER FINANCIAL GROUP, INC. (CIK:0001278868)

 

If Lessee exercises any of the Renewal Options
provided herein, the Rental Rate shall continue to increase at Three Percent
(3%) per year (again, compounded).

 

Section 3.2.                                   Late Charges and Rent Taxes.

 

                                                (a) Notwithstanding anything in this Lease to the
contrary, if Lessee fails to pay any Rents or any other sum due and owing
Lessor within ten (10) days following the due date of said Rents, then Lessee
shall pay a late charge of the greater of (i) ten percent (10%) of the amount due,
or (ii) two percent (2%) of the amount due per month from the due date thereof.

 

                                                (b) Should any governmental taxing authority
acting under any present or future law, ordinance, or regulation, levy, assess,
or impose a tax, excise and/or assessment (other than an income or franchise
tax upon Lessor’s net income) upon Lessor with respect to Rents payable by
Lessee to Lessor, either by way of substitution for or in addition to any
existing tax on land and buildings or otherwise, Lessee shall be responsible for
and shall pay such tax, excise and/or assessment, or shall reimburse Lessor for
the amount thereof, as the case may be.

 

                                                (c) Commencing on the Rent Commencement Date and
continuing thereafter throughout the Term of this Lease, Lessee agrees to pay
Lessor, on demand, as additional rent (this obligation, together with all other
items characterized as additional rent shall hereinafter be sometimes
collectively referred to as “Additional Rent”), the annual Real Estate Taxes
attributable to the Premises, to be due and payable as billed by Lessor.  The term “Real Estate Taxes” shall mean and
include all real estate taxes, assessments, and other governmental impositions
and charges of every kind and nature whatsoever extraordinarily as well as
ordinary foreseen and unforeseen.  “Real
Estate Taxes” shall not include income taxes, estate, gift, franchise, or other
similar taxes, nor shall any overhead or profit be included.

 

                                                (d) This Lease shall be construed, for all
purposes, as a triple net lease and Lessee shall be responsible for the payment
of all costs, expenses and charges arising out of, or otherwise incurred in
connection with, the ownership, occupancy, operation or use of the Premises. It
is the intention of the parties hereto that Lessee shall pay, in addition to
the Fixed Minimum Rent and the Additional Rent, the cost of all utility
services as set forth in this Lease; all insurance premiums including fire,
extended coverage and liability insurance premiums for the Premises real estate
taxes and assessments for the Premises; the cost of all repairs and
replacements to the Premises; and all other charges and expenses incident to
and relating to the Premises.

 

 

ARTICLE IV

 

OPTION TO PURCHASE

 

Section 4.1.                                   At the completion of the
Term (35 Years), or upon the completion of any renewal period (16 Years), the
Lessee shall have the right to purchase the Property from the Lessor at
a price equal to the fair market value of the of the land in its unimproved
condition.

 

 

CONFIDENTIAL
TREATMENT REQUESTED BY POSTER FINANCIAL GROUP, INC. (CIK:0001278868)

 

Section
4.2.                                   Fair
market value for sale of the Premises by Lessor to Lessee shall be determined
by the mean average of the two (2) M.A.I. Appraisers.  Such Appraisers shall be selected by Lessor
and paid by  Lessee.

 

Section 4.3.                                   The
Lessee shall notify the Lessor within Thirty (30) days that it is exercising
its right to purchase the property at a price equal to the fair market value of
the land in its unimproved condition.

 

Section 4.4.                                   Upon Lessee’s election
to exercise the option, and
determination of the purchase price by the appraisers, the Lessee shall pay the
purchase price to the Lessor within thirty
(30) days following the determination of the purchase price.

 

Section 4.5.                                   The Lessor shall
transfer fee title to the Lessee by grant, bargain and sale deed free and clear of
all liens and encumbrances other than those agreed to in writing by the Lessee in its sole discretion.

 

 

ARTICLE V

 

RIGHT OF FIRST REFUSAL

 

Section 5.1.                                   Except
as specifically provided herein, the Lessor shall not voluntarily sell,
transfer, assign, or otherwise dispose of all or any part of the Property
without first offering to sell the Property to the Lessee.  The Lessor shall notify the Lessee in writing
that it has received a bona fide written offer to purchase the Property.

 

Section 5.2.                                   Within
thirty (30) days after receipt of the written offer by the Lessee, the Lessee
may purchase the Property on the terms set forth in the bona fide offer
received by the Lessor.

 

Section 5.3.                                   Within
five (5) days of the Lessee’s failure to exercise its right of first refusal,
the Lessor will notify the Lessee in writing that it has failed to exercise its
right, and that the Lessor agrees to sell the Property to the party that
presented the bona fide offer to purchase the Property

 

Section 5.4                                      Lessor
shall have no obligation to notify Lessee, and Lessee shall have no Right of
First Refusal if Lessor transfers the Property to a family member, a
family-owned business entity, a trust or by or through a testamentary
instrument.

 

Section  5.5.                                Upon the bankruptcy of
the Lessor, the Lessee shall have the right to purchase the Property at a price
equal to the fair market value of the land in its unimproved condition.

 

                                                (a)                                  Fair market value for
sale of the Premises by Lessor to Lessee shall be determined by the mean
average of the two (2) M.A.I. Appraisers. 
Such Appraisers shall be selected by the appointed Bankruptcy Trustee
and the Lessee.  All selected Appraisers
shall be paid by the

 

 

CONFIDENTIAL TREATMENT
REQUESTED BY POSTER FINANCIAL GROUP, INC. (CIK:0001278868)

 Lessee.

 

 

                                                (b)                                 In the event that
suitable Appraiser cannot be selected, either the Bankruptcy Trustee or the Lessee may
apply to the Eighth Judicial
District Court, State of Nevada, for appointment of an arbitrator/appraiser, pursuant to the provisions of NRS 38.226.

 

                                                (c)                                  Upon Lessee’s election
to exercise its right to purchase the Property, and determination of the purchase price by the appraiser, the Lessee
shall pay the purchase price to the Lessor,
or as designated by the Bankruptcy Trustee, within thirty (30) days following
the determination of the purchase
price.

 

                                                (d)                                 Title to the Property
shall be transferred to the Lessee by grant, bargain and sale deed free and clear of
all liens and encumbrances other than those agreed to in writing by the Lessee in its sole discretion.

 

                                                (e)                                  The Lessee shall have sixty (60) days from the filing
of bankruptcy to exercise its right to purchase the Property.

 

Section 5.5.                                   Upon
the bankruptcy of the Lessee, the Lessor shall have the right to sell the
Property at a price equal to the fair market value of the land in its
unimproved condition.  Fair market value
shall be determined by the mean average of the two (2) M.A.I. Appraisers.  Such Appraisers shall be selected and paid,
one (1) each, by both the Lessor and Lessee.

 

ARTICLE
VI

 

 IMPROVEMENTS

 

Section 6.1 - Lessor’s Responsibilities.

 

                                                Intentionally omitted.

 

Section 6.2 - Lessee’s Responsibilities.  The Lessee, at its own cost and expense,
shall do the following:

 

(a) Secure all permits and
licenses necessary for the construction of any of its installations and the
prosecution of its work, and Lessee shall comply with all Requirements relating
to the conduct of said work.

 

(b) Construct the Premises and installations therein
and construct the balance of the leasehold improvements necessary to enable
Lessee to occupy the Premises in a good and workmanlike manner and in
compliance with all Requirements pertaining to the Premises or Lessee’s use
thereof.

