Document:

Purchase Agreement

 Exhibit 10.39 
 LIMITED PARTNERSHIP PURCHASE AGREEMENT 
 THIS LIMITED PARTNERSHIP PURCHASE AGREEMENT is executed as
of February 5, 2007, by and among Lowrie Management LLLP, a Colorado limited liability limited partnership(hereinafter referred to as “Lowrie”) and Illinois Acquisitions Inc., a Colorado corporation (hereinafter referred to as
“Illinois”), VCG Holding Corp., a Colorado corporation (hereinafter referred to as “VCG”), and Cardinal Management LP.(hereinafter referred to as CMLP), an Illinois limited partnership doing business as “PT’s”
(hereinafter referred to as the “Company”). 
 WHEREAS, the Company owns and operates an adult entertainment nightclub known as
PT’s located in Centreville, Illinois (“PT’s” or the “Premises”) and is licensed by the State of Illinois to sell liquor on the Premises. 
 WHEREAS, in connection with the VCG’s purchase of the one percent general partnership interest and a fifty six and a half percent (56.5%) limited partnership interest for 50,000 shares of restricted common
stock from VCG and $300,000 (Three Hundred Thousand Dollars). 
 WHEREAS, Illinois owns the general partnership interest of the Company (1%).

 WHEREAS, Illinois is the general partner of other limited partnerships and this sale does not include these other partnerships or any
ownership of Illinois direct or indirect. 
 WHEREAS, Lowrie owns a 56.5% of limited partnership interest of the Company. 
 WHEREAS, VCG has offered to purchase, and Illinois and Lowrie has offered to sell, all of its ownership of the Company in accordance with the terms of
this Agreement. 
 NOW, THEREFORE, in consideration of the above premises, the respective representations, warranties and agreements herein
contained, and other good and valuable consideration, the adequacy and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 1. The Purchase 
 1.1 Agreement to Purchase. 
 VCG hereby agrees to purchase, and Illinois hereby agrees to sell, transfer, assign and deliver to VCG, the general partnership interest it owns in the Company for a 50,000 shares of restricted common stock of VCG.

 VCG hereby agrees to purchase, and Lowrie hereby agrees to sell, transfer, assign and deliver to VCG, all of the limited partnership interest it owns in
the Company for $300,000. 
  

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 1.2 Closing. The completion of the purchase shall take place at such place and time as may be
agreed between the parties, no later than March 31, 2007 (the “Termination Date”). The date of completion of the purchase shall be hereinafter referred to as the “Closing Date.” Regardless of the Closing Date, the parties
agree that the purchase shall be upon transfer of the liquor license (the “Purchase Date”). 
 2. Actions on the Closing Date

 2.1 VCG Actions at Closing. On the Closing Date, VCG shall deliver to Illinois and Lowrie: 
 2.0.1 50,000 shares of restricted common stock of VCG issued to Illinois. 
 2.0.2 The $300,000 balance of the purchase price after the deposit. 
 2.3.3 A certificate executed by VCG
confirming the representations and warranties contained in Section 3 hereof as of the Closing Date. 
 2.2 On the Closing Date, Illinois
and Lowrie shall deliver to VCG: 
 2.0.1 A certificate representing transfer of all of Illinois’s general partnership interest of the
Company, properly endorsed and assigned to VCG Holding Corp., and any other instruments or documents that may be necessary, desirable or appropriate to transfer and assign to VCG all of its general partnership interest of the Company, all in a form
and substance satisfactory to counsel for VCG; 
 2.0.2 A certificate representing transfer of all of Lowrie’s limited partnership
interest of the Company, properly endorsed and assigned to VCG Holding Corp., and any other instruments or documents that may be necessary, desirable or appropriate to transfer and assign to VCG all of its limited partnership interest of the
Company, all in a form and substance satisfactory to counsel for VCG; 
 2.0.3 A certificate executed by Illinois, Lowrie and the Company
confirming the representations and warranties contained in Sections 4 and 5 hereof as of the Closing Date; 
 2.0.4 All of the books and
records of the Company. 
 2.4.5 Any and all other documents reasonably requested by VCG to be delivered by Seller at Closing. 
 3. Representations and Warranties of VCG. VCG represents and warrants to Seller, as of the date hereof and up to and including the Closing Date, as
follows: 
 3.1 Organization and Good Standing. VCG is a corporation duly organized, validly existing and in good standing under the
laws of the State of Colorado. 
  

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 3.2 Corporate Powers, Compliance with Other Instruments, and Law. VCG has the unconditional right,
power and authority to execute, pursue and complete this Agreement, and neither the execution of this Agreement, nor the completion of the acts and events described in and/or contemplated by this Agreement, in accordance with its provisions, will
violate the Articles of Incorporation, as amended, or bylaws of VCG, nor any existing law, order, rule, regulation, writ, injunction or decree of any governmental entity having jurisdiction over VCG or its properties. 
 4. Representations and Warranties of Seller and the Company. Illinois, Lowrie, and the Company, jointly and severally, represent and warrant to VCG, as of
the date hereof and up to and including the Closing Date, as follows: 
 4.1 Organization and Good Standing. The Company is a limited
partnership duly organized, validly existing and in good standing under the laws of the State of Illinois. The Company has full power and authority, corporate and otherwise, to carry on its business as and where now conducted and to own and operate
the properties and assets now owned and operated by it. The Company is duly qualified to transact business and in good standing in each jurisdiction where the ownership of its properties and assets or the conduct of its business requires it to be
licensed or qualified to do business. 
 4.2 Limited Partnerships Powers, Compliance with Other Instruments, Governmental Consents and
Laws. The General Partner has the unconditional right, power and authority to execute, pursue and complete this Agreement. The execution and completion of this Agreement and the completion of the transactions contemplated hereby have been duly
authorized by the Board of Directors of the Illinois. Neither the execution of this Agreement, nor the completion of the acts and events described in and/or contemplated by this Agreement, in accordance with its provisions, will alter the rights or
remedies of the Company with respect to others, or conflict with or constitute a default under or a breach or a violation of or grounds for termination of, or an event which, with the lapse of time or notice, could constitute a default under or
breach or violation or grounds for termination of (i) the articles of incorporation, as amended, or bylaws of the Company as the same are currently in effect, (ii) any note, indenture, mortgage, deed of trust or other agreement or
instrument to which the Company is a party or by which it is bound, (iii) any existing law, order, rule, regulation, writ, injunction or decree of any union or any government, governmental department, commission, board, bureau, agency or
instrumentality or court, domestic or foreign, having jurisdiction over the Company or its properties. Except for (i) all necessary approvals by the State of Illinois with respect to the transfer of the Company’s license to sell liquor and
(ii) any adult entertainment license, no consent, approval, authorization or order of any person, entity, court or governmental agency or body or union or other body is required by the Company to complete the transactions contemplated herein.

  

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 4.5 Licenses. The Company is currently licensed to present live adult entertainment by the City of
Centreville, Illinois, and is in compliance with all reporting obligations and other requirements of such license. Company has delivered to VCG a true, correct and complete copy of the sexually oriented business license and tavern liquor license,
the original both are at the Premises, and the same is in full force and effect. No person or entity (including, but not limited to, the State of Illinois) has commenced any proceeding against the Company, or against any person currently or
previously associated with the Company or PT’s, for the revocation or suspension of any such license, or for the imposition of any conditions thereon, or for the imposition of any fine or penalty on the Company. 
 4.6 Delivery of Documents and Schedules. 
 4.6.1 The Company has delivered to VCG a complete and accurate list, attached hereto as Schedule 4.6.1, of all liens, encumbrances, licenses, leases, employment agreements (including any pension, profit sharing, bonus or severance pay
commitments), collective bargaining agreements, and other contracts, undertakings, and commitments to which the Company is a party or by which it is bound or to which any of its properties or assets are subject. The Company has performed all
obligations required to be performed by it under such liens, encumbrances, licenses, leases, contracts, agreements, and other undertakings and commitments and is not in default under any of them. 
 4.6.2 The Company has delivered to VCG a complete and accurate list, attached hereto as Schedule 4.6.2, of all property and assets owned by the Company,
including, but not limited to, all equipment, furniture, fixtures, and other physical assets and property owned by the Company and used in connection with the operation of PT’s. The Company has good and marketable title to all property and
assets used in its business, including, but not limited to, all property and assets reflected in the Financial Statements, as defined in Section 4.7, and in Schedule 4.6.2, and all property and assets acquired by it after the date of the
Financial Statements, subject to no liens, mortgages, pledges, encumbrances, or charges of any kind except as set forth in Schedule 4.6.1. The property and assets of the Company, including, but not limited to, equipment and other facilities of the
Company, have been properly maintained, are in good working and operating condition and repair, and are suitable for the uses for which they are intended and for their use in the business. There are no security interests on any of the property and
assets that arose in connection with any failure or alleged failure to pay any tax. 
 4.6.3 The Company has delivered to VCG a complete and
accurate list, attached hereto as Schedule 4.6.3, briefly describing all general liability policies and other insurance policies maintained by the Company, including the annual costs of such policies. These policies are in amounts and provide
coverage customarily maintained by similar businesses similarly situated and are and shall be in full force and effect through the Closing Date. 
  

