Document:

Exhibit 10.56

Guaranty
Fee Agreement

THIS
GUARANTY FEE AGREEMENT (this “Agreement”) is
entered into as of the      day of November, 2006, by
OpBiz, L.L.C., a Nevada limited liability company having an address at 3667 Las
Vegas Boulevard South, Las Vegas, Nevada 
89109, PH Fee Owner LLC, a Delaware limited liability company having an
address at 3667 Las Vegas Boulevard South, Las Vegas, Nevada  89109 (together, collectively, “Borrower”) and Trophy Hunter Investments, Ltd., a Florida
limited partnership, Bay Harbour 90-1, Ltd., a Florida limited partnership and
Bay Harbour Master, Ltd., a Cayman Islands exempted company, each having an
address at c/o Bay Harbour Management L.C., 885 Third Avenue, New York, NY
10022 (together, collectively, “Guarantor”).

WITNESSETH:

WHEREAS,
pursuant to that certain Loan Agreement, dated as of the date hereof (together
with all extensions, renewals, modifications, substitutions and amendments
thereof, the “Loan Agreement”) Borrower has
taken a loan (the “Loan”) from
Column Financial, Inc. (together with its permitted successors and assigns, “Lender”) in the maximum principal amount of $820,000,000.00;

WHEREAS,
as a condition to the making of the Loan, Lender has required that Guarantor,
which holds an indirect ownership interest in Borrower, execute and deliver
that certain Guaranty Agreement (the “Guaranty”),
dated as of the date hereof, by Guarantor in favor of Lender pursuant to which
Guarantor guaranties payment of certain Guaranteed Obligations (as defined in
the Recourse Guaranty);

WHEREAS,
as an inducement to Guarantors to execute and deliver the Guaranty, Borrower as
agreed to pay certain fees to Guarantors.

NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, the parties agree as follows:

1.                                       Defined Terms. 
Capitalized terms used but not defined herein shall have the meanings
given them in the Loan Agreement as in effect on the date hereof.

2.                                       Guaranty Fee. 
Borrower hereby agrees to pay to Guarantor an annual fee (the “Guaranty Fee”) in the aggregate amount of $1,500,000.00, to
be paid in arrears in equal quarterly installments until such time as the
Guaranty is terminated by its terms.  The
Guaranty Fee shall be prorated on a per diem basis for any partial quarter
during the term of this Agreement.

3.                                       Deferral of Payment. 
Borrower and Guarantor agree that until the Debt is repaid in full,
except as provided in the two immediately succeeding sentences, the payment of
the Guaranty Fee shall be subordinate to the Borrower’s obligation to repay the
Debt as follows:  Borrower shall not make
and Guarantor shall not accept the payment of the Guaranty Fee (but the
Guaranty Fee shall be permitted to accrue). 
Borrower may make and Guarantor may accept payment of the 

                                                Guaranty
Fee (or a portion thereof) from and after such time as the Property achieves a
Debt Service Coverage Ratio equal to not less than 1.2:1.0 for a period of one
month (after giving effect to the payment of the Guaranty Fee or such portion
thereof as may be paid while maintaining a Debt Service Coverage Ratio of
1.2:1.0) (the “Minimum DSCR”); provided that no
Event of Default shall have occurred and be continuing.  If at any time after achievement of the
Minimum DSCR the Property fails to maintain the Minimum DSCR for any month,
Borrower shall cease to pay and Guarantor shall not accept the Guaranty Fee
until such time as the Property again achieves the Minimum DSCR (but the
Guaranty Fee shall be permitted to accrue); provided that no Event of Default
shall have occurred and be continuing. 
It is intended that Lender be a third party beneficiary of this
paragraph 3.

4.                                       Interest.  Any accrued
and unpaid Guaranty Fees shall bear interest at a rate equal to the Applicable
Interest Rate as in effect from time to time.

5.                                       Application of Payments. 
Payments by Borrower shall be applied (i) first, to accrued and unpaid
interest, (ii) second, to accrued and unpaid Guaranty Fees and (iii) third, to
current Guaranty Fees.

6.                                       Consideration. 
Guarantor and Borrower agree that the Guaranty Fee is fair and adequate
consideration for the liability undertaken by Guarantor pursuant to the
Guaranty.

7.                                       Counterparts.  This
Agreement may be executed in two or more counterparts, each of which will be
deemed an original, but all of which together shall constitute but one and the
same instrument.

8.                                       Amendment.  No
amendment, supplement, modification, waiver or termination of this Agreement
shall be effective against a party against whom the enforcement of such
amendment, supplement, modification, waiver or termination would be asserted
unless such amendment, supplement, modification, waiver or termination was made
in a writing signed by such party.

9.                                       Severability.  In case
any one or more of the provisions contained in this Agreement, or any
application thereof, shall be invalid, illegal or unenforceable in any respect,
the validity, legality and enforceability of the remaining provisions contained
herein, and any other application thereof, shall not in any way be affected or
impaired thereby.

10.                                 Governing Law.  This
Agreement shall be construed in accordance with and governed by the laws of the
State of New York.

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

	
  

  	
  BORROWER:

  
	
   

  	
  OPBIZ, L.L.C., a Nevada
  limited liability company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  PH FEE OWNER LLC, a Delaware
  limited

  liability company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

[SIGNATURES
CONTINUE ON FOLLOWING PAGE]

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

	
  

  	
  GUARANTOR:

  
	
   

  	
   

  	
   

  
	
   

  	
  TROPHY HUNTER INVESTMENTS, LTD.,

  a Florida limited liability company

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  BAY HARBOUR HOLDINGS LLC,

  
	
   

  	
   

  	
  its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name: Douglas Teitelbaum

  
	
   

  	
   

  	
   

  	
  Title: Managing Member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  BAY HARBOUR 90-1, LTD.,

  a Florida limited liability company

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  BAY HARBOUR HOLDINGS LLC,

  its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name: Douglas Teitelbaum

  
	
   

  	
   

  	
   

  	
  Title: Managing Member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  BAY HARBOUR MASTER, LTD.,

  a Cayman Islands exempted company

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  BAY HARBOUR PARTNERS, LTD.,

  
	
   

  	
   

  	
  its sole member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  BAY HARBOUR MANAGEMENT,

  L.C., its investment manager

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name: Douglas Teitelbaum

  
	
   

  	
   

  	
   

  	
   

  	
  Title: Managing MemberExhibit
10.57

LEASE AGREEMENT

THIS LEASE AGREEMENT
(the “Lease”) is made and entered into this 30th day of November, 2006
(the “Effective Date”), by and between PH Fee Owner LLC, a Delaware
limited liability company (“Landlord”), and OpBiz, L.L.C., a Nevada
limited liability company (“Tenant”). 
Capitalized terms used herein and not otherwise defined shall have the
meanings provided in the Glossary attached hereto.

RECITALS

A.            Landlord
is the owner of the real property and all improvements thereon located in Clark
County, Nevada (the “Property”), including, without limitation, that
certain resort located thereon and more commonly and formerly known as the
Aladdin Hotel and Casino (the “Premises”), as more particularly
described on Exhibit A attached hereto, , and all fixtures permanently
attached to the realty and located therein or thereon .  The Leased Assets specifically exclude the
Gaming Equipment, the ownership of which is and shall remain in Tenant; and

B.            Landlord desires to lease to Tenant and Tenant desires to
accept, hire and lease from Landlord the premises described on Exhibit A less and except (i) the Timeshare
Operations Space and (ii) those areas comprising the casino areas (the “Casino”)of
the Property which are described on Exhibit A-1 attached hereto (the “Premises”)
and all fixtures permanently attached to the realty and located therein or
thereon as of the Effective Date (the “Fixtures” and together with the
Premises, the “Leased Assets”).
for Tenant’s operation of the Premises, subject to the terms and conditions
more particularly described herein.