 

(c) Lessee shall have the unfettered discretion and
right to construct any building, real property improvement and other structures
on, above, and /or under the Premises and to alter,

 

 

CONFIDENTIAL TREATMENT
REQUESTED BY POSTER FINANCIAL GROUP, INC. (CIK:0001278868)

 

improve, demolish,
repair, etc., the same.  Such buildings
and other structures may consist of one or more stories, even a high rise
building(s) if desired, which may but need not be related to and part of any
buildings or other structure(s) which Lessee may construct, own or lease on the
Premises or on or about adjoining land.

 

(d)    If at
some point during the Term of this Lease or during the Term of any Renewal
Option Period provided herein, Lessee acquires control (by purchase, lease, acquisition
of an owning entity, etc.) of the real property located at the following
addresses:

 

(i)                                     132
South 1st Street, Las Vegas Nevada (APN: 139-34-111-044);

(ii)                                  128
South 1st Street, Las Vegas, Nevada (APN: 139-34-111-043);

(iii)                               126
South 1st Street, Las Vegas, Nevada (APN: 139-34-111-042);

(iv)                              124
South 1st Street, Las Vegas, Nevada (APN: 139-34-111-041); and

(v)                                 116
South 1st Street, Las Vegas, Nevada (APN: 139-34-111-040),

 

  Lessor shall have the right, at its sole
expense, to seek to have the real property comprising the ten foot “strip”
immediately adjacent to the Leasehold Premises (running between Lessor’s store
located at 25 Fremont Street, Las Vegas Nevada (APN: 139-34-111-038) and the
Leasehold Premises as described in Exhibit A hereto), vacated to allow Lessor
to expand its Store to the west.  Lessee
represents and warrants that not only will it voice no objection to the
proposed vacation, but that it will take any and all steps necessary to assist Lessor
in obtaining the vacation.

 

ARTICLE VII

 

USE OF PROPERTY

 

Section 7.1 - Manner of Operation of Business.

 

                                                (a) The Lessee shall obtain all necessary licenses
from any and all governmental authorities and shall be licensed and qualified
under all applicable laws.

 

                                                (b) The Lessee assumes full responsibility, at its
own cost, to keep and maintain the Property neat, clean, in proper repair and
order, and shall not commit waste or permit a nuisance on the Property.

 

                                                (c) The Lessee agrees that it will collect any applicable casino
entertainment tax (“CET”) associated with the sale of merchandise from the
Property and will pay the same to the taxing authority on a timely basis, or if
not permitted to pay the same directly, shall remit the CET due to Lessor no later than the 10th day of the month following
the month in which the taxable sales occurred. Lessee shall make all documents containing information relative to the
computation of the CET available for inspection upon notice by representatives
of Lessor and the Gaming Authorities. This obligation
shall continue beyond the expiration or sooner termination of this lease. Lessee shall be liable for any and all CET, interest and
penalties found to be payable in connection with the rendering of services or
sale of merchandise from the Property as a result of understated

 

 

CONFIDENTIAL
TREATMENT REQUESTED BY POSTER FINANCIAL GROUP, INC. (CIK:0001278868)

 

 taxable revenues,
insufficiency of records or, if Lessee
is
not permitted to pay the CET directly to the taxing authority, then, if Lessee has timely remitted payment to Lessor as required in this Section, Lessee shall not be liable for the untimely payment of
the CET to the taxing authority. Lessee
recognizes
that the former CET has been superseded by the LET, current and in full force
and effect as of January 1, 2004.

 

                                                (d) Nevada Gaming
Commission and State of Nevada Gaming Control Board

 

                                                                                                (i) Lessor acknowledges
that Lessee conducts a business that is subject to and exists because of the
privileged licenses issued by governmental authorities in the State of Nevada
that regulate gaming and related matters. 
More specifically, Section 3.080 of the Nevada Gaming Regulations
provides, in part, that such authorities may revoke suspend, limit or restrict
any registrant or person found suitable if associated with an unsuitable
person.  Lessor therefore agrees that if
Lessor, its officers, directors or employees are called forth by authorities of
Nevada or any other jurisdiction, which subsequently has authority over Lessee
for a determination of suitability pursuant to NRS 463.167 or other applicable
statute, regulation, Lessor will cooperate in all respects with such
request.  Lessor agrees to  pay
all costs of such investigation and proceeding. In the event that the Lessor or
any of Lessor’s owners shall be found unsuitable by the Gaming Authorities
Lessor shall, within ninety (90) days of the initial determination of
unsuitability, assign its interest to a suitable party as determined by the
Nevada Gaming Authorities.

 

                                                                                                (ii) Lessee warrants
that insofar as it is aware it currently conducts and will continue to conduct
its business in such a fashion as to comply with the standards of conduct
required by the Nevada Gaming Commission and State Gaming Control Board to
maintain its association with an unrestricted licensee as that term is defined
in the statues and regulations of the State of Nevada.

 

Section 7.2.                                   Gift Shop. The Lessee shall have the right to construct or operate an “internal” gift
shop on the Property.

 

Section
7.3.                                   Public Access.  The Lessee shall not design, construct, or
allow in any way, a public access on the Property, unless required by law.

 

 

ARTICLE VIII

 

UTILITY SERVICES

 

Section 8.1 - Utilities.  Lessee shall be solely responsible for
payment of all utilities and services provided to the Premises, including,
without limitation, electricity, water, sewer service, gas, telephone service,
heat, air conditioning, oven and stove exhaust cleaning, premises cleaning
service, window washing services, garbage disposal, and pest control. Lessee
shall also be responsible for and pay all connection or service fees in
connection with the provision to the Premises of such utilities and
services.  All costs of providing meters
or sub-meters shall be paid by Lessee.

 

 

CONFIDENTIAL TREATMENT
REQUESTED BY POSTER FINANCIAL GROUP, INC. (CIK:0001278868)

 

ARTICLE IX

 

ALTERATIONS

 

Section 9.1.                                   Alterations and Remodeling.  Lessee,
at its own expense, shall have the right, during the Term, to make alterations,
changes and improvements to the Premises as Lessee may deem necessary for its
use and business and shall have the unfettered discretion and right to
construct any building, real property improvement and other structures on,
above, and /or under the Premises and to alter, improve, demolish, repair, etc.,
the same

 

 

ARTICLE X

 

LIENS

 

Section 10.1 - Indemnification by Lessee.  Lessee shall use reasonable efforts to
prevent any liens from being filed against the Premises as a result of work
performed by, at the request or on behalf of Lessee.  Lessee shall indemnify and save harmless
Lessor against all loss, liability, costs, attorney’s fees, damages or interest
charges as a result of any mechanic’s lien or any other lien caused to be  recorded against the Premises or Lessee’s
leasehold estate therein as a result of acts or omissions of Lessee or its
agents, contractors and employees, and Lessee shall, within thirty (30) days of
the filing of any such lien and written notice given to Lessee, remove, pay or
cancel said lien or secure the payment of any such lien or liens by bond or
other security reasonably acceptable to Lessor and pursuant to Chapter 108 of
the Nevada Revised Statutes.

 

Section 10.2 - Lessee’s Right of Contest.  Lessee shall have the right at all times and
at its own expense to contest and defend on behalf of Lessee or Lessor any
action involving the collection, validity or removal of such lien or liens,
upon giving to Lessor security reasonably acceptable to Lessor for payment of
such lien.