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 4.6.4 The Company has delivered to VCG a complete and accurate list, attached hereto as Schedule 4.6.4,
of all employees and independent contractors of the Company and their respective rates of compensation, including benefits, if any. All of the employees and independent contracts have and will have received all compensation and benefits due from the
Company through the Closing Date. 
 4.6.5 The Company has delivered to VCG a complete and accurate list, attached as Schedule 4.6.5, of all
bank accounts presently maintained by the Company, showing the names of all persons authorized to make withdrawals or sign checks on those accounts or have access to them, and any powers of attorney, presently in effect, granted by the Company.

 4.6.6 Other than as set forth on Schedule 4.6.6 attached hereto, no litigation, proceeding, or controversy is pending against the Company
or its assets before any court or any governmental agency and, to the knowledge of Seller or the Company, no such litigation, proceeding, or controversy is threatened or anticipated. The Company has not violated any laws, regulations, or orders
applicable to its business or activities, and the conduct of the present business of the Company at its present location is in conformity with all zoning and building code requirements. 
 4.6.7 The Company has delivered to VCG true, complete, unmodified and correct copies of the Company’s federal, state and local tax returns.

 4.7 Financial Statements. Attached as Schedule 4.7 are true and complete copies of the financial statements of the Company as of
December 31, 2004 and 2005, and 2006. The financial statements are complete and accurate, have been prepared in accordance with generally accepted accounting (“GAAP”) principles consistently applied, and present fairly, to the extent
reported thereon, the financial position of the Company as of the end of the periods reflected thereon. The financial statements attached hereto as Schedule 4.7 and information described herein is collectively referred to as the “Financial
Statements.” 
 4.8 Independent Certified Public Accountants. The Financial Statements have been audited by Ronald Chadwick PC,
CPA, independent certified public accountant. 
 4.9 Material Transactions and Adverse Changes. Between the date of the Company’s
Financial Statements and the Closing Date, there has not and will not have been, occurred or arisen: 
 4.9.1 Any material adverse change in
the business or financial condition of the Company from that shown in the Financial Statements; or 
 4.9.2 Any damage or destruction in the
nature of a casualty loss, whether covered by insurance or not, materially and adversely affecting any one or more assets, properties or the business of the Company; or 
  

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 4.9.3 Irrespective of any rights to indemnification, any waiver, release or deferral, by the Company of
any right to substantial value or significance which singly or in the aggregate is material to the Company; or 
 4.9.4 Any borrowing of
money or any commitment to borrow money by the Company or any cancellation, termination or modification of any existing loan and/or commitment to lend money to the Company; or 
 4.9.5 The creation of or entrance into any new or existing business entity by the Company; or 
 4.9.6 Any other event, condition or state of facts of any character which materially and adversely affects, or, threatens to materially and adversely
affect, the business, properties or assets of the Company, or results of operations or financial condition of the Company. 
 4.10
Taxes. 
 4.10.1 All personal property tax, transaction privilege tax, payroll withholdings, workman’s compensation, income tax,
excise tax, unemployment, social security, occupation, franchise and other taxes, duties or charges levied, assessed or imposed upon the Company by the United States or by any government, state, municipality or governmental subdivision have been and
shall be duly paid by the Company through the Closing Date. All federal state and local income excise, unemployment, social security, occupation, franchise and other tax reports and returns and other reports required by law or regulation have been
and shall be duly filed by the Company through the Closing Date. The Company has withheld and paid when due all taxes required to have been withheld and paid in connection with amounts paid or owing to any employees, independent contractors,
creditors, stockholders or other third parties, through the Closing Date. The Company and Seller have no basis to expect that any authority will assess any additional taxes for any period for which tax returns shall have been filed at the Closing
Date. There is not, and as of the Closing Date there shall not be, any dispute or claim concerning any tax liability of the Company either (a) claimed or raised by any authority in writing or (b) as to which the Company or Seller has
knowledge based upon personal contact with any agent of such authority. There are not, and as of the Closing Date there shall not be, any liabilities for prior years’ taxes that could constitute a lien against any part of the Company’s
assets or property or subject VCG or the Company to liability therefore. 
 4.10.2 Adequate reserves have been established for all income and
other tax liabilities on the Financial Statements for the period then ended and for all preceding periods through the Closing Date for the Company. 
  

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 4.10.3 The Company has not waived and will not waive any statute of limitations with respect to any of
its liabilities, including, without limitation, liability for federal income or any other taxes for any period prior to the Closing Date. 
 4.10.4 No consents have been filed pursuant to Section 754 b of the Internal Revenue Code of 1986, by the Company or any transferor of the Company through the Closing Date. 
 4.10.5 After the Closing Date, neither the Company nor VCG shall have any obligation to pay any tax attributable to a period or activity prior to the
Purchase Date. Any income tax obligation or benefit for the tax period ended December 31, 2007 shall be attributed between Illinois, Lowrie and VCG on the basis of the income and expenses of the Company for that part of the year that the Shares
were owned by the respective party. 
 4.11 Contracts. The Company is not a party to any contract not made in the ordinary course of
business, nor is the Company a party to any (1) contract for the employment of any officer or individual employee. 
 4.12 Contingent
Liabilities. There are no claims, actions, suits, proceedings or investigations pending or threatened, against or affecting the Company or its property or assets, in any court or before or by any federal, state, municipal or other governmental
department, commission, board, bureau, agency or instrumentality, domestic or foreign, or arbitration tribunal, or other forum. There are no judgments, decrees, orders, writs, injunctions, demands or any other mandates outstanding to which the
Company is a party or by which it is bound or its property or assets affected. 
 4.13 Guarantees. There are no contracts or
commitments by the Company directly or indirectly guaranteeing the payment, performance or both payment and performance of the obligations of third parties. 
 4.14 Compliance with Laws. The Company has complied in all material respects with all applicable laws, orders and regulations of the federal, state, municipal and/or other governments and/or any instrumentality
thereof, domestic or foreign, applicable to assets of CMLP assets and/or to the business conducted by it including, without limitation, all applicable liquor laws, and is not in violation of any laws, orders and regulations which singly or in the
aggregate are material. Except for such violations that will not materially, adversely or monetarily affect the Company or its business: 
 (a) The Company has complied with and the Company is not in violation of any federal, state, county and municipal law, ordinance, code or regulation or governmental rule or regulation, directives or orders. 
 (b) The Company has maintained such records as required by law, Seller will maintain copies of those records for at least four years after closing and
make such records available to VCG and as VCG may reasonably request. 
  