AGREEMENT

1.             LEASED
ASSETS.

1.1           Leased
Assets.  Upon the conditions,
limitations, covenants and agreements herein set forth, Landlord hereby leases
to Tenant, and Tenant hereby accepts, hires and leases from Landlord the Leased
Assets.  Landlord
and Tenant acknowledge that the description of the Premises in Exhibit A
may change from time to time if Exhibit A to the Casino Lease Agreement
is revised as permitted under Section 1.1 of the Casino Lease Agreement.

1.2           Future
Reservations.  This Lease shall be
subject to all existing and future covenants, conditions, restrictions,
reservations and easements now or hereafter recorded against the Property
including, without limitation, that certain Agreement and Amendment to
Construction Operation and Reciprocal Easement Agreement by and between
Boulevard Invest, LLC and Planet Hollywood, dated on or about July 31, 2005,
and recorded in Book 20051117 as Instrument No. 0005802 of the Official Records
of Clark County, Nevada,  concerning the
Desert Passage Mall, and that certain Construction, Operation and Reciprocal
Easement Agreement entered into as of February 26, 1998 by and among Aladdin
Gaming, LLC, Aladdin Bazaar, LLC and Aladdin Music Holdings, LLC.

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2.             TERM.

2.1           Commencement
Date.  The commencement date of this
Lease (the “Commencement Date”) shall be the date hereof.

2.2           Term.  The initial term of the Lease (the “Initial
Term”) shall be two (2) years commencing on the Commencement Date.  Provided, however, that the Initial Term
shall automatically renew for successive periods of one (1) year each for so
long as the Debt is outstanding and, thereafter, for successive periods of
three (3) months (each a “Renewal Period” and together with the Initial
Term, the “Term”), unless, after the Debt is no longer outstanding,
either party gives thirty (30) days’ written notice to the other party prior to
the expiration of the then current Initial Term or Renewal Period, as the case
may be, that such automatic renewal will not occur.

3.             RENT.

3.1           Rent.  Beginning on the first (1st) day of the month immediately
following the Commencement Date and on the first (1st) day of each month during the Term
thereafter, Tenant shall pay to Landlord, without offset or deduction, monthly
base rent for the Leased Assets of Nine Hundred Sixteen Thousand Six Hundred
Sixty-Seven and 00/100 Dollars ($916,667.00) (the “Rent”).  In the event the Commencement Date of this
Lease occurs on a day other than the first day of a calendar month, the Rent
for such partial calendar month shall be a prorated portion of a full monthly
installment of Rent, which shall be paid to Landlord on the Commencement
Date.  In the event this Lease expires or
is earlier terminated on a day other than the last day of a calendar month, the
Rent for such partial calendar month shall be a prorated portion of a full
monthly installment of Rent, and Tenant shall be reimbursed by Landlord for any
amounts applicable to the portion of the calendar month following the expiration
of the Term.

3.2           Payment.  All payments of Rent shall be payable by
Tenant to Landlord in legal tender of the United States of America at the
address set forth for Landlord in Section 22.2 or such other place as Landlord
may, from time to time, designate in writing.

3.3           Late
Charge.  If Tenant shall fail to pay
Rent within five (5) days after written notice from Landlord to pay rent, then
the past due rent shall bear interest at the Interest Rate (as defined below),
from the due date thereof until paid. 
The amount of any such interest shall be additional rent hereunder and
shall be payable upon demand.  The
assessment and receipt of interest as aforesaid shall be in addition to, and
shall in no way be deemed to limit, any other rights and remedies Landlord may
have under this Lease or otherwise for non-payment of Rent.  As used herein, “Interest Rate” shall mean an
interest rate equal to the statutory rate of interest set forth in NRS 99.040
or any successor statute.

3.4           Net
Lease.  It is the purpose and intent
of Landlord and Tenant that the Rent payable hereunder shall be absolutely net
to Landlord so that this Lease shall yield, net to Landlord, the Rent specified
herein in each month during the term of this Lease.  This is an absolutely net lease, and, except
as otherwise specifically provided in Sections 2.2 and 16 hereof, this Lease
shall not terminate nor shall Tenant have any right to terminate this Lease;
nor shall Tenant be entitled to any abatement, deduction, deferment, suspension
or reduction of, or setoff,

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defense or counterclaim against, any rentals, charges,
or other sums payable by Tenant under this Lease.

4.             POSSESSION
AND SURRENDER.

4.1           Acceptance.  Tenant shall be deemed to have accepted the
Leased Assets on the date hereof.  Tenant
represents to Landlord that Tenant has examined the title to and the physical
condition of the Premises prior to the execution and delivery of this Lease and
has found the same to be satisfactory for all purposes hereof, and Tenant
accepts the title and condition of the Premises in their respective, present
condition “as is, where is, with all faults”. 
Landlord makes no representation or warranty with respect to the
condition of the Premises or its fitness or availability for any particular
use, and Landlord shall not be liable for any latent or patent defect therein.

4.2           Tenant’s
Property.  Unless otherwise agreed
between Landlord and Tenant, upon the expiration or earlier termination of the
Term, Tenant shall surrender the Leased Assets, including, without limitation,
any improvements or repairs undertaken by Tenant and any other improvements to
the realty, in the same condition as on the Commencement Date, reasonable wear
and tear excepted.  Any of Tenant’s
Property which is not promptly removed upon the expiration or earlier
termination of the Term shall be deemed abandoned by Tenant, and Tenant shall
have no further right, title or interest in and to such abandoned Tenant’s
Property.

5.             USE
OF LEASED ASSETS.

5.1           Use
of Leased Assets; and Operating Standards. 
The Leased Assets are leased to Tenant solely for conducting the
business of operating the Premises, so long as such use is in accordance with
the Operating Standards (as defined herein). 
For purposes of this Lease, “Operating Standards” mean, collectively,
the standards and manner of operation for the Premises and the management of
the hotel business (including any operations related or ancillary thereto)
which shall be (i) substantially consistent and in accordance with prior
practice and, in any event, no less than the standards and manner of operation
on the date hereof in all material respects, (ii) in accordance with the
requirements of the Management Agreement (as defined in the Loan Agreement),
this Lease and the Loan Documents (as defined in the Loan Agreement), (iii) in
accordance with Applicable Laws and (iv) in accordance with the applicable
insurance policies and other reasonable business requirements of any carrier
having insurance on the Property or any part thereof.

5.2           Maintenance.  Except as provided for elsewhere herein,
Tenant shall keep and maintain, at Tenant’s sole cost and expense, in good
order, condition and repair, reasonable wear and tear excepted.

5.3           Non-Interference.  Tenant shall not do, permit or suffer
anything to be done, or kept upon the Premises which will obstruct or interfere
with the rights of Landlord.

5.4           Compliance
With Easements.  The use of the
Leased Assets by Tenant, its Affiliates, agents, employees, servants,
contractors, licensees, customers or business invitees, shall at all times be
in compliance with all material covenants, conditions and restrictions,
easements, reciprocal easement agreements, and all matters presently of public
record or which

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may hereafter be placed of public record, which affect
the Leased Assets or the Property, or any part thereof.

5.5           Compliance
With Laws and Loan Documents.  Tenant
shall, at its sole cost and expense, comply with all Applicable Laws during the
Term and affecting the Leased Assets or Tenant’s use thereof and Tenant shall
not use the Leased Assets so as to create waste or constitute a nuisance or
disturbance.  Furthermore, the terms of
the Loan Documents, to the extent applicable, are hereby incorporated by
reference and shall, as herein incorporated, survive any foreclosure of the
Loan (as defined in the Loan Agreement) for the benefit of any Successor
Landlord (as defined herein).

5.6           Hazardous
Substances.  Tenant shall not use the
Premises for the generation, storage, manufacture, production, releasing,
discharge, or disposal or any Hazardous Materials or allow or suffer any other
Person to do so.

5.7           Alterations.  Except as contemplated or permitted by the
Loan Agreement, Tenant shall not make any structural alteration or replacement
(whether interior or exterior, ordinary or extraordinary) of any nature or
description to the Premises without having first obtaining Landlord’s prior
written approval thereof, which consent shall not be unreasonably withheld,
delayed or denied.  Tenant is authorized
to make non-structural alterations, repairs and replacements without the
necessity of obtaining Landlord’s written consent, but only on the condition
that it provide prior notice of such work so as to afford Landlord reasonable
time to file notices of nonresponsibility.