 

 

ARTICLE XI

 

INDEMNITY AND INSURANCE

 

Section 11.1.                             Indemnification.

 

                                                (a) Lessee shall defend, indemnify and save Lessor
harmless from legal action, damages, loss, liability and any other expense
(including reasonable attorney fees) in connection with loss of life, bodily or
personal injury or property damage arising from or out of all acts, failures,
omissions or negligence of Lessee, its agents, employees or contractors which
occur on the Premises, unless and to the extent such legal action, damages,
loss, liability or other expense (including reasonable

 

 

CONFIDENTIAL TREATMENT
REQUESTED BY POSTER FINANCIAL GROUP, INC. (CIK:0001278868)

 

attorney fees) results from any act, omission or
neglect of Lessor, its respective agents, contractors, employees or Persons
claiming through it.

 

                                                (b) Lessee shall at all times during the Term
hereof maintain in full force and effect a policy(s) of all risk insurance
covering all Lessee Personal Property, including alterations, improvements and
betterments to the Premises now existing or to be added.

 

Section 11.2.                             Lessee’s Insurance.  Lessee covenants and agrees that from and
after the date of delivery of the Premises from Lessor to Lessee, and during
the Term, Lessee will carry and maintain, at its sole cost and expense, the
following types of insurance, naming as insureds Lessee, Lessor, Lessor’s
lenders and other parties with an insurable interest as designated by Lessor,
in the amount specified and in the form hereinafter provided for with insurance
companies authorized to do business in the state in which the Premises is
located and rated A-/VII or better in the most current edition of Best’s
Insurance Report.  All policies shall be
written as primary policies and not contributing with or in excess of the
coverage, if any, which Lessor may carry. 
Lessee may maintain any of its required insurance coverages under
blanket policies of insurance covering said Premises and any other premises of
Lessee, or companies Affiliated with Lessee, provided that the coverage
afforded will not be reduced or diminished by reason of the use of such blanket
policy.

 

                                                (a) Commercial
General Liability Insurance.  Lessee
shall keep in full force and effect commercial general liability insurance,
which may include broad form property damage liability coverage, extended
bodily injury coverage.

 

                                                (b) Personal
Property, Alterations, Improvements and Betterments.  Lessee shall at all times during the Term
hereof maintain in full force and effect a policy(s) of all risk insurance
which may include coverage for flood, earthquake, sprinkler damage, vandalism
and malicious mischief, covering all Lessee Personal Property, including
alterations, improvements and betterments to the Premises now existing or to be
added.

 

                                                (c) Worker’s
Compensation.  Lessee shall comply
with all worker’s compensation insurance Requirements.

 

Section 11.3.                             Policy(s) and/or
Certificates of Insurance.   The policy(s)
of insurance set forth in Section 11.2 or certificate(s) of such insurance are
to be provided by Lessee to Lessor prior to Lessor’s delivery of the Premises
to Lessee and at least annually thereafter or as requested by Lessor.  The coverage evidenced by the policy(s) or
certificate(s) of insurance will be for a period of not less than one (1) year,
and will provide that Lessor be given written notice thirty (30) days prior to
the expiration, material alteration, cancellation, non-renewal or replacement
of the existing policy(s).

 

Section 11.3.                             Waiver of Subrogation. 
Notwithstanding anything to the contrary contained elsewhere in this
Lease, neither Lessor nor Lessee shall be liable to the other party or to any
insurance company insuring the other party by way of subrogated rights or
otherwise, for any loss or damage caused by fire or any other hazard or peril
covered by fire and extended coverage or all risk

 

 

CONFIDENTIAL TREATMENT
REQUESTED BY POSTER FINANCIAL GROUP, INC. (CIK:0001278868)

 

insurance, to the extent such loss or damage is
covered by insurance (or where insurance was required by this Lease) to any
building structure or other tangible property, or any resulting loss of income,
even though such loss or damage may have been occasioned by the negligence of
such party, its agents or employees.

 

Section 11.4.                             Lessor Not Responsible for Acts of Others.  Lessor
shall not be responsible or liable to Lessee, or those claiming by, through or
under Lessee, for any loss or damage to their person or property resulting from
the acts or omissions of Persons occupying the Premises and/or any and all part
thereof.

 

 

ARTICLE
XII

 

 PROHIBITED USES

 

 Section
12.1.                          Lessee shall not permit any Hazardous Material to
be sold, kept, used, stored or manufactured in, upon or about the
Premises.  As used herein, the term “Hazardous
Material” means those substances, chemicals and mixtures as may be defined
as “hazardous substances,” “hazardous materials”, “toxic substances,”
“imminently hazardous chemical substance or mixture,” “pesticide,” “heavy
metal,” “hazardous air pollutant,” “toxic pollutant,” “toxic waste,”
“pollutant,” “regulated substance,” “asbestos,” “asbestos containing material,”
“solid waste” “hazardous waste,” “medical waste,” or “radioactive waste” in any
of the following acts, as now or hereafter amended: the Toxic Substances
Control Act, 15 U.S.C. Sec. 2601 et seq., the Comprehensive Environmental
Response, Compensation, and Liability Act of 1980, 42 U.S.C. Sec. 9601 et seq,
the Resource Conservation and Recovery Act of 1976, 42 U.S.C. Sec. 5901 et
seq., the Federal Hazardous Substances Act, 15 U.S.C. Sec. 1261 et seq., the
Federal Water Pollution Control Act, 33 U.S.C. Sec. 1251 et seq., the Clean Air
Act, 42 U.S.C. Sec. 7401, et seq., the Federal Insecticide, Fungicide, and
Rodenticide Act, 7 U.S.C. Sec. 136 et seq., the Emergency Planning and
Community Right to Know Act of 1986, 42 U.S.C. Sec. 11001 et seq., the
Occupational Safety and Health Act of 1970, 29 U.S.C. Sec. 651 et seq., the
Hazardous Materials Transportation Act, 49 U.S.C. Sec. 1801 et seq., the
statutes of the State of Nevada found currently at ch. 444, 445, 459, 477, 590,
618 or in the Uniform Fire Code, 1991 edition and the rules, orders and
regulations now in effect or promulgated and effective hereafter pursuant to
each respective law listed above as well as such other substances, materials
and wastes which are regulated under applicable Requirement, or which are
classified as hazardous or toxic under any Requirement.

 

 

ARTICLE
XIII

 

 SUBORDINATION AND ATTORNMENT BY LESSEE

 

Section 13.1.                             Subordination of Lease.  This
Lease and the estate of Lessee hereunder shall be subject and subordinate to any
ground lease, deed of trust, mortgage lien or charge or any reciprocal easement
agreement or other operating agreement which now encumbers or which at any

 

 

CONFIDENTIAL TREATMENT
REQUESTED BY POSTER FINANCIAL GROUP, INC. (CIK:0001278868)

 

time hereafter may encumber the Premises (such
ground lease, deed of trust, mortgage lien or charge, or any reciprocal
easement agreement or other operating agreement and any replacement, renewal,
modification, consolidation or extension thereof being hereinafter referred to
as an “Encumbrance”).  Any
Encumbrance shall be prior and paramount to this Lease and to the right of
Lessee hereunder and all Persons claiming through and under Lessee, or
otherwise, in the Premises. Lessee’s acknowledgment and agreement of subordination
provided for in this Section 15.1 shall be self-operative and no further
instrument of subordination shall be required. 
However, Lessee, on Lessee’s behalf, and on behalf of all Persons
claiming through and under Lessee, covenants and agrees that, from time to time
at the request of Lessor or the holder of any Encumbrance, Lessee will execute
and deliver any necessary or proper instruments or certificates reasonably
necessary to acknowledge or confirm the priority of the Encumbrance over this
Lease and the subordination of this Lease thereto or to evidence Lessee’s
consent to any Encumbrance. 
Notwithstanding the foregoing, any holder of an Encumbrance may elect to
the extent possible that this Lease shall have priority over such Encumbrance
and, upon notification of such election by the holder of such Encumbrance, this
Lease shall be deemed to have priority over such Encumbrance, whether this
Lease is dated prior to or subsequent to the date of such Encumbrance.