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 (c) The Company has not failed to obtain any, and the Company currently holds and maintains all,
licenses, permits or other governmental authorizations necessary to the ownership, operation and sale of its services (all of which licenses, permits and authorizations are valid) and, in particular, but without limiting the foregoing, the Company
is not in violation of any environmental, safety, health, food or drug law, rule or regulation. 
 (d) The Company has complied with and the
Company is not in violation of or in default with respect to any judgment, order, writ, injunction or decree of any court or of any governmental official department, commissions, authority, board, bureau, agency or other instrumentality to which the
Company is subject. 
 (e) No material default or breach exists under any contract, lease, agreement, commitment, pledge, encumbrance, lien,
claim, charge, right, option or other instrument or obligation to which the Company is now a party or by which the Company, the property, assets and/or the Company’s business may be bound or affected. 
 4.15 Indebtedness Owed to Partners, Employees or Independent Contractors. The Company is not indebted to any partner, employee or independent
contractor as of the date hereof. 
 4.16 Indebtedness Owed by Partner, Employees or Independent Contractors. No money is owed to the
Company by any of the partner, employees, or independent contractors of the Company. 
 4.17 Bonuses to Employees and Independent
Contractors. There is no obligation, commitment or past repetitive historical practice of the Company to pay bonuses, royalties or other similar compensation designed to reward past performance, create incentive for future performance or
otherwise, to any officer, director, employee or independent contractor of the Company. 
 4.18 Status of the partnership interest.
The partnership interests are, and when sold and delivered at the Closing Date will be, legally and validly issued, duly authorized, fully paid and nonassessable. There are no persons holding powers of attorney from the Company or any proxy or power
of attorney with respect to the partnership interests. 
 4.19 Estoppel. All statements in this Agreement with respect to the Company
are true and correct and CMLP and Lowrie have not made any untrue statement of a material fact or omitted to state a material fact necessary in order to make the statements made herein, in the light of the circumstances under which they were made,
not misleading. 
 4.20 Schedules and Exhibits. With respect to the references made throughout the Agreement to Schedules and
Exhibits, the contents thereof are to be deemed to be an integral part of this Agreement among the parties and such contents are incorporated herein by reference. All warranties and representations herein expressly provided shall apply to the
information set forth in the Schedules and Exhibits. 
  

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 4.21 Business Premises, Permitted Use and Zoning, Liquor License. The Premises are suitable for
the conduct of the business of the Company. The Premises is zoned for use of an “adult entertainment establishment” is a permitted use as the terms are defined by the City of Centreville. Notwithstanding anything else to the contrary in
this Agreement, VCG’s obligations under this Agreement are expressly conditioned on the uses of “adult entertainment” being permitted uses on the Premises as those terms are defined by the City of Centreville at the Closing Date.

 4.22 No Insolvency. Neither Illinois, Lowrie nor the Company is insolvent and the consummation of this transaction will not render
CMLP or Lowrie insolvent. 
 4.23 Environment, Health and Safety. The Company has complied with all environmental, health and safety
laws with respect to the property and assets and/or the business, and no action, suit, proceeding, hearing, investigation, charge, complaint, claim, demand or notice has been filed or commenced against the Company or any associate person alleging
any failure so to comply with respect to the property assets and/or the Company’s business. 
 4.24 Entertainers. Seller and the
Company represent that any person who has appeared at the Premises (and may appear prior to the Closing Date) as an entertainer has always been (and will be) treated and classified by the Company as an independent contractor and not as an
“employee.” 
 5. Representations and Warranties of Seller. Illinois and Lowrie represents and warrants to VCG as follows:

 5.1 Illinois and Lowrie has the capacity to enter into, and to perform the obligations required by this Agreement. 
 5.2 Other than Troy H. Lowrie, no other person has any direct or indirect interest in the partnership interests, and Troy H. Lowrie is the sole party who
has the power with respect to the partnership interests. On delivery of the partnership interests pursuant to this Agreement, VCG will receive good and marketable title to the partnership interests, free and clear of all liens, encumbrances,
restrictions, equities, and any claims. 
 5.3 VCG has completed a due diligence investigation, including, but not limited to, a discussions
with CMLP., Illinois Acquisitions Inc., Lowrie Management LLLP, and applicable state and local authorities and government agencies and a review of the following documents of the Company and, as applicable for the last three years (except where
otherwise indicated): the articles of limited partnership and bylaws, including amendments from inception; minutes of partners’ meetings from inception; all reports and filings under federal and state laws; financial 

  

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statements; list of shareholders and copies of partnership interest transfers from inception; material contracts and agreements, employee benefit plans,
trusts and related documents; insurance and other welfare plans and programs; employment contracts and consulting agreements; collective bargaining agreements annual budgets; operating procedure manuals; outside management consulting studies and
reports; corporate tax returns; insurance coverage; and leases relating to real estate and equipment. After such investigation, Seller has no reason to believe that any of the representations or warranties contained in Section 4 and this
Section 5 are not true, correct, and complete, and none of the representations or warranties contained in such Sections omits any statement or information necessary, in light of the circumstances, to make such representation or warranty not
misleading. 
 5.4 There is no contractual or other obligation owned by the Company of which CMLP or Lowrie is aware that is not documented
and/or has not been provided to VCG. 
 6. Covenants of CMLP, Lowrie, and the Company. CMLP, Lowrie, and the Company, hereby covenant and agree
as follows: 
 6.1 Actions of Seller and the Company. Prior to the Closing Date, (a) CMLP, Lowrie, and the Company shall use their
best efforts to complete the transaction contemplated in this Agreement and, without limiting the generality of the foregoing, to obtain all consents and authorizations necessary to transfer the partnership interests and all its ownership of the
Company to VCG, and to retain/transfer the Company’s license to sell liquor in Illinois, and will cause to be prepared all documentation related to such consents and authorizations; and (b) CMLP, Lowrie, and Company shall make all filings
and give all notices to those parties which may be necessary or reasonably required in order to effect the transactions contemplated by this Agreement and to comply with all applicable state laws and regulations in connection with the effectuation
of this Agreement. 
 6.2 Conduct of Business Before Closing. Prior to the Closing Date, CMLP, Lowrie, and the Company will not enter
into any transaction which would be of such materiality as to render materially false or misleading the description of the Company’s business activities, assets, properties, liabilities, contractual commitments and/or business relationships or
other matters as set forth in this Agreement. Seller and the Company covenant and agree that, from the date of this Agreement until the Closing Date, the Company will at all times conduct its business in the usual and ordinary course and will not,
without the prior written consent of VCG, (a) purchase, sell, or otherwise dispose of any property, asset or services of any kind, other than purchases and sales in the ordinary course of business; (b) mortgage, pledge, create security
interests in or otherwise encumber any of its properties or assets; (c) make or incur any capital commitment or expenditure or any unusual or long term commitment; (d) grant any increase in salary or other increased compensation to any of
its employees or independent contractors; (e) declare or pay any dividend or make any other distribution to shareholders; (f) reveal to third persons any trade secrets, customer lists, or other confidential or proprietary information;
(g) enter into any lease, contract, agreement, purchase or sale order or other commitment relating to the property or the 

  

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assets or the PT’s; or (h) modify, amend, cancel or terminate any of its existing leases, contracts, agreements or other commitments relating to
the Company’s business, assets or property, or act otherwise in any manner that may adversely affect its rights, interests, assets, properties or business. 
 6.3 Preservation of Business Organization. From the date hereof through the Closing Date, Illinois, Lowrie, and the Company will use their best efforts, to preserve and maintain the Company’s business and
personnel, to keep available the services of its management, employees, and independent contractors, and to preserve its good will with suppliers, customers and others having business relations with it. 
 6.4 Access. The Company will furnish to VCG’s officers, directors, accountants, attorneys and other representatives full access, during
normal business hours throughout the term or applicability of this Agreement, to all information concerning the business and affairs of the Company and its operations as VCG, acting through such persons, may reasonably request. 
 6.5 Stand-Still. From the date hereof through and including the Closing Date, Illinois, Lowrie, and the Company agree not to sell any of
its partnership interests or issue or sell any additional partnership interests of the Company, or grant any rights to subscribe for or to purchase, or any options or warrants for the purchase of, any additional partnership interests of the Company,
or to solicit or encourage from any other person or entity an offer or expression of interest in or with respect to an acquisition, combination, or similar transaction involving the Company or its assets, properties or securities, and Illinois,
Lowrie, and the Company will promptly inform VCG of the existence of any unsolicited offer or expression of interest.  
 7. Conditions to
Obligations of the Parties 
 7.1 Conditions to the Obligations of Seller. The obligations of Illinois and Lowrie hereunder
are, at the option of Illinois and Lowrie, subject to compliance with and/or fulfillment of each of the following conditions prior to the Closing Date. The conditions contained in this Section are included in this Agreement for the benefit of
Illinois and Lowrie and, without constituting a waiver of any of Illinois’s or Lowrie’s rights under this Agreement, may be waived, in whole or in part, by Illinois or Lowrie. 
 7.1.1 Representations. The representations and warranties of VCG contained in this Agreement shall be true and correct on and as of the date hereof
and the Closing Date, with the same effect as though all such representations and warranties had been made on and as of such dates. 
 7.1.2
Compliance. All the terms, covenants and conditions hereof to be followed and performed by VCG on or before the Closing Date shall be fully and timely performed. 
  