6.             LIQUOR.

6.1           Intentionally Omitted..

6.2           Intentionally
Omitted..

6.3           Intentionally
Omitted.

6.4           Intentionally
Omitted

6.5           Intentionally
Omitted.

6.6           Liquor. 
Tenant may conduct the sale of liquor at the Premises (the “Liquor
Sales”) and all activities necessary or incidental thereto, including,
without limitation:

(a)           Liquor Sales.  Maintain all licenses necessary for the
Liquor Sales, comply with all Applicable Laws, provide all equipment necessary
or customary for the Liquor Sales, and undertaking all Liquor Sales; and

(b)           Expenses.  Be responsible for, and bear the expense of,
all accounting, marketing, advertising, special events, and maintenance
associated with the Liquor Sales.

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7.             LANDLORD’S REPAIRS.

7.1           Landlord Repairs.  Landlord agrees, at no additional cost or
expense to Tenant, to maintain and keep in good order, condition and repair the
foundations, exterior walls, roof, HVAC, plumbing and electrical systems of the
Premises except for reasonable wear and tear or for any damage thereto caused
by any act or negligence of Tenant or its Affiliates, agents, employees,
servants, contractors, licensees, customers or business invitees,, which shall
be and remain the sole responsibility of Tenant (collectively, the “Landlord’s
Repairs”).  It is an express condition
precedent to all obligations of Landlord to undertake any of the Landlord’s
Repairs that Tenant shall reasonably notify Landlord in writing of the need for
such Landlord’s Repairs.

7.2           Right of Entry.  Subject to Nevada Gaming Laws, in addition to
any other rights of re-entry herein, Landlord reserves the right to enter the
Premises to undertake Landlord’s Repairs or install and maintain energy
submeters, conduits and other appurtenances in the soffit or other space above
the ceilings or ceiling line, the walls and under any floors of the Premises.

8.             UTILITIES;
TAXES.

8.1           Payment
of Utilities.  From and after the
Commencement Date, Tenant shall promptly pay all charges for fuel, gas, light,
power, water, sewage, garbage disposal, trash, telephone and other utilities
and costs of every nature incurred in connection with Tenant’s use and
possession of the Leased Assets during the Term, all of which shall be paid
directly to the public utility or private company supplying the same when due
and without delinquency or, if the charges therefor are billed to Landlord,
Landlord will subsequently bill such charges to Tenant at Landlord’s cost
therefore calculated proportionally. 
Landlord shall not be responsible for any loss, cost, damage, expense or
liability Tenant may sustain as a result of a change in character of electric
or other utility service or as a result of any public or private company’s
failure to supply or reduction in any of the foregoing utility or other
services to the Premises.

8.2           Payment
of Taxes.  Tenant shall pay all
federal, state, county, city, school district and municipal taxes, all
assessments, both general and special, including all special charges, benefit
assessments or judgments for local improvements and all taxes, assessments or
charges of every kind or nature which may be levied against or may become due
or payable in respect to (a) the Leased Assets, Tenant’s Property, machinery or
equipment owned by, used by, or to be used by Tenant in the operation of the
Premises; (b) the operation of the Premises, including, without limitation, all
sales taxes, food and beverage taxes, and entertainment taxes; and (c) Rent
(except income tax).  Such assessments,
taxes and charges shall be paid by Tenant directly to the appropriate taxing or
collecting authority or, if the same or any portion thereof shall have been
billed to Landlord, Landlord will subsequently bill such charges to Tenant and
Tenant shall pay such tax bills to Landlord within thirty (30) calendar days
after notification by Landlord to Tenant, along with appropriate verification
of amounts owing and paid, that the same are due and payable.  Any assessments, taxes and charges to be paid
directly by Tenant to any taxing authority shall be paid by Tenant when due and
evidence of timely payment thereof shall be provided by Tenant to Landlord
promptly after payment upon request by Landlord.  Tenant shall only be responsible for that
portion of the assessments, taxes and charges that are due or accrue (i) prior
to the term of the Lease if they relate to Tenant’s occupation of the Premises
and/or operation of the Premises and (ii) during the Term.

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9.             INSURANCE.

9.1           Property
Insurance.  Tenant shall, at all
times during the Term and at its own expense, carry fire insurance and full extended
coverage protection upon the Premises, including, without limitation, all
FF&E, machinery and equipment in, on or about the Premises and the Tenant’s
Property.  Such insurance protection
shall cover losses in aggregate amounts of not less than one hundred percent
(100%) of the full insurable value thereof, with a full replacement cost rider,
endorsed and attached thereto.  Such
policy shall be payable to Landlord and any mortgagee of Landlord, as their
interests may appear.

9.2           Liability
Insurance.  Tenant shall, at all
times during the Term and at its own expense, maintain in full force and effect
for the use and benefit of Landlord, its existing policies of liability
insurance under the terms of this Lease and Landlord shall be indemnified and
protected against any and all claims for injuries or damages, suffered or
alleged to have been suffered by any Person or Persons while in, on or about
the Premises and for property damage arising from any and all demands, loss or
liability and resulting at any time or times from the injury or death of any
Person or Persons or from damage to any and all property, however arising,
including, without limitation, food handling. 
The insurance required to be provided by the provisions of this
Section 9.2 may be provided under the terms of any blanket liability
insurance policy carried by Tenant and in such event, in accordance with
Section 9.5.1, Tenant shall furnish to Landlord a certificate of insurance
evidencing the fact of such insurance on or before the Commencement Date.

9.3           Automobile
Insurance.  Tenant shall, at all
times during the Term and at its own expense, maintain in full force and effect
for the use and benefit of Landlord, its existing policies of automobile
liability insurance and Landlord shall be indemnified and protected against any
and all claims for injuries or damages, suffered or alleged to have been
suffered by an Person or Persons by vehicles owned, non-owned, or hired for use
during the Term by or on behalf of Tenant.

9.4           Workers’
Compensation; Employer’s Liability. 
Tenant shall, at all times during the Term and at its own expenses,
maintain in full force and effect workers’ compensation insurance in accordance
with Applicable Laws.  Tenant shall, at
all times during the Term and at its own expense, maintain in full force and
effect for the use and benefit of Landlord, its existing policies of employer’s
liability insurance and Landlord shall be indemnified and protected against any
and all claims for injuries or damages, suffered or alleged to have been
suffered by an employee of Tenant.

9.5           Insurance
Policies — General.

9.5.1        Payment of Premiums; Evidence.  Tenant shall pay all premiums for each policy
of insurance required by this Article 9 when due.  Tenant has heretofore forwarded, and from
time to time shall forward, to Landlord duplicate originals of certificates of
insurance, together with true, correct and complete copies of all such
insurance policies, including renewal and replacement policies, together with
written evidence that the premiums therefore have been paid in full.

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9.5.2        Cancellation.  Each policy of insurance required by this
Article 9 shall provide that the same may not be cancelled upon less than
thirty (30) calendar days prior written notice to Landlord.  Tenant shall direct Tenant’s insurance
carriers to send copies of any and all notification of pending cancellation of
insurance for any purpose whatsoever direct to the attention of Landlord at
least thirty (30) calendar days prior to cancellation.

9.5.3        Subrogation.  Each policy of insurance required by this
Article 9 shall contain an express waiver of any and all right of subrogation
thereunder against Landlord, its agents, employees, servants or
contractors.  All such policies shall be
written as primary policy and not contribution with or in excess of the
coverage, if any, that Landlord may carry. 
Any provision of this Lease notwithstanding, the amounts of all
insurance required hereunder to be paid by Tenant shall be not less than an
amount sufficient to prevent Landlord from becoming a co-insurer.