Section 13.2.                             Attornment by Lessee. Lessee agrees that if the holder of any
Encumbrance or any Person claiming under said Encumbrance shall succeed to the
interest of Lessor in this Lease, Lessee shall recognize and attorn to said
holder as Lessor under the terms of this Lease. Lessee agrees that it will,
upon the request of Lessor, execute, acknowledge and deliver any and all
instruments necessary or reasonably requested by Lessor or its lender to give
effect or notice of such attornment and failure of Lessee to execute any such
document or instrument on demand shall constitute a default by Lessee under the
terms of this Lease.

 

 

ARTICLE
XIV

 

RIGHTS OF LESSOR

 

Section 14.1.                             The
Lessor has a right to make payments on behalf of Lessee where Lessee defaults
in its payments or obligations under the terms of this Lease and fails to make
such payments or perform such obligations within five (5) business days of
Lessor’s notice to Lessee of such default. 
Said payments by Lessor shall be considered as additional rent and be
due and payable within thirty (30) days following receipt of Lessor’s billing.

 

 

ARTICLE
XV

 

 ASSIGNMENT AND SUBLETTING

 

Section 15.1.                             Lessor’s Consent Required.

 

                                                (a) Intentionally omitted.

 

 

CONFIDENTIAL TREATMENT
REQUESTED BY POSTER FINANCIAL GROUP, INC. (CIK:0001278868)

 

                                                (b) Any consent by Lessor to any assignment or
subletting, or other operation by a concessionaire, or licensee, shall not
constitute a waiver of the necessity for such consent under any subsequent
assignment or subletting or operation by a concessionaire or licensee.

 

                                                (c) Reference anywhere else in this Lease to an
assignee or sublessee shall not be considered as a consent by Lessor to such
assignment or subletting nor as a waiver against the same except as
specifically permitted in this Section 
15.1.

 

                                                (d) Notwithstanding the foregoing provisions,
Lessee shall have the right to assign or otherwise transfer this Lease or
sublease the entire Premises (but not part of the Premises), to its parent or
to a wholly owned subsidiary or to an entity which is wholly owned by the same
entity which wholly owns Lessee, and to a known and/or unknown and future
entity, without reserve, provided, however, that (i) the transferee shall,
prior to the effective date of the transfer, deliver to Lessor, instruments
evidencing such transfer and its agreement to assume and be bound by all the
terms, conditions and covenants of this Lease to be performed by Lessee, all in
form acceptable to Lessor, (ii) Lessee shall not be in default under this
Lease.

 

Section 15.2.                             Insolvency Proceedings.  If an
assignment of the Premises is caused by operation of law due to Lessee’s
voluntary or involuntary insolvency proceedings under the Bankruptcy Reform Act
of 1978 as amended, said assignment shall be subject to any and all conditions
contained in Section 365 of said Act or any other section pertaining to the
termination, assumption, assignment and rejection of executory contracts for
leases.

 

 

ARTICLE
XVI

 

 CONDEMNATION

 

Section
16.1.                             If the whole or substantially the whole of the
Premises shall be taken for any public or quasi-public use, by right of eminent
domain or otherwise, or shall be voluntarily sold or conveyed in lieu of
condemnation (but under threat of condemnation), then this Lease shall
terminate as of the date when physical possession of the Premises is taken by
the condemning authority.  If less than
the whole or substantially the whole of the Premises is so taken, sold or
conveyed, then either Lessor or Lessee may terminate this Lease by giving
written notice thereof to the other party prior to the date when physical
possession of such portion of the Premises is taken by the condemning authority
if such taking, sale or conveyance substantially impairs access to the Premises
or the usefulness of the Premises for the purposes herein granted to Lessee, in
which event this Lease shall terminate as of the date when physical possession
of such portion of the Premises is taken by the condemning authority.  Lessor hereby assigns to Lessee all right, title
and interest of Lessor in and to any award made for leasehold damages and/or
diminution in the value of Lessee’s leasehold estate.  Lessee shall have the right to claim such
compensation as may be separately awarded or allocated by reason of the cost or
loss to which Lessee may incur in removing Lessee’s merchandise, fixtures,
leasehold improvements and equipment from the Premises or for damages resulting
from the cessation, interruption or relocation of Lessee’s

 

 

CONFIDENTIAL TREATMENT
REQUESTED BY POSTER FINANCIAL GROUP, INC. (CIK:0001278868)

 

business
at the Premises.  Compensation as used in
this Article  XVI shall mean any award
given to Lessor for such taking, sale or conveyance in excess of, and free and
clear of, all prior claims of the holders of any mortgages, deeds of trust or
other security interests.  No such
taking, sale or conveyance shall operate as or be deemed an eviction of Lessee
or a breach of Lessee’s covenant of quiet enjoyment.

 

ARTICLE
XVII

 

 DEFAULT

 

Section 17.1.                             Events of Default.  Each of
the following shall be considered an “Event of Default” and shall give
rise to and entitle Lessor and/or Lessee to the remedies provided for in
Section  17.2, as well as any and all
other remedies, whether at law or in equity, provided for or otherwise
available to Lessor and/or Lessee or as otherwise provided for in this Lease:

 

                                                (a) Lessee shall default in the payment of any
Rents or charges, or in the payment of any other sums of money required to be
paid by Lessee to Lessor under this Lease, or as reimbursement to Lessor for
sums paid by Lessor on behalf of Lessee in the performance of the covenants of
this Lease, and said default is not cured within  five (5) days after receipt of written notice
thereof from Lessor.

 

                                                (b) Lessee shall default in the performance of any
other covenants, terms, conditions, provisions, rules and regulations of this
Lease excepting those items listed in Section 
17.1(a) and such default is not cured within thirty (30) days after
written notice thereof given by Lessor, excepting such defaults that cannot be
cured completely within such thirty (30) day period providing Lessee, within
said thirty (30) day period, commences the curing thereof and continues
thereafter with all due diligence to cause such curing to proceed to
completion.

 

                                                (d) There is commenced any case in bankruptcy
against the original named Lessee, any assignee or sublessee of the original
named Lessee, any then occupant of the Premises or any guarantor of all or any
of Lessee’s obligations hereunder (collectively “Key Persons”) or an
order for relief is entered with respect to any Key Person or there is
appointed a receiver or trustee to take possession of any of the assets of any
Key Person or the Premises or any Key Person applies for or consents to such
appointment, or there is a general assignment by any Key Person for the benefit
of creditors, or any action is taken by or against any Key Person under any
state or federal insolvency or bankruptcy act, or any similar law now or
hereafter in effect or any property of any Key Person is taken or seized under
levy of execution or attachment, or any Key Person admits in writing its
inability to pay its debts as they mature.