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 7.1.3 No Errors or Misrepresentations. On or before the Closing Date, Illinois and Lowrie shall
not have discovered any material error, mistake or omission in the representations and warranties made herein by VCG. 
 7.2 Conditions to
Obligations of VCG. The obligations of VCG hereunder are, at the option of VCG, subject to compliance with and/or fulfillment of each of the following conditions prior to the Closing Date. The conditions contained in this Section are included in
this Agreement for the benefit of VCG and, without constituting a waiver of any of VCG’s rights under this Agreement, may be waived, in whole or in part, by VCG. 
 7.2.1 Representations. The representations and warranties of the Company and Illinois and Lowrie contained in this Agreement shall be true and correct on and as of the date hereof and through the Closing Date,
with the same effect as though all such representations and warranties had been made on and as of such dates. 
 7.2.2 Compliance. All
the terms, covenants and conditions hereof to be followed and performed by Illinois or Lowrie or the Company on or before the Closing Date shall be fully and timely performed. Illinois, Lowrie and the Company shall have delivered to VCG a
certificate, dated as of the Closing Date, certifying such detail as VCG may reasonably request as to the fulfillment of the conditions specified in this Section. 
 7.2.3 No Material Change. There shall not have been any material adverse change in the results of operations of the Company from that described in the Financial Statements. 
 7.2.4 No Errors or Misrepresentations. On or before the Closing Date, VCG shall not have discovered any material error, mistake or omission in the
representations and warranties made herein by the Company or Illinois or Lowrie. 
 7.2.5 Consents. All consents, approvals,
authorizations, waivers or orders required or necessary for the completion of the transactions contemplated by this Agreement shall have been obtained. No person or entity shall have threatened any action against Illinois, Lowrie, the Company and/or
VCG to prevent, or as a result of, the completion of this Agreement. 
 7.2.6 No Material Adverse Change. No damage, destruction, or
loss (whether or not covered by insurance), and no other event or condition materially and adversely affecting the condition, financial or otherwise net worth results of operations, assets, properties, business, or prospects of the Company shall
have occurred. 
 7.2.7 Proceedings. No claim, investigations, proceedings or litigation, either administrative or judicial,
threatened or pending against the Company, and no violations pending which threaten to revoke the Company’s liquor license. 
  

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 7.2.8 Assets and Property Verification. Verification by VCG on or prior to the Closing Date of the
existence of the type and quantity of the assets and property listed on Schedule 4.6.4. 
 8. Termination 
 8.1 Termination by Agreement. This Agreement shall terminate if VCG and Illinois and Lowrie, prior to the Termination Date, decide that the
transaction is undesirable and mutually agree to terminate this Agreement, or at VCG’s option if Illinois and Lowrie, after using reasonable efforts, is unable to obtain required approval or consents for the completion of the transaction
contemplated hereby. 
 8.2 Termination upon Default. If any party shall fail to use its best efforts to complete this Agreement and
all conditions precedent thereto which are the responsibility of that party by the Termination Date, then such shall constitute an event of default under this Agreement. 
 8.2.1 Upon the occurrence of an event of default hereunder, the non-defaulting party shall give written notice to the defaulting party of the existence of the event of default. 
 8.2.2 If the defaulting party shall not have cured the event of default within fifteen (15) days of the date notice is given, the non-defaulting
party shall have the right to terminate this Agreement and to recover from the defaulting party all costs and expenses incurred by it in connection with this Agreement and the transactions contemplated hereby, including reasonable attorneys’
fees and other costs of collection. 
 8.3 Automatic Termination. This Agreement shall terminate in the event the Agreement has not
been completed by the Termination Date, unless extended by mutual agreement of Illinois and Lowrie and VCG, or unless notice of default under Section 8.2 hereof has been given. 
 9. Survival and Indemnification 
 9.1 Survival of Representations and Warranties. All of
the representations and warranties of VCG, the Company, and Illinois and Lowrie contained in this Agreement shall survive the Closing for a period of three (3) years. 
 9.3 Indemnification. 
 9.3.1 Illinois
and Lowrie shall indemnify and hold harmless VCG (and its directors, officers, employees, affiliates, successors and assigns) against any and all liabilities, obligations and/or losses resulting from any inaccuracy in, or breach of, any
representation and warranty or non-fulfillment of any covenant on the part of Illinois or Lowrie or the Company contained in this Agreement, or any misrepresentation in or omission from or nonfulfillment of any covenant on the part of Illinois or
Lowrie or the Company contained in any other agreement, 
  

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certificate or other instrument furnished or to be furnished to VCG by Illinois, Lowrie or the Company pursuant to this Agreement, or arising from any
conduct, action or event, or lack there of, which occurred prior to the Closing Date. 
 9.3.2 VCG shall give prompt written notice of the
assertion of any third party claim of which VCG has knowledge which is covered by the indemnity agreement set forth in this Section. Illinois and Lowrie will undertake the defense thereof by representatives chosen by VCG, but reasonably acceptable
to Illinois and Lowrie. If Illinois and Lowrie within a reasonable time after notice of any such claim fails to defend, VCG will have the right with reasonable prior written notice to Illinois and Lowrie to undertake the defense, compromise or
settlement of such claim on behalf of and for the account and risk of Illinois and Lowrie, subject to the right of Illinois and Lowrie to assume the defense of such claim at any time prior to settlement, compromise or final determination thereof.
VCG shall forward to Illinois and Lowrie notice of any sums due and owing by Illinois and Lowrie with respect to such claim and Illinois and Lowrie shall pay such sums to VCG entitled to such indemnification in cash, within thirty (30) days
after the date of such notice. 
 10. Miscellaneous 
 10.1 Notice. Any notice, demand, consent, election, offer, approval, request, or other communication (collectively, a “notice”) required or permitted under this Agreement must be in writing and either
delivered personally or sent by certified or registered mail, postage prepaid, return receipt requested to the addresses listed below. A notice delivered personally will be deemed given only when acknowledged in writing by the person to whom it is
delivered. A notice that is sent by mail will be deemed given three (3) business days after it is mailed. Any party may designate, by notice to all of the others, substitute addresses or addressees for notices; and, thereafter, notices are to
be directed to those substitute addresses or addressees. 
  

 Page 14 of 18 

 If to CMLP: 
 Illinois Acquisitions, Inc. 
 C/O Troy H. Lowrie 
 390 Union Blvd. Suite 540 
 Lakewood, CO 80228

 If to Lowrie: 
 Lowrie
Management LLLP. 
 C/O Troy H. Lowrie 
 390 Union Blvd. Suite 540 
 Lakewood, CO 80228 
 If to VCG: 
 Donald W. Prosser, 
 Chief Financial Officer 
 VCG Holding Corp. 
 390 Union Blvd. Suite 540 
 Lakewood, CO 80228

 10.2 Benefit; No Third Party Rights; Assignment. This Agreement shall be binding upon and shall inure to the benefit of the parties
and their respective successors and permitted assigns. Nothing in this Agreement, express or implied, is intended to confer upon any person, other than the parties hereto and their successors and assigns, any rights or remedies under or by reason
thereof. This Agreement may not be assigned by any party hereto without the prior written consent of the other party. 
 10.3 Fees.
Except as otherwise provided herein, the parties shall pay their own costs and expenses incident to the negotiation, preparation and performance of this Agreement, and compliance with all agreements and conditions contained herein, including all
fees, expenses and disbursements of their respective counsel, whether or not the transactions contemplated hereby are completed. 
 10.5
Waiver of Compliance. Except as otherwise provided in this Agreement, any failure of any of the parties to comply with any obligation, representation, warranty, covenant, agreement, or conditions here may be waived by the other party only by
a written instrument signed by the party granting the waiver. Any such waiver or failure to insist upon strict compliance with a term of this Agreement shall not operate as a waiver of, or estoppel with respect to, any subsequent or other failure to
comply. 
  