9.5.4        Hazardous Activities.  Tenant shall not use or occupy, or permit the
Leased Assets to be occupied or used, in an manner which will increase the
rates of any insurance for the Leased Assets, the Property or the overall
development within which the Premises is situated or that will make void or
voidable any insurance then in force with respect to the Leased Assets, the
Property or the overall development within which the Premises is situated, or
which will make it impossible to obtain fire or other insurance with respect to
the Leased Assets, the Property or the overall development within which the
Premises is situated.  If Tenant shall
fail to comply with the provisions of this Section 9.5.4, such noncompliance
may be deemed, in Landlord’s sole discretion, to be an Event of Default
hereunder and Tenant shall indemnify Landlord for any increases in insurance
premium charged to Landlord as a result of Tenant’s noncompliance with the
Section 9.5.4.

9.5.5        No Prohibited Activity.  Tenant agrees that it will not keep, use,
sell or offer for sale in or upon the Premises any article or permit any
activity which may be prohibited by any standard form of insurance policy.  Tenant agrees to pay any increase in premiums
for insurance which may be carried by Landlord on the Property or the overall
development in which the Premises is situated, resulting from the type of
operations, of merchandise sold, or services rendered by Tenant or any of its
activities in or about the Premises, whether or not Landlord has consented to
the same.

9.5.6        Additional Insureds.  Each policy of insurance required by this
Article 9 shall name Landlord or its successors or Affiliates as an additional
insured thereunder.

9.6           Insurance
Obligations under Loan Agreement. 
Article VI of the Loan Agreement is hereby incorporated by reference and
shall survive any foreclosure of the Loan for the benefit of Lender. Tenant’s
maintenance of all insurance coverages required to be carried by the borrower
under the Loan Agreement shall be deemed to satisfy the Tenant insurance
requirements of this Article 9.

10.           LIENS.

10.1         Liens.  Tenant shall at all times indemnify, save and
hold Landlord, the Premises, the Property and the leasehold created by this
Lease free of and harmless from any claims, liens,

 7
 

demands, charges, encumbrances, litigation and
judgments arising directly or indirectly out of any use, occupancy or activity
of Tenant, or out of any work performed, material furnished, or obligations
incurred by Tenant in, upon or otherwise in connection with the Leased
Assets.  Tenant shall, at its sole cost
and expense, within sixty (60) calendar days after filing of any lien of
record, obtain the discharge and release thereof.  Provided, however, if Tenant disputes the validity
of any lien, Tenant shall be given a reasonable amount of time to resolve such
dispute and obtain the discharge and release of such lien.

11.           INDEMNIFICATION.

11.1         Indemnification
by Tenant.  Tenant hereby
indemnifies, saves and holds Landlord, the Leased Assets, the Property, and the
leasehold estate created by this Lease free of and harmless from any and all
liabilities, losses, costs, expenses, including reasonable attorneys’ fees (at
trial and on appeal), causes of action, suits, judgments, claims, liens and
demands of any kind whatsoever in connection with, resulting from or arising
out of or by reason of any direct or indirect use, misuse, occupancy,
possession, act, omission or negligence of, Tenant, its agents, employees,
servants, contractors, subtenants, licensees, customers or business invitees
while in, upon, about or in any way connected with the Leased Assets, the
Property, or the overall development in which the Premises is situated or
arising from any accident, injury or damage, howsoever and by whomsoever
caused, to any Person or property whatsoever, occurring in, upon, about or in
any way connected with the Leased Assets or any portion thereof.  Tenant’s indemnification obligations shall
include all obligations and liabilities arising from Tenant’s occupation of the
Premises (whether prior to or during the Term) and all matters pertaining to
Tenant’s employees.

11.2         Indemnification
by Landlord.  Landlord hereby
indemnifies, saves and holds Tenant, the Leased Assets, the Property, and the
leasehold estate created by this Lease free of and harmless from any and all
liabilities, losses, costs, expenses, including reasonable attorneys’ fees (at
trial and on appeal), causes of action, suits, judgments, claims, liens and
demands of any kind whatsoever in connection with, resulting from or arising
out of or by reason of any intentional act, omission or negligence of,
Landlord, its agents, employees, servants, contractors, licensees, customers or
business invitees while in, upon, about or in any way connected with the Leased
Assets or Property.

12.           SUBORDINATION.

12.1         Subordination..  This Lease and Tenant’s rights hereunder are
and shall remain subordinate to the lien of any mortgage, deed of trust or
other encumbrance, together with any renewals, extensions or replacements
thereof, now or hereafter placed, charged or enforced against the Leased
Assets, or any portion thereof, the Property or the overall development within
which the Premises is situated.

12.2         Deemed
Prior Lien.  In the event that the
mortgagee or beneficiary of any such mortgage, deed of trust, or other
encumbrance  elects to have this Lease
deemed a prior lien to its mortgage, deed of trust, or other encumbrance, then
and in such event, upon such mortgagee’s or beneficiary’s giving written notice
to Tenant to that effect, this Lease shall be deemed a prior lien to such
mortgage, deed of trust, or other encumbrance, whether this Lease is dated
prior to or

 8
 

subsequent to the date of recordation of such
mortgage, deed of trust, or other encumbrance. 
If this Lease is deemed a prior lien and this Lease is not automatically
terminated by any applicable foreclosure, then the Term shall automatically
become a month-to-month tenancy and Landlord shall have the right to terminate
this Lease upon thirty (30) days prior written notice to Tenant.

12.3         Attornment.  If any mortgagee (or its nominee or designee)
shall succeed to the rights of Landlord hereunder through possession or
foreclosure action, deed in lieu of foreclosure or otherwise, or another person
purchases the Property or the portion thereof containing the Premises upon or
following foreclosure or in connection with any bankruptcy case commenced by or
against Landlord, then at the request of Landlord’s mortgagee (or its nominee
or designee) or such purchaser (Landlord’s mortgagee, its nominees and
designees, and such purchaser, and their respective successors and assigns,
each being a “Successor Landlord”), Tenant shall attorn to and recognize
Successor Landlord as Tenant’s landlord hereunder and shall promptly execute
and deliver any instrument that Successor Landlord may reasonably request to
evidence such attornment.  Upon such
attornment, this Lease shall continue in full force and effect as, or as if it
were, a direct lease between Successor Landlord and Tenant upon all terms,
conditions and covenants as are set forth in the Lease except as otherwise
provided below; provided, however, that such Successor Landlord may at any time
elect to terminate this Lease in its sole discretion.  Any such termination shall be followed by a
period not to exceed one hundred twenty (120) days during which Tenant shall
reasonably cooperate with Successor Lender and any hotel operator selected by
Successor Landlord to transition the operation of the Premises.  If this Lease shall have terminated by
operation of law or otherwise as a result of or in connection with a bankruptcy
case commenced by or against Landlord or a foreclosure action or proceeding or
delivery of a deed in lieu thereof, upon request of Successor Landlord, Tenant
shall, promptly execute and deliver a direct lease with Successor Landlord
which direct lease shall be on substantially the same terms and conditions as
this Lease (subject, however, to the provisions of following clauses (a)-(e) of
this Section 3) and shall be effective as of the day this Lease shall have
terminated as aforesaid.  Notwithstanding
the continuation of this Lease, the attornment of Tenant thereunder or the
execution of a direct lease between Successor Landlord and Tenant as aforesaid,
Successor Landlord shall not:

a.             be
liable for any previous act or omission of Landlord (or its predecessors in
interest);

b.             be
subject to any credits, offsets, claims, counterclaims, demands or defenses
which Tenant may have against Landlord (or its predecessors in interest);

c.             be
liable or obligated to comply with or fulfill any of the obligations of
Landlord hereunder or any agreement relating thereto with respect to the
construction of, or payment for, improvements on or above the Premises (or any
portion thereof), leasehold improvements, tenant work letters and/or similar
items;

d.             be
required to account for any security deposit other than any security deposit
actually delivered to Successor Landlord; or

e.             bound
by any modification of this Lease made without the written consent of Successor
Landlord if such party had a consent right under the Loan Documents at the time
that

 9
 

such modification was executed and such modification
was executed without such party’s consent.