 

                                                (e) The sale of Lessee’s interest in the Premises
under attachment, execution or similar legal process.

 

(f) All cure periods provided in
this Lease shall run concurrently with any periods provided by law.

 

 

CONFIDENTIAL TREATMENT
REQUESTED BY POSTER FINANCIAL GROUP, INC. (CIK:0001278868)

 

Section 17.2.                             Remedies and Damages. Notwithstanding any termination of this Lease or
termination of Lessee’s rights to possession, whether by summary proceedings or
otherwise, Lessee shall pay and be liable for (on the days originally fixed
herein for the payment thereof) the several installments of Rent as if this
Lease had not been terminated.

 

Section 17.3.                             Default by Lessor.  If Lessor
fails or refuses to perform any of the provisions, covenants or conditions of
this Lease on Lessor’s part to be kept or performed, Lessee, prior to
exercising any right or remedy Lessee may have against Lessor on account of
such default, shall give written notice to Lessor and Lessor shall not be
deemed in default if the same is cured within thirty (30) days of receipt of
said notice.  Notwithstanding any other
provision hereof, Lessee agrees that if the default complained of in the notice
provided for by this Section 19.6 is of such a nature that the same can be
rectified or cured by Lessor, but cannot with reasonable diligence be rectified
or cured within said thirty (30) day period, then such default shall be deemed
to be rectified or cured if Lessor within said thirty (30) day period shall
commence the rectification and curing thereof and shall continue thereafter
with all due diligence to cause such rectification and curing to proceed to completion.  Lessee shall not be responsible for Rents due
and disputed and until such default is timely cured and, further, Lessee shall
be entitled to a pro rata deduction/reduction in Rents, beginning on the first
date of which Lessor has been notified in writing and per the terms of this
agreement, hereunder.

 

ARTICLE
XVIII

 

 NOTICES

 

Section 18.1.                             Any and all notices and demands by or from Lessor
to Lessee, or by or from Lessee to Lessor, required or desired to be given
hereunder shall be in writing and shall be validly given or made if served
either personally or if deposited in the United States mail, certified or
registered, postage prepaid, return receipt requested, or if delivered by a
nationally recognized next day delivery courier service.  If such notice or demand be served by
registered or certified mail or by courier service in the manner provided,
service shall be conclusively deemed given the first business day delivery is
attempted or upon receipt, whichever is sooner. 
Notices shall be addressed in accordance with Section  13 of the Lease Summary.   Either party may change its address for the
purpose of receiving notices or demands as herein provided by a written notice
given in the manner aforesaid to the other party hereto, which notice of change
of address shall not become effective, however, until the actual receipt
thereof by the other party.

 

 

ARTICLE XIX

 

MISCELLANEOUS

 

Section 19.1 - Accord and Satisfaction.  No payment by Lessee or receipt by Lessor of
a lesser amount than any payment of Rents herein stipulated shall be deemed to
be other than on account of

 

 

CONFIDENTIAL TREATMENT
REQUESTED BY POSTER FINANCIAL GROUP, INC. (CIK:0001278868)

 

the earliest stipulated Rents, nor shall any
endorsement or statement on any check or any letter accompanying any check or
payment of Rents be deemed an accord and satisfaction, and Lessor may accept
such check or payment without prejudice to Lessor’s right to recover the
balance of such Rents or pursue any other remedy provided for in this Lease or
available at law or in equity.

 

Section 19.2 - Complete Agreement.  The parties hereto acknowledge that all of
the terms and covenants contained herein were reviewed by both parties and/or
their counsel hereto and all negotiations, consideration, representations,
inducements and understandings between the parties are incorporated herein, and
may be modified or altered only by agreement, in writing, between the
parties.  This Lease contains the entire
agreement between the parties hereto, and no agent, representative, employee or
officer of Lessor has or had authority to make or has made any statement,
agreement or representation, either oral or written, in connection herewith,
modifying, adding or changing the terms and conditions herein set forth.  No present or past dealings or custom between
the parties shall be permitted to contradict or modify the terms hereof.  No modification of this Lease shall be
binding unless such modification shall be in writing and signed by the parties
hereto.  Unless otherwise expressly set
forth in writing herein, Lessee acknowledges that there are no agreements,
promises, representations, warranties or covenants by Lessor or its agents or
employees as to the following types of matters, including, without limitation:  (a) exclusive rights to sell goods and/or
services, (b) limitations on or restrictions against competing businesses upon
the Premises, (c) the future opening of other stores or businesses, (d)
expected per square foot or total sales from the Premises, (e) type or quality
of existing or prospective Lessees located or to be located in the Casino, (f)
work to be performed by Lessor in improving Lessee’s Premises, (g) contribution
by Lessor towards Lessee’s leasehold improvement costs, or (h) promotion and/or
advertising of Lessee’s business and/or products or services.

 

Section 19.3 - Governing Law. The laws of
the State of Nevada shall govern the validity, construction, performance and
effect of this Lease.  Any legal suit,
action or proceeding against Lessor and/or Lessee arising out of or relating to
this Lease shall be instituted in any federal or state court in Clark County,
Nevada, and each party waives any objection which it may now or hereafter have
to the laying of venue of any such suit, action or proceeding, and each party
hereby irrevocably submits to the jurisdiction of any federal or state court in
Clark County, Nevada.

 

Section 19.4.                             Compliance with Governmental Authorities.  Lessee,
at its own expense, shall comply with all Requirements which shall impose any
duty upon Lessor or Lessee with respect to the improvement, use, occupation or
alteration of the Premises by Lessee, including, but not limited to,
Requirements of the Americans with Disabilities Act which may be applicable
thereto.  Lessee agrees to indemnify and
save Lessor harmless from and against any penalty, damage or charge imposed for
any violation by Lessee, its assignees, sublessees, licensees, agents and
employees of any said Requirements.

 

Section 19.5.                             Brokerage.  Lessee and Lessor covenant and
agree to pay, hold harmless and indemnify the other from and against any and
all costs, expenses or liability for any compensation, commissions and charges
claimed by any broker or agent alleging to have dealt with the indemnifying
party with respect to this Lease or the negotiation hereof except for Voit
Commercial

 

 

CONFIDENTIAL TREATMENT
REQUESTED BY POSTER FINANCIAL GROUP, INC. (CIK:0001278868)

 

Brokerage which Lessee shall be responsible for
the payment of any fees or commissions due to said Broker (including, without
limitation, the cost of legal fees in connection therewith).

 

Section 19.6.                             Effective Date of Lease. Submission of this Lease by Lessor for
examination or execution by Lessee does not constitute a reservation of nor
option for Lease, and this instrument shall not become effective as a lease or
otherwise, or become effective and binding upon the parties in establishing the
relationship of Lessor and Lessee, until execution by and delivery to both
Lessor and Lessee.

 

Section 19.7.                             Estoppel Certificates.  Lessee
agrees at any time, upon not less than ten (10) days prior written request by
Lessor, to execute, acknowledge and deliver to Lessor a written statement
certifying that this Lease is unmodified and in full force and effect (or, if
there has been modifications, that the same is in full force as modified and
stating the modifications), the dates to which the Rents have been paid in
pursuant to this Lease and such other certification concerning this Lease as
may be reasonably required by Lessor or Lessor’s mortgagee.  Lessee further agrees that such statement may
be relied upon by any mortgagee or prospective purchaser of the fee or assignee
of any mortgage on the fee of the Premises.