 Page 15 of 18 

 10.6 Modification. This Agreement cannot be modified, changed, discharged or terminated except by
an instrument in writing, signed by the party against whom the enforcement of any waiver, change, discharge or termination is sought. 
 10.7 Applicable Law; Jurisdiction and Venue. This Agreement will be construed and governed in accordance with the laws of the State of Colorado, without regard to conflict of law principles. Any suit involving any dispute or
matter arising under this Agreement may only be brought in the United States District Court for the District of Illinois or any Illinois State Court. All Parties hereby consent to venue and the exercise of personal jurisdiction by any such court
with respect to any such proceeding. 
 10.7 Counterparts. This Agreement may be executed in any number of counterparts, each
of which shall be deemed to be an original, but all of which together shall constitute one and the same instrument. 
 10.8 Brokerage or
Finder’s Fee. Each of the parties hereto represent and warrant to each other that no broker or other person is entitled to a brokerage or finder’s fee or commission or other compensation in respect to the execution of this Agreement
and the completion of the transactions contemplated hereby. Each of the parties hereto agree to indemnify and hold the other harmless against and in respect to any and all claims, losses, liabilities or expenses which may be asserted against such
other party by any broker or other person who claims to be entitled to a brokerage or finder’s fee or commission in respect of the execution of this Agreement and the completion of the transactions contemplated hereby by reason of his or its
acting at the request of such party. 
 10.9 Representation, No Presumption. Each party acknowledges that he or it has obtained such
legal, accounting, and investment representation as such party has deemed necessary or appropriate, and no party is relying on representation obtained by any other party with respect to this Agreement or the actions contemplated hereby. This
Agreement or any provision hereof shall not be construed against any party due to the fact that this Agreement or provision hereof was drafted by said party. 
 10.11 Specific Performance. The parties recognize that irreparable injury will result from a breach of any provision of this Agreement and that money damages will be inadequate to fully remedy the injury.
Accordingly, in the event of a breach or threatened breach of one or more of the provisions of this Agreement, any party who may be injured (in addition to any other remedies which may be available to that party) shall be entitled to one or more
preliminary or permanent orders (i) restraining and enjoining any act which would constitute a breach or (ii) compelling the performance of any obligation which, if not performed, would constitute a breach. 
 10.12 Complete Agreement. This Agreement constitutes the complete and exclusive statement of the agreement between and among the parties. It
supersedes all prior written and oral statements, agreements or understandings including any prior representation, statement, condition, or warranty. Except as expressly provided otherwise herein, this Agreement may not be amended without the
written consent of all of the parties. 
  

 Page 16 of 18 

 10.13 Section Titles. The headings herein are inserted as a matter of convenience only, and do not
define, limit, or describe the scope of this Agreement or the intent of the provisions hereof. 
 10.14 Further Action. The
parties hereto shall execute and deliver all documents, provide all information and take or forbear from all such action as may be necessary or appropriate to achieve the purposes of the Agreement. Illinois, Lowrie, VCG and the Company shall
cooperate with each other in the preparation of federal and state income tax returns for 2006.  
 10.15 Severability. If any
provision of this Agreement, or the application of such provision to any person or circumstance, shall be held invalid, the remainder of this Agreement, or the application of such provision to persons or circumstances other than those as to which it
is held invalid, shall not be affected thereby. In the event that any such provision is deemed to be invalid, the parties agree that a court making such judgement shall have the ability to interpret and apply such provision to the fullest extent
permitted by law, within such provision’s original intent, and still maintain its validity. 
  

 Page 17 of 18 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed effective as of the day and
year first above written. 
  

			
	VCG:
	
	VCG HOLDING CORP.
		
	By:	 	 /s/ Donald W. Prosser

	 Name:
	 	Donald W. Prosser
	Title:	 	Chief Financial Officer
	Date:	 	February 5, 2007
	
	Illinois Acquisitions Inc.:
		
	By:	 	 /s/ Troy H. Lowrie

		 	Troy H. Lowrie, President
	Date:	 	February 5, 2007
	
	Lowrie:
		
	By:	 	 /s/ Troy H. Lowrie

		 	Troy H. Lowrie, President of the general partner
	Date:	 	February 5, 2007
	
	COMPANY:
	
	CMLP
		
	By:	 	 /s/ Troy H. Lowrie

	Name:	 	Troy H. Lowrie
	Title:	 	President of the general partner
	Date:	 	February 5, 2007

  

 Page 18 of 18Lease Agreement

 Exhibit 10.40 
 BUSINESS LEASE 
 THIS LEASE (“Lease”), dated as of the 1st day of February, 2007, is by and
between Jay E Dinklemann, as Trustee of Chicago Title Land Trust #879-51, an Illinois land trust (“Landlord”) and Cardinal Management LP dba PT’s Centreville, an Illinois Limited Partnership (“Tenant”). 
 1. DEFINITIONS. Unless otherwise indicated, capitalized terms used in this Lease shall have the meanings set forth below: 
 (a) “Additional Rent” shall mean all charges payable by Tenant under this Lease other than Minimum Rent. 
 (b) “Building” shall mean the building located on the Demised Premises. 
 (c) “Operating Costs” shall mean all costs incurred to insure, maintain, operate, repair and replace all elements of the Premises.
Operating Costs include, but are not limited to, costs and expenses for the following: maintenance, repair and replacement (as necessary) of all structural, plumbing, electrical and mechanical components of the Building including, but not limited
to, exterior and interior walls, the roof, foundation and all components of the parking lots, driveways and sidewalks surrounding the Building and located on the Premises; gardening and landscaping; utilities, water and storm sewer charges;
maintenance of signs; fire alarm monitoring service; premiums for liability, property damage, fire, dram shop, business interruption and other types of insurance on the Premises and worker’s compensation insurance; all property taxes and
assessments levied on or attributable to the Premises; all real and personal property taxes levied on or attributable to such property used in connection with the maintenance and operation of the Premises; fees for required licenses and permits;
repairing, resurfacing, painting, lighting, cleaning, refuse removal, security, if any, and similar items. Operating Costs shall also include any parking charges, utilities surcharges, or other costs levied, assessed or imposed on the Premises by or
at the direction of any governmental authority in connection with the use or occupancy of the Premises or the parking facilities included in the Premises, or pursuant to any covenants, conditions or restrictions to which the Premises are subject.

 (d) “Effective Date” shall mean the date set forth in the initial paragraph of this Lease. 
 (e) “Guarantors: shall mean both of VCG Holding Corp. a Colorado corporation, the sole owner of Tenant; and Troy Lowrie, CEO of VCG Hold
Corp., jointly and severally. 
 (f) “Hazardous Material” shall mean any hazardous, radioactive or toxic substance, material
or waste, including, but not limited to, those substances, materials and wastes (whether or not mixed, commingled or otherwise combined with other substances, materials or wastes) listed in the United States Department Transportation Hazardous
Material Table (49 CFR 172.101) or by the Environmental Protection Agency as hazardous substances (40 CFR Part 302) and amendments thereto, or such substances, materials and wastes which are or become regulated under any applicable local, state or
federal law including, without limitation, any material, waste or substance which is (i) a petroleum product, crude oil or any fraction thereof, (ii) asbestos, (iii) polychlorinated biphenyls, (iv) designated as a “hazardous
substance” pursuant to Section 311 of the Clean Water Act, 33 U.S.C. Section 1251, et seq. (33 U.S.C. Section 1321) 