13.           ASSIGNMENT
AND SUBLETTING.

13.1         Assignment With Consent.   Tenant shall not assign, transfer, mortgage,
pledge, hypothecate or encumber this Lease nor the leasehold estate hereby
created or any interest herein, or sublet the Leased Assets or any portion
thereof, or license the use of all or any portion of the Leased Assets without
the prior express written consent of the Landlord, which consent shall not be
unreasonably withheld, delayed or conditioned; provided, however, (i) any
assignment, sublease or outsourcing by Tenant shall be freely permitted to the
extent such assignment, sublease or outsourcing is not in violation of the
borrower’s covenants under the Loan Agreement; and (i) that any leases or
subleases of the Leased Assets existing as of the Commencement Date shall be
expressly permitted hereunder.  If any of
the foregoing prohibited acts shall be effected by Tenant or if any part of the
Leased Assets be occupied by anybody other than Tenant, other than as provided
for herein, Landlord may collect rent from the assignee, transferee, subtenant,
concessionaire, licensee, occupant or the like, and apply the net amount
collected to the Rent, but no such assignment, subletting, occupancy or
collection shall be deemed a waiver of this Article 13, or the acceptance of
the third Person thereof as Tenant, or a release of Tenant from the further
performance by Tenant of this Lease. 
Notwithstanding the foregoing, any Successor Landlord (as defined
herein) shall have the right, in its reasonable discretion, to prohibit any
assignment, sublease, or outsourcing.

13.2         No Merger.  The voluntary or other surrender of this
Lease by Tenant, or a mutual cancellation hereof, or the termination of this
Lease by Landlord pursuant to any provision contained herein, shall not work a
merger, but at the option of Landlord, shall either terminate any or all
existing subleases or subtenancies, or operate as an assignment to the Landlord
of any and all such subleases or subtenancies as determined by Landlord,
exercisable in Landlord’s sole discretion.

14.           INSOLVENCY AND DEATH.

14.1         No Passage by Law.  It is understood and agreed that neither this
Lease nor any interest herein or hereunder, nor any estate hereby created in
favor of Tenant, shall pass by operation of law under any state or federal
insolvency, bankruptcy or inheritance act, or any similar Applicable Law now or
hereafter in effect, to any trustee, receiver, assignee for the benefit of
creditors, heir, legatee, devisee, or any other Person whomsoever without the
express prior written consent of Landlord, exercisable in Landlord’s sole
discretion.

15.           REPRESENTATIONS AND WARRANTIES.

15.1         Representations and Warranties of
Landlord.  Landlord hereby makes the
following representations and warranties to Tenant as of the Effective Date:

(a)           Landlord has the capacity to enter
into and to carry out the terms and provisions of this Lease, including,
without limitation, the lease to Tenant of the Leased Assets, and other than
the Approvals of the Nevada Gaming Authorities, if required, no Approval of any

 10
 

Governmental
Authority or any other third Person is required in connection therewith, and
this Lease constitutes the legal, valid and binding Lease of Landlord,
enforceable in accordance with its terms, except to the extent that enforcement
may be affected by laws relating to bankruptcy, reorganization, insolvency and
creditors’ rights and by the availability of injunctive relief, specific
performance and other equitable remedies;

(b)           Neither the execution and delivery of
this Lease, nor the consummation of the transactions contemplated hereby, will
conflict with or result in a violation or breach of term or provision of, or
constitute a default under (i) any order, judgment, writ, injunction, decree,
license, permit, statute, rule or regulation of any court, governmental,
regulatory or public body; or (ii) any license, franchise, permit, indenture,
mortgage, deed of trust, lease, contract, instrument, commitment or other Lease
or arrangement to which Landlord is a party or by which Landlord or the Lease
Assets, as applicable, is bound; and

(c)           No representation or warranty by
Landlord contained in this Lease contains any untrue statement of a material
fact or omit to state a material fact necessary in order to make the statement
and facts contained herein not misleading.

15.2         Representations and Warranties of
Tenant.  Tenant hereby makes the
following representations and warranties to Landlord as of the Effective Date:

(a)           Tenant has the full right, power and
lawful authority to enter into and to carry out the terms and provisions of the
Lease, including, without limitation, the lease from Landlord of the Leased
Assets, no Approval of any Governmental Authority or any other third Person is
required in connection therewith and this Lease constitutes the legal, valid
and binding Lease of Tenant, enforceable in accordance with its terms, except
to the extent that enforcement may be affected by laws relating to bankruptcy,
reorganization, insolvency and creditors’ rights and by the availability of
injunctive relief, specific performance and other equitable remedies;

(b)           Neither the execution and delivery of
this Lease, nor the consummation of the transactions contemplated hereby, will
conflict with or result in a violation or breach of any term or provision of,
or constitute a default under (i) any order, judgment, writ, injunction,
decree, license, permit, statute, rule or regulation of any court,
governmental, regulatory or public body; or (ii) any license, franchise,
permit, indenture, mortgage, deed of trust, lease, contract, instrument,
commitment or other Lease or arrangement to which Tenant is a party or by which
it or Tenant’s Property, as applicable, is bound; and

 11
 

(c)           No representation or warranty by
Tenant contained in this Lease contains any untrue statement of a material fact
or omit to state a material fact necessary in order to make the statement and
facts contained therein not misleading.

(d)           Tenant has all liquor licenses and
other licenses required by Applicable Law to conduct Liquor Sales and to
operate a hotel at the Premises as provided in Section 6.6 of this Lease.

16.           DAMAGE;
DESTRUCTION; CONDEMNATION.

16.1         Continuation
of Rent.  Should the Leased Assets be
damaged or destroyed to the extent that such damage or destruction substantially
interferes with the operations of the Premises and was not caused by the fault
or negligence of Tenant, or its Affiliates, agents, employees, servants,
contractors, licensees, customers or business invitees, either Landlord or
Tenant shall have the option to terminate this Lease by notifying the other
party of such election in writing within thirty (30) calendar days after such
damage or destruction; provided, however, if Tenant notifies Landlord in
writing within thirty (30) calendar days of such damage or destruction of
Tenant’s election to restore or repair the Leased Assets and proceeds to and
does restore or repair the Leased Assets with all reasonable diligence, at its
sole expense, to the condition in which they were immediately prior to such
destruction or damages, the Lease shall not terminate, but shall continue in
full force and effect.  During any period
of reconstruction, Tenant’s obligations under this Lease shall continue, but
rent shall be abated to the extent (and only in a proportionate amount) that
the Premises are non-usable.

16.2         Partial
Condemnation.  If a partial portion
of the Premises shall be taken by condemnation, then a just portion of the Rent
shall be abated according to the nature and extent of the taking, appropriation
and/or injuries sustained by the Premises, including the portion required by
Tenant to make such restoration or repairs necessitated by the taking, from the
time of such taking, appropriation or injury until restoration.  Except for such abatement, Tenant shall not
participate in any other respect in any part of the condemnation award that may
be made.  Nothing herein contained,
however, shall preclude Tenant from asserting as against the condemning
authority its claim for injury or damages occasioned by such condemnation to
Tenant’s Property or the operations of the Premises provided the same does not
decrease Landlord’s condemnation award.

16.3         Full
Condemnation.  If the entire portion
of the Premises shall be taken by condemnation, or a partial portion of the
Premises shall be taken by condemnation and the portion remaining is not
reasonably susceptible to the operations of the Premises, either Landlord or
Tenant shall have the option to terminate this Lease by notifying the other
Person of such election in writing within thirty (30) calendar days after such
taking and Tenant shall not participate in any other respect in any part of the
condemnation award that may be made. 
Nothing herein contained, however, shall preclude Tenant from asserting
as against the condemning authority its claim for injury or damages occasioned
by such condemnation to the Tenant’s Property or the operations of the Premises
provided the same does not decrease Landlord’s condemnation award.