 

Section 19.8.                             Force Majeure.  Lessor and/or Lessee shall be
excused for the period of delay in the performance of any of their respective
obligations hereunder, except their respective obligation to pay any sums of
money due under the terms of this Lease, and shall not be considered in
default, when prevented from so performing by cause or causes beyond Lessor’s
or Lessee’s control, including, but not limited to, all labor disputes, civil
commotion, war, fire or other casualty, governmental regulations, statutes,
ordinances, restrictions or decrees, or through acts of God.  Notwithstanding anything to the contrary
contained in this Section, in the event any work performed by Lessee or
Lessee’s contractors results in a strike, lockout and/or labor dispute, such
strike, lockout and/or labor dispute shall not excuse the performance by Lessee
as provided for herein.

 

Section 19.9.                             Partial Invalidity.  If any
term, covenant or condition of this Lease, or any application thereof, should
be held by a court of competent jurisdiction to be invalid, void or unenforceable,
all terms, covenants and conditions of this Lease, and all applications
thereof, not held invalid, void or unenforceable, shall continue in full force
and effect and shall in no way be affected, impaired or invalidated thereby.

 

Section 19.10.                       Memorandum of Lease.  Lessee
shall record a “Memorandum of Lease,” within Thirty (30) days of the date of
this Lease.

 

Section 19.11.                       Quiet Enjoyment.  Subject to the terms and
conditions of this Lease and to any Encumbrances to which this Lease is
subordinate, Lessor hereby covenants and agrees that if Lessee shall perform
all of the covenants and agreements herein stipulated to be performed on
Lessee’s part, Lessee shall at all times during the continuance hereof have the
peaceful and quiet enjoyment and possession of the Premises without any manner
of hindrance from Lessor or any Person or Persons lawfully claiming the
Premises, save and except in the event of the taking of the

 

 

CONFIDENTIAL TREATMENT
REQUESTED BY POSTER FINANCIAL GROUP, INC. (CIK:0001278868)

 

Premises by public or quasi-public authority as
hereinbefore provided.

 

Section 19.12.                       Section Headings.  The section headings and title
headings contained herein are for convenience only and do not define, limit,
construe or amplify the contents of such sections.

 

Section 19.13.                       Successors and Assigns.  The
conditions, covenants and agreements contained in this Lease shall be binding
upon and inure to the benefit of the parties hereto and their respective heirs,
executors, administrators, successors and permitted assigns.

 

Section 19.14.                       Waiver.

 

                                                (a) Lessor and Lessee shall have the right at all
times to enforce the covenants, conditions and legal rights or remedies of this
Lease in strict accordance with the terms thereof, notwithstanding any conduct
or custom on the part of Lessor or Lessee in refraining from so doing at any
time or times.  No failure by Lessor or
Lessee to insist upon the strict performance of any term or condition of this
Lease or to exercise any right or remedy available, legal or equitable, for a
breach thereof, and no acceptance by Lessor of full or partial Rents during the
continuance of any such breach by Lessee shall constitute a waiver of any such
breach or any such term, condition or right.

 

                                                (b) No term or condition of this Lease required to
be performed by Lessor or Lessee, and no breach thereof, shall be waived,
altered or modified except by a written instrument executed by the other party.

 

                                                (c) A waiver by Lessor in respect to any Lessee of
the Premises shall not constitute a waiver in favor of any other Lessee.

 

                                                (d) No waiver by Lessor or Lessee of the breach of
any condition, covenant or provision of this Lease shall excuse a future breach
of the same condition, covenant or provision or of any other condition,
covenant or provision of this Lease.

 

                                                (e) After the service of any notice or
commencement of any suit, or final judgment therein, Lessor may receive and
collect any Rents due, and such collection or receipt shall not operate as a
waiver of nor affect such notice, suit or judgment unless the collection by
Lessor of such Rents fully settles the subject matter of such notice, suit or
judgment.

 

Section 19.15.                       Exculpation.  If Lessor shall fail to perform
any covenant, term or condition of this Lease upon Lessor’s part to be
performed and, as a consequence of such default, Lessee shall recover a money
judgment against Lessor, such judgment shall be satisfied only out of the
proceeds of sale received upon the execution of such judgment and levy thereon
against the right, title and interest of Lessor in the Premises and out of
rents or other income from the Premises receivable by Lessor or out of the
consideration received by Lessor from the sale or other disposition of all or
any part of Lessor’s right, title and interest in the Premises.  Neither Lessor nor any of the partners,
beneficiaries, officers, directors, venturers, shareholders or Affiliated
entities of Lessor shall be

 

 

CONFIDENTIAL TREATMENT
REQUESTED BY POSTER FINANCIAL GROUP, INC. (CIK:0001278868)

 

personally liable for any deficiency.

 

Section 19.16.                       Transfer of Lessor’s Interest.  Lessor
shall be liable under this Lease only while owner of the Premises.  If Lessor should sell or otherwise transfer
Lessor’s interest in the Premises, then such purchaser/transferee shall be
responsible for all of the covenants and undertakings thereafter accruing of
Lessor.  Lessee agrees that Lessor shall,
after such sale or transfer of Lessor’s interest, have no liability to Lessee
under this Lease or any modification or amendment thereof, or extensions or
renewals thereof, except for such liabilities which might have accrued prior to
the date of such sale or transfer of Lessor’s interest to such
purchaser/transferee.

 

Section 19.17.                       Time of the Essence.  Time is
of the essence of this Lease and all of the terms, covenants and conditions
hereof.

 

Section 19.18.                       Remedies Cumulative.  The
various rights, options, elections and remedies of Lessor contained in this
Lease shall be cumulative and no one of them shall be construed as exclusive of
any other, or of any right, priority or remedy allowed or provided for by law
and not expressly waived in this Lease.

 

Section 19.19.                       Joint Liability.   If Lessee now or hereafter
shall consist of more than one Person, then all such Persons shall be jointly
and severally liable as Lessee hereunder.

 

Section 19.20.                       Drafting.   This Lease shall not be
construed either for or against Lessor or Lessee, but shall be interpreted in
accordance with the general tenor of its language.

 

Section        19.21.                  Perpetuities.  If for any reason the Rent
Commencement Date has not occurred within two (2) years of the date hereof,
then this Lease shall thereupon terminate and neither party shall have any
further obligation hereunder (except with respect to matters that arose before
such termination).

 

Section 19.22.                       Consents.  Where in this Lease, or in any
rules and regulations imposed by Lessor hereunder, Lessor’s or Lessee’s consent
or approval is required and is expressly not permitted to be unreasonably
withheld, such consent or approval shall also not be permitted to be
unreasonably conditioned or delayed.

 

                                                IN
WITNESS WHEREOF, the parties hereto have executed these presents, the day and
year first written above.