 
or listed pursuant to Section 307 of the Clean Water Act (33 U.S.C Section 1317), (v) defined as a “hazardous waste” pursuant to
Section 1004 of the Resource Conservation and Recovery Act, 42 U.S.C. Section 6901, et seq. (42 U.S.C. Section 6903) or (vi) defined as a “hazardous substance” pursuant to Section 101 of the Comprehensive
Environmental Response, Compensation, and Liability Act, 42 U.S.C. Section 9601, et seq. (42 U.S.C. Section 9601). 
 (h)
“Demised Premises” or “Premises” shall mean the real property located at 60 Four Corners Lane, Centreville, Illinois 62207 and all buildings and improvements located thereon. 
 (i) “Lease Term” shall mean a period of 10 years and 0 months beginning on the Rent Commencement Date, plus any extended term granted by
Landlord and timely and properly elected by Tenant pursuant to subparagraph 3(b) below. 
 (j) “Lease Year” shall mean a
period of twelve consecutive months during the Lease Term which begins on the first day of the first calendar month after the Rent Commencement Date or any anniversary thereof. 
 (k) “Minimum Rent” shall mean the base rental for the Demised Premises set forth in subparagraph 4(a) below. 
 (l) “Permitted Use” shall mean operation of a restaurant and adult cabaret and no other uses. 
 (m) “Property” shall mean that certain real property owned by Landlord upon which the Premises are is located. 
 (n) “Real Property Taxes” shall mean (i) any fee, license fee, license tax, business license fee, commercial rental tax, levy,
charge, assessment, penalty or tax imposed by any taxing authority against the land and buildings comprising the Premises, (ii) any tax or charge for fire protection, streets, sidewalks, road maintenance, refuse or other services provided to
the Property by any governmental agency, (iii) any tax imposed upon this transaction or based upon a re-assessment of the Property due to a transfer of all or part of Landlord’s interest in the Property. In the event that it shall not be
lawful for Tenant and Landlord to apportion such future taxes, if any, then in that event, the minimum rent payable to Landlord under this Lease shall be revised to net to Landlord the same rental after imposition of any such future tax upon
Landlord as would have been payable to Landlord prior to the impositions of any such tax. “Real Property Tax” does not, however, include Landlord’s federal or state income, franchise, inheritance or estate taxes. 
 (o) “Rent” shall mean Minimum Rent and any Additional Rent. 
 (p) “Rent Commencement Date” shall mean that date that Tenant’s obligation
to pay rent, which shall commence on February 1st 2007. 
 2. LEASE OF DEMISED PREMISES. Landlord hereby leases the Demised Premises to Tenant, and Tenant hereby leases the Demised Premises from Landlord,
subject to the terms, covenants and conditions herein set forth, and Tenant covenants as a material part of the consideration for this Lease to keep and perform each and all of such terms, covenants and conditions by Tenant to be kept and performed.

  

 2 

 3. LEASE TERM/OPTION TO RENEW. 
 (a) The Lease Term shall begin at twelve o’clock noon on the Rent Commencement Date and shall end at twelve o’clock noon on the last day of the
Tenth Lease Year. Promptly after the Rent Commencement Date, Landlord and Tenant shall execute a Certificate of Commencement setting forth the Rent Commencement Date and the expiration date of the Lease Term. 
 (b) Upon the condition that Tenant (a) is not in default at the time of the exercise of any option contained in this subparagraph, and (b) has,
during the Lease Term and Option Periods, fulfilled all of Tenant’s obligations completely and in a timely manner, Landlord hereby grants to Tenant two (2) separate Options to Renew the Lease Term for two (2) separate, consecutive
additional five (5) year periods upon the same and terms and conditions as set forth in this Lease (each an “Option”), except that the Rent payable during each Option Period will be as described in Section 4 below. The Option to
Renew as provided in this paragraph, will be deemed to have been exercised by Tenant and this Lease shall automatically renew, unless, within 180 days prior to the expiration of the Lease Term, Tenant provides Landlord written notice of
Tenant’s intention not to exercise the Option to Renew, in which event the Lease will expire either at the end of the Lease Term or at the end of any applicable properly executed Extended Term. The terms and conditions of this Option to Renew
are personal to the Tenant, and may not be exercised by any assignee or subtenant of Tenant. 
 4. RENT. 
 (a) Minimum Rent. During the Lease Term hereof, Tenant agrees to pay the Landlord at the address as shown herein, or at such other place as the Landlord
may from time to time designate in writing, “Minimum Rent” for the Demised Premises. Said rent shall be payable in advance on the first of each month, without deduction or set-off, without notice or demand, as follows: 
  

							
	 Lease Years
	  	Per Annum	  	Monthly
	 1-5
	  	$	60,000	  	$	5,000
	 6-10
	  	$	60,000	  	$	5,000
	 11-15 (Option Period 1)
	  	$	60,000	  	$	5,000
	 16-20 (Option Period 2)
	  	$	60,000	  	$	5,000

 In the event the Rent Commencement Date is
other than the first day of a month, Tenant will pay Rent for said partial month on a pro-rata basis; provided, however, the end of the initial Term shall be on the last day of the one hundred twentieth (120th) month of the Term of this Lease. 
 (b) Additional Rent. During the Lease Term hereof, Tenant agrees to pay the Landlord at the address as shown herein, or at such other place as the Landlord may from time to time designate in writing, “Additional Rent,” in an
amount equal to the amount by which seven 

  

 3 

 
(7%) percent of “Gross Sales,” as defined hereinafter, exceeds the Minimum Rent described above. The Additional Rent for each month of the term
hereof shall be paid on the fifteenth day of the following month, for example, the Additional Rent for January shall be paid on February 15. 
 Tenant shall keep or cause to be kept, full, complete, and proper books, records and accounts of the Gross Sales and credits of each separate department and concession at any time operated in the Demised Premises; said books, records and
accounts, including any sales tax reports that Tenant may be required to furnish to any governmental agency, shall at all reasonable times be open to the inspection and audit of Landlord, Landlord’s auditor or other authorized representative or
agent. 
 At Landlord’s expense, Landlord may cause at any reasonable time upon fifteen (15) days prior notice to Tenant a complete
audit to be made of Tenant’s records relating to Gross Sales for the period covered by any statement issued by Tenant pursuant to this Lease; provided, however, that if such records are found to be incorrect to the extent of three-percent
(3%) or more over the Gross Sales figure submitted by Tenant, Tenant shall pay for such audit. Tenant shall promptly pay to Landlord any deficiency, or Landlord shall promptly credit to Tenant’s account any overpayment, as the case may be,
which is established by such audit. Landlord shall have the right to audit Tenant’s books and records with respect to Gross Sales twice during any Lease Year and any time within 3 years after the date of such statement. 
 Within thirty (30) days after the close of each Lease Year, a final adjustment and accounting for each Lease Year shall be had to determine the
Gross Sales of the preceding Lease Year, and the amount of rent paid by Tenant during such preceding Lease Year, including the rent based upon the percentage of Gross Sales. In the event the amounts of rent for said Lease Year actually paid by
Tenant exceed seven percent (7%) of Gross Sales as so computed on a twelve month basis, then such excess rental payments shall be promptly credited by Landlord to Tenant’s account; provided, however, that Tenant shall never pay for any
Lease Year less than the Minimum Rent provided for above. In the event the amount of rent paid by Tenant is less than seven percent (7%) of Gross Sales, Tenant shall pay the difference to Landlord. All debits and credits arising under the terms
of this paragraph shall be paid in any event within thirty (30) days of the completion of the final adjustment and accounting. 
 Tenant
shall continuously during the entire Term of this Lease, occupy and operate said business on the Premises with due diligence and efficiency as to reasonably produce the maximum return and Additional Rent to Landlord. 
 5. SECURITY DEPOSIT. 
 Tenant will not
be required to make a security deposit with the Lease. 
 6. OPERATING COSTS. 
 (a) This Lease is totally net to the Landlord. Tenant shall keep in repair and maintain the Premises at all times in first-class condition at
Tenant’s sole cost and expense. Landlord may inspect the Premises and, if Landlord reasonably determines that Tenant is not 

  

 4 

 
operating, repairing and maintaining the Premises in a first-class condition, Landlord may provide Tenant with written notice of any such maintenance
concern, and Tenant shall promptly make such repairs and needed replacements. If Tenant fails to complete such maintenance, repairs and replacements within thirty (30) days of receipt of such notice, Landlord, in addition to all other remedies
available to Landlord for such failure, may undertake such repairs and Tenant shall be obligated to reimburse Landlord for Landlord’s costs within ten (10) days of receipt of an invoice therefore. The foregoing shall not require or impose
any obligation on Landlord to undertake such repairs. 
 (b) Tenant shall pay all Operating Costs during the Lease Term and shall not permit
the placement of any lien upon the Premises by any material/men, laborer or other provider of goods and services to the Premises. 
 7.
TAXES. 
 (a) Tenant shall pay all Real Property Taxes on the land, buildings and other improvements constituting the Property and the
Premises (including any fees, taxes or assessments against, or as a result of, any tenant improvements installed in the Demised Premises by or for the benefit of Tenant) attributable to the Lease Term. Tenant shall pay such taxes to Landlord within
twenty (20) days after Landlord delivers notice and an invoice to Tenant for such Real Property Taxes. After receipt of Tenant’s payment of the Real Property Taxes, Landlord shall forward such payment to the applicable taxing authority. If
Tenant has committed an event of default under this Lease, and at Landlord’s option, Tenant shall pay Landlord in advance a sum equal to one-twelfth (1/12) of the annual Real Property Taxes payable by Tenant under this Lease, together with
each payment of Minimum Rent. Landlord shall hold such payments in a non-interest bearing impound account. If unknown, Landlord shall reasonably estimate the amount of Real Property Taxes when installments are due. Tenant shall pay any deficiency of
funds in the impound account to Landlord upon written request. If Tenant defaults under this Lease, Landlord may apply any funds in the impound account to any obligation then due under this Lease. 
 (b) Tenant shall pay before delinquency all taxes charged against trade fixtures, furnishings, equipment or any other personal property belonging to
Tenant which become payable during the Lease Term. In the event any or all of Tenant’s leasehold improvements, equipment, furniture, fixtures and other personal property shall be assessed and taxed with the Property, Tenant shall pay to
Landlord its equitable share of such taxes within ten (10) days after delivery to Tenant by Landlord of a statement in writing setting forth the amount of such taxes determined by Landlord to be applicable to Tenant’s property. 