 12
 

17.           RIGHT
OF ACCESS.

17.1         Right
of Re-Entry.  Subject to Nevada
Gaming Laws, Landlord and its authorized agents and representatives shall be
entitled to enter the Premises at any reasonable time for the purpose of
(a) observing, posting or keeping posted thereon notices provided for
hereunder, and such other notices as Landlord may deem necessary or appropriate
for protection of Landlord, its interest or the Leased Assets;
(b) inspecting the Leased Assets or any portion thereof; and
(c) inspecting the Leased Assets relative to concerns over use, storage or
disposal of Hazardous Materials.  Entry
into the Premises obtained by Landlord by any such means shall not be deemed to
be forcible or unlawful entry into, or a detainer of, the Premises, or an
eviction of Tenant from the Premises or any portion thereof.

18.           EXPENDITURES
BY LANDLORD.

18.1         Expenditures.  Whenever
under any provision of this Lease, Tenant shall be obligated to make any
payment or expenditure, or to do any act or thing, or to incur any liability
whatsoever, and Tenant fails, refuses or neglects to perform as herein
required, Landlord shall be entitled, but shall not be obligated, to make any
such payment or to do any such act or thing, or to incur any such liability,
all on behalf of and at the cost and for the account of Tenant.

19.           ESTOPPEL
CERTIFICATE.

19.1         Estoppel
Certificate.  Tenant agrees that
within thirty (30) calendar days of any demand therefor by Landlord, Tenant
will execute and deliver to Landlord and/or Landlord’s designee a recordable
certificate stating that this Lease is in full force and effect, such defenses
or offsets as are claimed by Tenant, if any, the date to which all rentals have
been paid, and such other information as reasonably and customarily contained
in a commercial estoppel certificate concerning the Lease, the Premises and
Tenant as Landlord or the Lender or said designee may request.  In the event that Tenant fails to execute
and/or deliver any such certificate or offset statement to Landlord within said
thirty (30) calendar days, (i) Tenant shall be deemed to have represented and
warranted that the Lease is in full force and effect and that Landlord is not
in default under the Lease, and (ii) Tenant shall be deemed in violation of
this Lease and Landlord shall have the rights and remedies for Events of
Default pursuant to the terms hereof.

20.           DEFAULT;
REMEDIES.

20.1         Tenant’s
Default.  The occurrence of any one
or more of the following events shall be an “Event of Default” under this
Lease:

(a)           Tenant shall default in the payment
of any sum of money required to be paid hereunder and such default continues
for ten (10) Business Days after written notice thereof from Landlord to
Tenant;

(b)           Tenant shall default in the
performance of any other term, covenant or condition of this Lease on the part
of Tenant to be kept and performed and such default continues for thirty (30)
calendar days after written notice thereof from Landlord to Tenant; provided,
however, that if the default complained of in such notice is of such a nature
that the same can be rectified or cured, but cannot with reasonable diligence
be done within said thirty (30) calendar-

 13
 

day period, then such default shall be deemed to be rectified or cured
if Tenant shall, within said thirty (30) calendar-day period, commence to
rectify and cure the same and shall thereafter complete such rectification and
cure with all due diligence;

(c)           Tenant shall vacate or abandon the
Leased Assets during the Term and not otherwise be current in its rental and
other obligations under this Lease;

(d)           There is filed any petition in
bankruptcy by or against Tenant, which petition is not dismissed within ninety
(90) days of its filing, or there is appointed a receiver or trustee to take
possession of Tenant or of all or substantially all of the assets of Tenant, or
there is a general assignment by Tenant for the benefit of creditors, or any
action is taken by or against Tenant under any state or federal insolvency or
bankruptcy act, or any similar law now or hereafter in effect, including,
without limitation, the filing of execution or attachment against Tenant and
such levy continues in effect for a period of sixty (60) calendar days;

(e)           Tenant shall do, or permit to be
done, any act which creates a mechanic’s lien or claim thereof against the
Leased Assets or the Property and fails to timely discharge same;

(f)            Tenant shall fail to maintain all
necessary approvals, permits and waivers under the Nevada Gaming Laws to
operate the Premises; or

(g)           Tenant shall fail to furnish Landlord
with proof of any insurance policy required to be maintained by Tenant, and
such default shall continue for twenty (20) calendar days after written notice
from Landlord.

20.2         Remedies.  Upon the occurrence of an Event of Default,
in addition to any other rights or remedies provided for herein or available at
law or in equity, Landlord, at its sole option, shall have the following
rights:

(a)           The right to declare the Term ended
and, subject to Nevada Gaming Laws, to re-enter the Premises and take
possession thereof, and to terminate all of the rights of Tenant in and to the
Leased Assets; or

(b)           The right, whether or not the
Premises or any part thereof be relet, until the end of what would have been
the Term in the absence of such Event of Default, to hold Tenant liable to
Landlord and pay to Landlord monthly an amount equal to the amount due as Rent,
less the net proceeds for said month, if any, of any reletting after deducting
all of Landlord’s expenses in connection with such reletting, including,
without limitation, all repossession costs, brokerage commissions, legal
expenses, court costs, reasonable attorneys’ fees, and expenses of preparation
for such reletting (all said costs are cumulative and shall be applied against
proceeds of reletting until paid in full).

20.3         Additional
Re-Entry Rights.  Subject to Nevada
Gaming Laws, pursuant to said rights of re-entry above, Landlord shall have the
right to remove all Persons from the Premises and the right, but not the
obligations, to remove all Tenant’s Property therefrom, and the right, but not
the obligation, to enforce any rights Landlord may have against said Tenant’s
Property or store the same in any public or private warehouse or elsewhere at the
cost and for the account of

 14
 

Tenant or the owner or owners thereof.  Notwithstanding anything contained herein to
the contrary, Landlord shall not be deemed to have terminated this Lease or the
liability of Tenant to pay any Rent or other sum of money thereafter to accrue
hereunder, or Tenant’s liability for damages under any of the provisions hereof,
by any such re-entry, or by any action in unlawful detainer or otherwise to
obtain possession of the Leased Assets, unless Landlord shall have
specifically, with reference to this Section 20.3, notified Tenant in writing
that it has so elected to terminate this Lease. Tenant covenants and agrees
that the service by Landlord of any notice pursuant to the unlawful detainer
statutes of the State of Nevada and the surrender of possession pursuant to
such notice shall not (unless Landlord elects to the contrary at the time of,
or at any time subsequent to, the service of such notice to Tenant) be deemed
to be a termination of this Lease, or the termination of any liability
hereunder of Tenant to Landlord.

20.4         Waiver
by Landlord.  The waiver by Landlord
of any particular Event of Default or breach of any of the terms, covenants or
conditions hereof on the part of Tenant to be kept and performed shall not be a
waiver of any preceding or subsequent Event of Default or breach of the same or
any other term, covenant or condition contained herein.  Landlord’s failure to insist upon strict
performance of any of the terms, conditions or covenants herein shall not be
deemed to be a waiver of any rights or remedies of Landlord.  The subsequent acceptance of Rent by Landlord
shall not be construed to be a waiver of any preceding breach by Tenant of any
term, covenant or condition of this Lease other than the failure of Tenant to
pay the particular Rent or other payment or portion thereof so accepted,
regardless of Landlord’s knowledge of such preceding breach at the time of
acceptance of such rental or other payment. 
No payment by Tenant or receipt by Landlord of a lesser amount than the
Rent shall be deemed to be other than on account of the earliest Rent due and
payable hereunder, nor shall any endorsement or statement on any check or any
letter accompanying any check or payment as Rent be deemed an accord and
satisfaction, and Landlord may accept any such check or payment without
prejudice to Landlord’s right to recover the balance of such Rent or pursue any
other remedy provided in this Lease or in law or equity.  This Section 20.4 may not be waived.

20.5         Quiet
Possession.  Tenant, upon paying the
Rent, and upon Tenant’s performance of all of the terms, covenants and conditions
of this Lease on its part to be kept and performed, may quietly have, hold and
enjoy the Leased Assets during the Term without any disturbance from Landlord
or from any other Person claiming through Landlord.