 

Mr. Abraham Schiff, LESSOR

By:  /s/
Abraham Schiff

 

Date:  Sept.
3, 2004

 

 

GNLV, CORP., dba Golden Nugget, LESSEE

 

By:  /s/
Timothy N. Poster

 

Title: Chairman of the Board & CEO

 

Date: September 3, 2004

 

 

 

CONFIDENTIAL TREATMENT
REQUESTED BY POSTER FINANCIAL GROUP, INC. (CIK:0001278868)

 

EXHIBIT “A”

 

Depiction of Premises

 

LEGAL DESCRIPTION

FIRST STREET

PARCEL 5

BEING
A PORTION OF FIRST STREET AS SHOWN ON THAT MAP OF CLARK’S LAS VEGAS TOWNSITE ON
FILE IN BOOK 1 OF PLATS, PAGE 37 IN THE OFFICE OF THE CLARK COUNTY RECORDER’S
OFFICE, BEING A PORTION OF THE NORTHWEST QUARTER (NW %) OF SECTION 34, TOWNSHIP 20 SOUTH, RANGE 61 EAST, M.D.M.,
CITY OF LAS VEGAS CLARK COUNTY, NEVADA,
MORE PARTICULARLY DESCRIBED AS FOLLOWS:

BEGINNING  AT THE SOUTHEAST CORNER OF LOT 31, BLOCK 3
OF SAID MAP, SAID POINT BEING ON THE WESTERLY
RIGHT-OF-WAY LINE OF FIRST STREET AS DEDICATED PER SAID MAP;

THENCE ALONG THE EASTERLY LINE AND WESTERLY RIGHT-OF-WAY
LINE THEREOF NORTH
27°54’29” EAST, A DISTANCE OF 115.00 FEET;

THENCE DEPARTING SAID EASTERLY LINE AND WESTERLY
RIGHT-OF-WAY LINE, SOUTH 62°04’40” EAST. A DISTANCE OF 10.00 FEET;

 

THENCE NORTH 72°55’20” EAST, A DISTANCE OF 21.21 FEET;

 

THENCE SOUTH 62°04’40” EAST, A DISTANCE OF 15.00 FEET;

THENCE SOUTH 27°54’29” WEST, A DISTANCE OF 109.93 FEET TO
A NON-TANGENT 26.00 FOOT RADIUS CURVE, THROUGH WHICH A RADIAL LINE BEARS SOUTH 28°13’37” WEST. SAID CURVE DESCRIBES THE BACK
OF CURB LINE AS IT NOW EXISTS;

THENCE NORTHWESTERLY ALONG THE ARC OF SAID CURVE AND CURB
LINE CONCAVE SOUTHWESTERLY THROUGH A CENTRAL ANGLE OF 05°21’43”, AN ARC LENGTH
OF 2.43 FEET TO A COMPOUND 30.25 FOOT RADIUS CURVE, THROUGH WHICH A RADIAL LINE
BEARS SOUTH
22°51’54” WEST;

THENCE WESTERLY ALONG THE ARC OF SAID CURVE AND CURB LINE,
CONCAVE SOUTHERLY THROUGH A CENTRAL ANGLE OF 65°18’13”, AN ARC LENGTH OF 34.48
FEET;

THENCE DEPARTING
SAID CURB LINE, NORTH 62°04’4Q” WEST, A DISTANCE OF 11.74 FEET TO THE POINT OF BEGINNING.

EXCEPTING THE
WESTERLY TEN (10.00) FEET THEREOF.

CONTAINING
3,375 SQUARE FEET, MORE OR LESS.

 

CONFIDENTIAL TREATMENT
REQUESTED BY POSTER FINANCIAL GROUP, INC. (CIK:0001278868)

 

[GRAPHIC OMITTED]

 

 

CONFIDENTIAL
TREATMENT REQUESTED BY POSTER FINANCIAL GROUP, INC. (CIK:0001278868)

 

EXHIBIT “B”

 

	
  Year

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  1

  	
   

  	
  [CONFIDENTIAL

  	
  ]*

  
	
  2

  	
   

  	
  [CONFIDENTIAL

  	
  ]*

  
	
  3

  	
   

  	
  [CONFIDENTIAL

  	
  ]*

  
	
  4

  	
   

  	
  [CONFIDENTIAL

  	
  ]*

  
	
  5

  	
   

  	
  [CONFIDENTIAL

  	
  ]*

  
	
  6

  	
   

  	
  [CONFIDENTIAL

  	
  ]*

  
	
  7

  	
   

  	
  [CONFIDENTIAL

  	
  ]*

  
	
  8

  	
   

  	
  [CONFIDENTIAL

  	
  ]*

  
	
  9

  	
   

  	
  [CONFIDENTIAL

  	
  ]*

  
	
  10

  	
   

  	
  [CONFIDENTIAL

  	
  ]*

  
	
  11

  	
   

  	
  [CONFIDENTIAL

  	
  ]*

  
	
  12

  	
   

  	
  [CONFIDENTIAL

  	
  ]*

  
	
  13

  	
   

  	
  [CONFIDENTIAL

  	
  ]*

  
	
  14

  	
   

  	
  [CONFIDENTIAL

  	
  ]*

  
	
  15

  	
   

  	
  [CONFIDENTIAL

  	
  ]*

  
	
  16

  	
   

  	
  [CONFIDENTIAL

  	
  ]*

  
	
  17

  	
   

  	
  [CONFIDENTIAL

  	
  ]*

  
	
  18

  	
   

  	
  [CONFIDENTIAL

  	
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*                                         Confidential
Treatment has been requested for the redacted portion.  The confidential, redacted portions have been
filed separately with the Securities and Exchange Commission.Exhibit 10.1

 

GENAISSANCE PHARMACEUTICALS, INC.

 

2000 Amended and Restated Equity Incentive Plan

 

Nonstatutory Stock Option Agreement

 

Genaissance
Pharmaceuticals, Inc. (the “Company”), a Delaware corporation, hereby grants to
the person named on the Certificate of Stock Option Grant on the AST Stockplan
website (the “Certificate”) an option to purchase shares of Common Stock,
$0.001 par value, of the Company (the “Option”) under and subject to the
Company’s 2000 Amended and Restated Equity Incentive Plan (the “Plan”)
exercisable on the terms and conditions set forth below and those attached
hereto and in the Plan.

 

This Option shall not be
treated as an Incentive Stock Option under section 422 of the Internal Revenue
Code of 1986, as amended (the “Code”).

 

1. Plan Incorporated
by Reference. This Option is issued pursuant to the terms of the Plan and
may be amended as provided in the Plan. Capitalized terms used and not
otherwise defined in the Certificate have the meanings given to them in the
Plan. The Certificate does not set forth all of the terms and conditions of the
Plan, which are incorporated herein by reference. The Committee administers the
Plan and its determinations regarding the operation of the Plan are final and
binding. Copies of the Plan may be obtained upon written request without charge
from the Finance or Human Resources Department of the Company.

 

2. Option Price.
The price to be paid for each share of Common Stock issued upon exercise of the
whole or any part of this Option is the Option Price set forth on the
Certificate.

 

3. Exercisability
Schedule. This Option may be exercised at any time and from time to time
for the number of shares and in accordance with the exercisability schedule set
forth on the Certificate, but only for the purchase of whole shares. This
Option may not be exercised as to any shares after the Expiration Date. This
Option may be terminated by the Company before the Expiration Date as permitted
by the Plan.

 

4. Method of Exercise.
To exercise this Option, the Optionholder shall deliver to the Company a Cash
Letter of Authorization which is a written notice of exercise available from
the AST Stockplan website specifying the number of shares with respect to which
the Option is being exercised accompanied by payment of the Option Price for
such shares in cash, by certified check or in such other form, including, to
the extent then permitted by the Committee, shares of Common Stock of the
Company valued at their Fair Market Value on the date of delivery or a payment
commitment of a financial or brokerage institution, as the Committee may
approve. Promptly following such notice, the Company will deliver to the
Optionholder a certificate representing the number of shares with respect to
which the Option is being exercised.