8. USE OF DEMISED PREMISES/MAINTENANCE OF LIQUOR LICENSES. 
 (a) Tenant shall use the Demised Premises for the Permitted Use only, and not for any other purpose, without the prior written consent of Landlord, which may be withheld in Landlord’s sole and absolute
discretion. At all times during the Lease Term, Tenant shall occupy and use the Demised Premises in strict compliance with all laws, rules, regulations, ordinances, codes and any other governmental restrictions or requirements of all federal, state
and local government authorities (collectively, “Laws”). 
  

 5 

 (b) Tenant shall not do or permit anything to be done in or about the Demised Premises nor bring or keep
anything therein which is not within the Permitted Use of the Demised Premises or which will in any way increase the existing rate of or affect any fire or other insurance upon the Building or any of its contents, or cause a cancellation of any
insurance policy covering the Building or any of its contents. Tenant shall not use or allow the Demised Premises to be used for any illegal, improper, immoral, unlawful or objectionable purpose; nor shall Tenant cause, maintain or permit any
nuisance in, on or about the Demised Premises. Tenant shall not commit any waste or permit any nuisance upon the Demised Premises or overload the floors thereof. 
 (c) Tenant shall not cause or permit any Hazardous Material (as herein after defined) to be brought upon, transported through, stored, kept, used, discharged or disposed in or about the Property by Tenant, its agents,
employees, invitees, contractors or any other person or entity. Any such Hazardous Material brought upon, transported, used, kept or stored in or about the Property which is necessary for Tenant to operate its business for the Permitted Use will be
brought upon transported, used, kept and sorted in only such quantities as are necessary for the usual and customary operation of Tenant’s business and the Permitted Use in a manner that complies with (i) all Laws having jurisdiction
thereof regulating such Hazardous Material, (ii) any permits issued for any such Hazardous Material (copies of which must be delivered to Landlord before any Hazardous Material is brought in, on or about the Property), and (iii) all
products and manufacturers’ instructions and recommendations, to the extent they are stricter than laws, rules, regulations, ordinances, codes or permits. If Tenant, its agents, employees or contractors, in any way breach the obligations stated
in this paragraph, or if the presence of Hazardous Materials on the Property occurs on the Premises during the Lease Term which results in a release or threatened release of such Hazardous Material, on from or under the Property, or if the presence
on, from or under the Property of Hazardous Materials otherwise arises out of the operation of Tenant’s business, then without limitation of any other rights or remedies available to Landlord hereunder or at law or in equity, Tenant shall
indemnify, defend, protect and hold harmless Landlord (and Landlord’s directors, shareholders, officers, employees, partners, agents, mortgagees or successors to Landlord’s interest in the Demised Premises) (collectively, herein
“Indemnity”) from any and all claims, sums paid in settlement of claims, judgments, damages, clean-up costs, penalties, fines, liabilities, losses or expenses (including without limitation attorney, consultant and expert fees and any fees
incurred by Landlord to enforce the Indemnity) which arise during or after the Term as a result of Tenant’s breach of such obligations or such presence, release or contamination of the Property, including, without limitation, diminution in
value of the Property, damages for the loss of, or the restriction on the use of, rentable or usable space or any amenity of the Property, damages arising from any adverse impact on the sale or lease of the Property, and damage and diminution in
value to the Property or other properties, whether owned by Landlord or by third parties. The Indemnity includes, without limitation, costs incurred in connection with any investigation of site conditions or any clean-up, remedial, removal or
restoration work required by any federal, state, or local governmental agency or political subdivision because of Hazardous Material present in the soil or groundwater on, under or originating from the Property. Without limiting the foregoing, if
the presence of any Hazardous Material on the Property caused or permitted by Tenant results in any contamination, release or threatened release of Hazardous Material on, from or under the Property or other properties, Tenant shall promptly take all
actions at its sole cost and expense which are necessary to return the Property and any other affected property to the condition existing prior to the introduction of such Hazardous Material; provided that 

  

 6 

 
Landlord’s approval of such actions shall first be obtained (which approval shall not be unreasonably withheld) and so long as such actions do not have
or would not potentially have any material adverse effect on Landlord, on the Property or on other property. The Indemnity contained in this section shall survive the expiration or earlier termination of this Lease and shall survive any transfer of
Landlord’s interest in the Property. 
 (d) In conjunction with the operation of the Premises for its Permitted Use, Tenant has obtained
and shall maintain a hotel and restaurant class liquor license and adult cabaret liquor license from the State of Illinois and the City/Village of Centerville and County of St. Clair (the “Liquor Licenses”), copies of which shall be
available for Landlord to verify Tenant’s possession of such Liquor Licenses. At all times during the terms of this Lease, Tenant shall maintain the Liquor Licenses in full force and effect. Tenant shall be solely responsible for and Tenant
shall pay any and all fees, assessments, charges, levies or other monetary obligations imposed in connection with the Liquor Licenses to assure that it is maintained in good standing throughout the term of this Lease. In the event Tenant receives
any notice of violation, citation, written or oral warning, or any complaint, objection, or challenge to the Liquor Licenses, Tenant shall notify Landlord in writing of such information within one (1) business day of receipt of such written or
oral notice and, if such notice was written, Tenant shall include in said notice a copy of any notice, citation, correspondence or other written information provided to Tenant. Tenant shall take all action required to maintain the Liquor Licenses in
good standing and in full compliance with the rules, regulations, ordinances and statutes of the City of Centerville, County of St. Clair, and the State of Illinois and shall take no action, which may place the Liquor Licenses in jeopardy in any
way. Tenant agrees that it shall utilize the benefits of the Liquor Licenses only in connection with the operation of the Demised Premises for a restaurant and adult cabaret and shall file no application to (i) amend the status of the Liquor
Licenses, (ii) amend the composition of the Tenant, (iii) transfer the Liquor Licenses or (iv) amend the location of the Premises served by the Liquor Licenses without the advance written approval of the Landlord which may be withheld
in the Landlord’s sole discretion. 
 9. COMPLIANCE WITH LAWS. Tenant shall not use the Demised Premises or permit anything to be
done in or about the Demised Premises which will in any way violate or conflict with any Law now in force or which may hereafter be enacted or promulgated including, without limitation, the Americans with Disabilities Act. Tenant shall, at its sole
cost and expense, promptly comply with all Laws now in force or which may hereafter be in force and with the requirements of any board of fire underwriters or other similar bodies now or hereafter constituted relating to or affecting the condition,
use or occupancy of the Demised Premises, excluding structural changes not related to or affected by Tenant’s improvements or acts. The judgment of any court of competent jurisdiction or the admission of Tenant in any action against Tenant,
whether Landlord be a party thereto or not, that Tenant has violated any law, statute, ordinance or governmental rule, regulation or requirement, shall be conclusive of that fact as between Landlord and Tenant. 
 10. ALTERATIONS AND ADDITIONS. Tenant shall not make or allow to be made any alterations, additions or improvements to or of the Demised Premises
or any part thereof without first obtaining the prior written consent of Landlord and any alterations, additions or improvements to or of the Demised Premises, including, but not limited to, wall covering, paneling and built in cabinet work, but
excepting movable furniture and trade fixtures, shall at once become a part of the realty and belong to Landlord and shall be surrendered with 