20.6         Default
by Landlord.  It is agreed that in
the event Landlord fails or refuses to perform any of the provisions, covenants
or conditions of this Lease on Landlord’s part to be kept or performed, that
Tenant, prior to exercising any right or remedy Tenant may have against
Landlord on account of such default, shall give written notice to Landlord of
such default, specifying in said notice the default with which Landlord is
charged and Landlord shall not be deemed in default if the same is cured within
thirty (30) calendar days of receipt of said notice.  Notwithstanding any other provisions hereof,
Tenant agrees that if the default complained of in the notice provided for by
this Section 20.6 is of such a nature that the same can be rectified or cured by
Landlord, but cannot with reasonable diligence be rectified or cured by
Landlord within said thirty (30) calendar-day period, then such default shall
be deemed to be rectified or cured if Landlord within a thirty (30)
calendar-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.

 15

For so long as the Loan is outstanding, Tenant shall
promptly notify Lender of any default by Landlord hereunder and of any act or
omission of Landlord which would give Tenant the right to cancel or terminate
this Lease or to claim a partial or total eviction, which continues beyond any
applicable cure period.  In the event of
a default Landlord hereunder which would give Tenant the right, immediately or
after the lapse of a period of time, to cancel or terminate this Lease or to
abate or offset against the payment of rent or to claim a partial or total
eviction, or in the event of any other act or omission of Landlord which would
give Tenant the right to cancel or terminate this Lease or to abate or offset
against the payment of rent or to claim a partial or total eviction, Tenant
shall not exercise such right (a) until Tenant has given written notice of such
default, act or omission to Lender and (b) unless Lender has failed, within
thirty (30) days, unless this Lease provides for a longer cure period in which
case such longer cure period shall apply, after Lender receives such notice to
cure or remedy the default, act or omission or, if such default, act or
omission is not reasonably capable of being remedied by Lender within such
thirty (30) day or longer cure period, as applicable, until a reasonable period
for remedying such default, act or omission not to exceed the greater of (i)
ninety (90) days or (ii) the period to which Landlord would be entitled under
the Lease, after similar notice, to effect such remedy, shall have elapsed
following the giving of notice to Lender, provided that Lender shall with due
diligence give Tenant written notice of its intention to, and shall commence
and continue to, remedy such default, act or omission.  Nothing contained herein, however, shall be
construed or operate to obligate or require Lender to remedy such default, act
or omission.  To the extent Lender incurs
any expenses or other costs in curing or remedying such default, act or
omission, including, without limitation, attorneys’ fees and disbursements,
Lender shall be subrogated to Tenant’s rights against Landlord.

21.           FORCE
MAJEURE.

21.1         Force
Majeure.  Whenever a day is appointed
herein on which, or a period of time is appointed in which, either party hereto
is required to do or complete any act, matter or thing, the time for the doing
or completion thereof shall be extended by a period of time equal to the number
of calendar days on or during which such party is prevented from or is
unreasonably interfered with, the doing or completion of such act, matter or
thing because of labor disputes, civil commotion, war, warlike operation,
sabotage, governmental regulations or control, fire or other casualty,
inability to obtain any materials, or to obtain fuel or energy, weather or
other acts of God, or other causes beyond such party’s reasonable control
(financial inability excepted); provided, however, that nothing contained
herein shall excuse Tenant from the prompt payment of any Rent, except as may
be specifically provided in this Lease.

22.           GENERAL.

22.1         Limitation
of Claims.  Tenant understands and
agrees that any claims by Tenant against Landlord with respect to this Lease
shall be limited to the assets of the beneficial owner of the Leased
Assets.  Tenant expressly waives any and
all rights to proceed against the individual partners or against the officers,
directors or stockholders of any corporate partner of such beneficial owner,
except to the extent of their interests therein.

22.2         Notices.  All notices required or permitted to be given
hereunder shall be in writing and may be delivered by hand, facsimile,
nationally recognized private courier or

 16
 

overnight delivery service, or by United States
mail.  Notices delivered by mail shall be
deemed given three (3) Business Days after being deposited in the United States
mail, postage prepaid, registered or certified mail.  Notices delivered by hand shall be deemed
given upon receipt.  Notices delivered by
facsimile, nationally recognized private courier or overnight delivery shall be
deemed given on the first business day following transmission (in the case of
facsimiles) or deposit with the relevant courier or service; provided, however,
that a notice delivered by facsimile shall only be effective if such notice is
also delivered by hand, or deposited in the United States mail, postage
prepaid, registered or certified mail, on or before two (2) Business Days after
its transmission by facsimile.  All
notices shall be addressed as follows:

	
  If to Landlord:

  	
   

  	
  PH Fee Owner LLC

  
	
   

  	
   

  	
  3667 Las Vegas Boulevard, South

  
	
   

  	
   

  	
  Las Vegas, Nevada 89109

  
	
   

  	
   

  	
  Attention: General Counsel

  
	
   

  	
   

  	
  Facsimile: (702) 785-5936

  
	
   

  	
   

  	
   

  
	
  If to Tenant:

  	
   

  	
  OpBiz, L.L.C.

  
	
   

  	
   

  	
  3667 Las Vegas Boulevard, South

  
	
   

  	
   

  	
  Las Vegas, Nevada 89109

  
	
   

  	
   

  	
  Attention: General Counsel

  
	
   

  	
   

  	
  Facsimile: (702) 785-5936

  

 

22.3         Entire
Agreement.  This Lease constitutes
the entire agreement between the parties here­to pertaining to the subject
matter hereof and supersedes all prior agreements, understandings,
negotiations, and discussions, whether oral or written.

22.4         Severability.  If any part of this Lease is determined to be
void, invalid or unenforceable, such void, invalid, or unenforceable portion
shall be deemed to be separate and severable from the other portions of this
Lease, and the other portions shall be given full force and effect, as though
the void, invalid or unenforceable portions or provisions were never a part of
the Lease.

22.5         Amendment
and Modification.  No supplement,
modification, waiver or termination of this Lease shall be binding unless
executed in writing by the party to be bound. 
No waiver of any of the provisions of this Lease shall be deemed or
shall constitute a waiver of any other provisions, whether or not similar, nor shall
such waiver constitute a continuing waiver unless otherwise expressly provided.

22.6         Headings.  Article, Section, Subsection or clause
headings are not to be considered part of this Lease and are included solely
for convenience and reference and shall not be held to define, construe, govern
or limit the meaning of any term or provision of this Lease.  References in this Lease to an Article,
Section, Subsection or clause, or any similar reference, shall be reference to
an Article, Section, Subsection or clause of this Lease unless otherwise stated
or the context otherwise requires.

 17
 

22.7         Successors.  All of the terms, provi­sions and obligations
of this Lease shall be binding upon and shall inure to the benefit of the
parties hereto and their respective heirs, representatives, successors and
assigns.

22.8         Governing
Law; Jurisdiction.  This Lease has
been prepared, executed and delivered in, and shall be interpreted under, the
internal laws of the State of Nevada, without giving effect to its conflict of law
provisions.   Each of the parties hereto
irrevocably and unconditionally waives any objection to the laying of venue of
any action, suit or proceeding arising out of this Lease or the transactions
contemplated hereby in (a) the courts of Clark County, State of Nevada, or (b)
the United States District Court for the District of Nevada, and hereby further
irrevocably and unconditionally waives and agrees not to plead or claim in any
such court that any such action, suit or proceeding brought in any such court
has been brought in an inconvenient forum.

22.9         Waiver
of Jury Trial; Counterclaims.  The
parties shall and do hereby waive trial by jury in any action, proceeding or
counterclaim brought by either of the parties hereto against the other on any
matters whatsoever arising out of or in any way connected with this Lease, the
relationship of Landlord and Tenant, Tenant’s use or occupancy of the Leased
Assets, and/or any claim of injury or damage. 
In the event Landlord commences any proceedings for non-payment of any
Rent, Tenant will not interpose any counterclaim of whatever nature or
description in any such proceedings. 
This shall not, however, be construed as a waiver of the Tenant’s right
to assert such claims in any separate action or actions brought by Tenant.