 

5. No Right To Employment. No person shall have any claim or right
to be granted an Option. Each employee of the Company or any of its Affiliates
is an employee-at-will (that is to say that either the Participant or the
Company or any Affiliate may terminate the

 

 

employment relationship
at any time for any reason or no reason at all) unless, and only to the extent,
provided in a written employment agreement for a specified term executed by the
chief executive officer of the Company or his duly authorized designee or the
authorized signatory of any Affiliate. Neither the adoption, maintenance, nor
operation of the Plan nor any Option hereunder shall confer upon any employee
of the Company or of any Affiliate any right with respect to the continuance of
his/her employment by the Company or any such Affiliate nor shall they
interfere with the right of the Company or Affiliate to terminate any employee
at any time or otherwise change the terms of employment, including, without
limitation, the right to promote, demote or otherwise re-assign any employee
from one position to another within the Company or any Affiliate.

 

6. Effect of Grant.
Optionholder shall not earn any Options granted hereunder until such time as
all the conditions set forth herein and in the Plan which are
required to be met in order to exercise the Option have been fully satisfied.

 

7. Change of Control.
In order to preserve the Optionholder’s rights under the Option in the event of
a change in control of the Company as defined by the Committee, the Committee
in its discretion may at any time take one or more of the following actions:
(i) provide for the acceleration of any time period relating to the exercise of
the Option, (ii) provide for payment to the Optionholder of cash or other
property with a Fair Market Value equal to the amount that would have been
received upon the exercise or payment of the Option had the Option been
exercised or paid upon the change in control, (iii) adjust the terms of the
Option in a manner determined by the Committee to reflect the change in
control, (iv) cause the Option to be assumed, or new rights substituted
therefor, by another entity, or (v) make such other provision as the Committee
may consider equitable to Optionholder and in the best interests of the Company.

 

8. Option Not
Transferable. This Option is not transferable by the Optionholder other
than by will or the laws of descent and distribution, and is exercisable,
during the Optionholder’s lifetime, only by the Optionholder. The naming of a
Designated Beneficiary does not constitute a transfer.

 

9. Termination of
Employment or Engagement. If the Optionholder’s status as an employee or
consultant of (a) the Company, (b) an Affiliate, or (c) a corporation (or
parent or subsidiary corporation of such corporation) issuing or assuming a
stock option in a transaction to which section 424(a) of the Code applies, is
terminated for any reason (voluntary or involuntary), (i) this Option shall not
thereafter become exercisable as to any additional shares and (ii) if the
period of exercisability for this Option following such termination has not
been specified by the Board, the vested portion of this Option shall remain
exercisable (to the extent not previously exercised) for three (3) months after
the day on which the Participant’s employment or engagement is terminated,
whereupon this Option shall terminate; except  that

 

(a)
If the Participant is on military, sick leave or other leave of absence
approved by the Company, his or her employment or engagement with the Company
will be treated as continuing intact if the period of such leave does not
exceed ninety (90) days, or, if longer, so long as the Participant’s right to
reemployment or the survival of his or her service arrangement with the Company
is guaranteed either by statute or by contract; otherwise, the Participant’s
employment or engagement will be deemed to have terminated on the 91st day of
such leave.

 

(b)
If the Participant’s employment is terminated by reason of his or her
retirement from the Company at normal retirement age, each Option then held by
the Participant, to the extent exercisable at retirement, may be

 

 

exercised by the
Participant at any time within three (3) months after such retirement unless
terminated earlier by its terms.

 

(c)
If the Participant’s employment or engagement is terminated by reason of his or
her death, each Option then held by the Participant, to the extent exercisable
at the date of death, may be exercised at any time within one year after that
date (unless terminated earlier by its terms) by the person(s) to whom the
Participant’s option rights pass by will or by the applicable laws of descent
and distribution.

 

(d)
If the Participant’s employment or engagement is terminated by reason of his or
her becoming permanently and totally disabled, each Option then held by the
Participant, to the extent exercisable upon the occurrence of permanent and
total disability, may be exercised by the Participant at any time within one
(1) year after such occurrence unless terminated earlier by its terms. For
purposes hereof, an individual shall be deemed to be “permanently and totally
disabled” if he or she is unable to engage in any substantial gainful activity
by reason of any medically determinable physical or mental impairment which can
be expected to result in death or which has lasted or can be expected to last
for a continuous period of not less than twelve (12) months. Any determination
of permanent and total disability shall be made in good faith by the Company on
the basis of a report signed by a qualified physician.

 

10. Compliance with
Securities Laws. It shall be a condition to the Optionholder’s right to
purchase shares of Common Stock hereunder that the Company may, in its
discretion, require (a) that the shares of Common Stock reserved for issuance
upon the exercise of this Option shall have been duly listed, upon official
notice of issuance, upon any national securities exchange or automated
quotation system on which the Company’s Common Stock may then be listed or
quoted, (b) that either (i) a registration statement under the Securities Act
of 1933 with respect to the shares shall be in effect, or (ii) in the opinion
of counsel for the Company, the proposed purchase shall be exempt from
registration under that Act and the Optionholder shall have made such
undertakings and agreements with the Company as the Company may reasonably
require, and (c) that such other steps, if any, as counsel for the Company
shall consider necessary to comply with any law applicable to the issue of such
shares by the Company shall have been taken by the Company or the Optionholder,
or both. The certificates representing the shares purchased under this Option
may contain such legends as counsel for the Company shall consider necessary to
comply with any applicable law.

 

11. Payment of Taxes.
The Optionholder shall pay to the Company, or make provision satisfactory to
the Committee for payment of, any taxes required by law to be withheld with
respect to the exercise of the Option no later than the date of the event
creating the tax liability. The Company and its Affiliates may, to the extent
permitted by law, deduct any such tax obligations from any payment of any kind
due to the Optionholder. In the Committee’s discretion, the minimum tax
obligations required by law to be withheld with respect to the exercise of the
Option may be paid in whole or in part in shares of Common Stock, including
shares retained from the exercise of the Option, valued at their Fair Market
Value on the date of retention.

 

Optionee acknowledges
receipt of a copy of the Plan, a copy of which is available on the AST
Stockplan website and represents that he or she is familiar with the terms and
provisions thereof, and hereby accepts this option subject to all of the terms
and provisions thereof. Optionee hereby agrees to accept as binding, conclusive
and final all

 

 

decisions or
interpretations of the Board or of the Committee upon any questions arising
under the Plan.

 

 

Adopted:
September 20, 2000

 

 

By acceptance of this
Option, the Optionholder agrees to the terms and conditions set forth above and
those attached hereto and in the Plan.

 

 

GENAISSANCE PHARMACEUTICALS,
INC.

 

 

 

Granted
to:

Social
Security Number:

Employee
ID:

Option
to Purchase:

Type
of Stock Option:

 

Grant
Number:

Grant
Date:

Grant
Expiration Date:

Grant
Price: $

 

Vesting
Schedule

Vesting
Start Date:

 

This
stock option was granted to you on
                       
by your company. The stock option price is the FMV on the date of grant, which
was $          .

 

 

	
  Date of

  Vest

  	
   

  	
  Shares Vesting Over

  the Period

  	
   

  	
  Vesting in Period

  Occurs

  	
   

  	
  Last Date to

  Exercise

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

 

 

Authorized by:

Genaissance Pharmaceuticals, Inc.

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