22.10       Attorneys’
Fees.  In the event any party incurs
legal fees or other costs to enforce any of the terms of this Lease, to resolve
any dispute with respect to its provisions, or to obtain damages for breach
thereof, whether by prosecution or defense, the nonprevailing party to such
action shall pay the prevailing party’s reasonable expenses, including, without
limitation, reasonable attorneys’ fees and costs, incurred in such action.

22.11       Interpretation.  This Lease is to be deemed to have been
prepared jointly by the parties hereto, and if any inconsistency or ambiguity
exists herein, it shall not be interpreted against either party but according
to the application of rules of the interpretation of contracts, if such an
uncertainty or ambiguity exists.  Each
party has had the availability of legal counsel during the joint preparation of
this Lease.  In the interpretation of
this Lease, the singular may be read as the plural, and vice versa,
the neuter gender as the masculine or feminine, and vice versa,
and the future tense as the past or present, and vice versa,
all interchangeably as the context may require in order to fully effectuate the
intent of the parties and the transactions contemplated herein.  Syntax shall yield to the substance of the
terms and provisions hereof.

22.12       Third
Parties.  Nothing in this Lease,
expressed or implied, is intended to confer upon any Person other than the
parties hereto any rights or remedies under or by reason of this Lease.

22.13       Expenses.  Each party shall bear its own expenses
incurred by it in connection with the negotiation, execution and delivery of
this Lease, including without limitation, the fees and expenses of each party’s
legal counsel and accountants.

 18
 

22.14       Waiver
of Rights.  Without limiting the
provisions of Section 20.5, failure to insist on compliance with any of the
terms, covenants, or conditions hereof shall not be deemed a waiver of such
terms, covenants, or conditions, nor shall any waiver or relinquishment of any
right or power hereunder at any one time or more times be deemed a waiver or
relinquishment of such rights or powers at any other time or times.

22.15       Further
Assurances.  Each party will, from
time to time after the execution of this Lease, execute and deliver such
instruments, documents and assurances and take such further acts as the other
party may reasonably request to carry out the purpose and intent of this Lease
without undue delay.  Any party who fails
to comply with this Section 22.15 shall reimburse the other party for any
direct expenses, including attorneys’ fees and court costs, which, as a result
of this failure, become reasonably necessary for carrying out this Lease.

22.16       Counterparts.  This Lease may be executed in counterparts,
each of which so executed shall be deemed an original, and both of which shall
together constitute one and the same agreement.

[Signatures appear on following page.]

 19

 

IN WITNESS WHEREOF, the parties have executed this
Lease as of the Effective Date.

	
  

  	
  “LANDLORD”

  
	
   

  	
   

  	
   

  
	
   

  	
  PH FEE OWNER
  LLC,

  
	
   

  	
  a Delaware
  limited liability company

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Its:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  “TENANT”

  
	
   

  	
   

  	
   

  
	
   

  	
  OPBIZ, L.L.C.,

  
	
   

  	
  a Nevada limited
  liability company

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Its:

  	
   

  
				

 

                                                                                                     

GLOSSARY

As used in this Lease, the following capitalized terms
shall have the following meanings:

“Affiliates” means any Person that directly, or
indirectly through one or more intermediaries, controls or is controlled by or
is under common control with the Person specified.  For purposes of this definition, control of a
Person means the power, direct or indirect, to direct or cause the direction of
the management and policies of such Person whether by contract or otherwise
and, in any event and without limitation of the previous sentence, any Person
owning ten percent (10%) or more of the voting securities of another Person
shall be deemed to control that Person.

“Applicable Laws” means, without limitation,
any and all foreign, federal, state and local laws, statutes, rules,
regulations, codes, ordinances, plans, orders, judgments, decrees, writs,
injunctions, notices, decisions or demand letters issued, entered or
promulgated pursuant to any foreign, federal, state or local law, and includes,
without limitation, Nevada Gaming Laws.

“Business Days” means Monday through Friday
other than those days on which banks and governmental institutions in the State
of Nevada are typically closed.

“Casino” shall have the meaning provided in
Section 6.1.

“Commencement Date” shall have the meaning
provided in Section 2.1.

“Debt” shall mean the indebtedness described in
the Loan Agreement.

“Effective Date” shall have the meaning
provided in the Introduction hereto.

“FF&E” shall mean furniture, non-fixed
fixtures, equipment placed in the Premises by Tenant.

“Gaming Equipment” means any and all gaming
devices (as defined in NRS § 463.0155), gaming device parts inventory and
other related gaming equipment and supplies used in connection with the
operation of a casino, including, without limitation, slot machines, gaming
tables, cards, dice, chips, tokens, player tracking systems, cashless wagering
systems (as defined in NRS § 463.014) and associated equipment (as defined
in NRS § 463.0136), which are located at the Premises as of the Effective
Date and used or usable exclusively in present or future Gaming Operations or
ordered for future Gaming Operations as of the Commencement Date.

“Gaming Operations” shall mean the operation of
slot machines and live games at the Casino.

“Governmental Authority” means any Federal,
state, municipal or local government, governmental authority, regulatory or
administrative agency, governmental commission, department, board, bureau,
instrumentality, body, court, tribunal, arbitrator or arbitral body, including,
without limitation, the Nevada Gaming Authorities.

 1
 

“Hazardous Materials” means substances defined
as “hazardous substances” under the Comprehensive Environmental Response,
Compensation and Liability Act of 1980, 43 U.S.C. Section 9601 et. seq., or as “hazardous”, “toxic” or “pollutant”
substances or as “solid waste” under the Hazardous Materials Transportation
Act, 49 U.S.C. Section 1801 et. seq.,
as amended, and the Resource Conservation and Recovery Act, 42 U.S.C. Section
6901 et. seq., as amended, or as
otherwise defined under comparable state law.

“Landlord” shall have the meaning provided in
the Introduction hereto.

“Lease” shall have the meaning provided in the
Introduction hereto.

“Leased Assets” shall have the meaning provided
in Recital A.

“Liquor Sales” shall have the meaning provided
in Section 6.6.

“Loan Agreement” shall mean that certain Loan
Agreement of even date herewith between Landlord and Tenant, collectively as
borrower, and Column Financial, Inc., as lender.

“Nevada Gaming Authorities” means collectively,
the Nevada Gaming Commission, the Nevada State Gaming Control Board, and all
other state and local regulatory and licensing bodies with authority over
gaming activities and devices in the State of Nevada.

“Nevada Gaming Laws” means all laws pursuant to
which any Nevada Gaming Authority possesses regulatory, licensing or permit
authority over gaming or the distribution of gaming devices and associated
equipment, codified in NRS Chapter 463 and the regulations of the Nevada Gaming
Commission promulgated thereunder.

“NRS” means the Nevada Revised Statutes,
currently in effect and as amended from time to time.

“Person” means any natural person, corporation,
limited liability company, general partnership, limited partnership, proprietorship,
other business organization, trust, union, or association.

“Premises” shall have the meaning provided in
Recital A.

“Property” shall have the meaning provided in
Recital A.

“Redemption Regulation” shall have the meaning
provided in Section 6.5.

“Rent” shall have the meaning provided in
Section 3.1.

“Tenant” shall have the meaning provided in the
Introduction hereto.

“Tenant’s Property” shall mean any personal
property installed or placed in or on the Premises by Tenant.

“Term” shall have the meaning provided in
Section 2.2.

 2
 

“Timeshare Operations Space” shall mean an area
of the Premises, not in excess of twenty-five thousand (25,000) square feet,
used or to be used by Landlord and/or Landlord’s subsidiary, TSP Owner LLC,
and/or its affiliates, in connection with the ownership, development, operation
and sales of the Timeshare Project (as defined in the Loan Agreement).

 

 3

EXHIBIT A

DESCRIPTION OF THE
PREMISES

EXHIBIT A-1

DESCRIPTION OF THE
CASINO

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