  

 7 

 
the Demised Premises. In the event Landlord consents to the making of any alterations, additions or improvements to the Demised Premises by Tenant, the same
shall be made by Tenant at Tenant’s sole cost and expense and shall be completed in a good and workmanlike manner, free of any liens, and in compliance with all Laws. Upon the expiration or sooner termination of the Term, Tenant shall, upon
written demand by Landlord, at Tenant’s sole cost and expense, forthwith and with all due diligence, remove any alterations, additions or improvements made by Tenant which are designated by Landlord to be removed, and Tenant shall, forthwith
and with all due diligence, at its sole cost and expense, repair any damage to the Demised Premises caused by such removal. 
 11.
MAINTENANCE AND REPAIR. 
 (a) By its entry into the Demised Premises, Tenant shall be deemed to have accepted the Demised Premises in its
AS IS condition and as being in good order, condition and repair. Tenant shall, at Tenant’s sole cost and expense, keep the Demised Premises and every part thereof in first class condition and repair, including without limitation, the
maintenance, replacement and repair of any storefront, doors, window casements, glazing, plumbing, pipes, electrical wiring and conduits, and the heating and air conditioning (“HVAC”) system. Tenant shall obtain a service contract for
repairs and maintenance of the HVAC system and shall provide to Landlord a copy of the service contract along with written details of any and all scheduled and other repairs and maintenance performed on the HVAC system within ten (10) days of
the date of such performance. Tenant shall, upon the expiration or sooner termination of this Lease, surrender the Demised Premises to Landlord in first class condition, in working order, broom clean, ordinary wear and tear excepted. Any damage
caused by Tenant’s use of the Demised Premises or otherwise occurring during the Term shall be repaired at the sole cost and expense of Tenant. 
 (b) Tenant shall repair and maintain the structural portions of the Building, including the exterior walls, roof, parking areas, and exterior portions of the Property. Landlord shall not be liable for Tenant’s
failure to make any repairs or to perform any maintenance. There shall be no abatement of Rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business arising from the making of any repairs, alterations or
improvements in or to any portion of the Building or the Demised Premises or in or to fixtures, appurtenances and equipment therein. Tenant waives any right to make repairs at Landlord’s expense under any law, statute or ordinance now or
hereafter in effect. 
 (c) If Tenant refuses or neglects to repair or maintain or make any required replacements to the Premises, as
required herein, to the reasonable satisfaction of Landlord, Landlord shall provide Tenant with written notice of any such refusal or neglect and Tenant shall repair any item mentioned in said notice within thirty (30) days thereafter. If
Tenant has not made such repairs within the 30-day period, Landlord, in addition to all other rights and remedies available to Landlord, may make such repairs without liability to the Tenant for any loss or damage it may accrue to Tenant’s
merchandise, fixtures or other property or to Tenant’s business by reason thereof and, upon completion thereof, Tenant shall pay Landlord’s costs for making such repairs upon presentation of a bill thereof. In the event Tenant does not pay
such bill within ten (10) days of its receipt, such failure shall be an event of default hereunder, Landlord shall be entitled to utilize all of its remedies herein and such amount shall bear interest at the rate of eighteen percent
(18%) per annum. 
  

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 12. LIENS. Tenant shall keep the Property
free from any and all liens arising out of any work performed, materials furnished or obligations incurred by or on behalf of Tenant. Landlord may require, at Landlord’s sole option, that Tenant provide to Landlord, at Tenant’s sole cost
and expense, a lien and completion bond in an amount equal to one and one-half (1 1/2) times the estimated
cost of any improvements, additions or alterations in the Demised Premises which Tenant desires to make, to insure Landlord against any liability for mechanics and materialmen’s liens and to insure completion of the work. Landlord shall have
the right to post notices on the Demised Premises, that the Demised Premises are not subject to liens of those providing labor and/or materials to the Demised Premises at the request of the Tenant pursuant to Illinois Statutes. Tenant shall provide
Landlord with ten (10) days prior written notice prior to commencing any improvements at the Property, to allow Landlord adequate time to post said notices. 
 13. ASSIGNMENT AND SUBLETTING. 
 (a) Tenant shall not (voluntarily, by operation of law or otherwise)
assign, transfer, mortgage, pledge, hypothecate or encumber this Lease or any interest therein, and shall not sublet the Demised Premises or any part thereof, or any right or privilege appurtenant thereto, or allow any other person (the employees,
agents, servants and invitees of Tenant excepted) to occupy or use the Demised Premises, or any portion thereof, without first obtaining the written consent of Landlord, which consent may be withheld in the discretion of Landlord. The transfer of
more than five percent (5%) of the membership interests of Tenant or the transfer of five percent (5%) or more of the capital stock of the owner of Tenant or the corporate Guarantor, however accomplished, and whether in a single
transaction or in a series of related or unrelated transactions, will be deemed an assignment of this Lease or such sublease requiring the Landlord’s consent in each instance. Any transfer by Troy Lowrie of his interest in Tenant or if Troy
Lowrie ceases to be the [manager] of Tenant will be deemed a prohibited assignment of this Lease. Any prohibited assignment or subletting or any assignment or subletting without Landlord’s consent shall be void, and shall, at the option of
Landlord, constitute a default under the terms of this Lease. Acceptance of Rent by Landlord from anyone other than Tenant shall not be construed as a consent or waiver by Landlord, nor as a release of Tenant, but the same shall be taken to be a
payment on account of Tenant. A consent to one assignment, subletting, occupation or use by any other person shall not be deemed to be a consent to any subsequent assignment, subletting, occupation or use by another person. 
 (b) Tenant shall provide Landlord with a copy of any proposed sublease or assignment that contains the name and address of the proposed subtenant or
assignee, a copy of any purchase and sale agreement for the assets of Tenant, the anticipated effective date of the proposed sublease or assignment, the duration of the term of any proposed sublease, and the amount of space any proposed subtenant
will occupy. In addition, Tenant shall provide detailed information regarding the proposed subtenant’s or assignee’s financial condition and credit history, relevant business history and experience, together with any other pertinent
information which Landlord reasonably requires. Landlord may require an opportunity to meet and interview the proposed subtenant or assignee as well. For purposes of Landlord’s consent to a proposed sublease or assignment, it shall be
considered reasonable for Landlord to consider (i) the relative financial strength, business reputation and operational/management experience of Tenant and the proposed subtenant or assignee, (ii) any history that the proposed subtenant or
anyone has with 

  

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the liquor licensing agencies of the City/Village of Centerville, County of St. Clair and the State of Illinois, and (iii) whether the use of the
Demised Premises after such sublease or assignment would create any nuisance or violate any federal, state or local Laws or involve Hazardous Materials. 
 Notwithstanding anything else in this article contained, as a condition to Landlord’s written approval of any assignment or sublease by Tenant, Landlord may require that it shall be entitled to the receipt of
fifty percent (50%) of any profit derived by Tenant as a result of such assignment or sublease. Such profit is defined as any amounts received by Tenant from its assignee or subtenant in excess of the Rent required to be paid by Tenant
hereunder. Tenant shall deliver all documents pertaining to any such assignment or subletting to Landlord upon Landlord’s demand. Such profit shall not include any lump-sum payment made to Tenant from its assignee or subtenant in consideration
of the transfer of Tenant’s business, trade name, inventory, or goodwill: but any amount attributed to lease assignment or sale on any document concerning the transaction (including the assignee’s tax return) by assignee shall be
conclusively established as not attributable to Tenant’s business, trade name, inventory or goodwill, and therefore, shall be included in Tenant’s profits as described herein. In no event shall the payment received by Landlord
pursuant to this subparagraph (b) be less than $100,000.00. 
 (c) If Landlord consents to a proposed assignment or sublease, the form
of such assignment or sublease shall be satisfactory to Landlord and shall (i) incorporate this Lease in its entirety and be subject to its terms, (ii) provide that Tenant shall remain fully liable under this Lease together with such
assignee or subtenant, (iii) provide that the assignee or subtenant will comply with all terms and conditions of this Lease, (iv) provide for assumption by an assignee of all the terms, covenants and conditions which this Lease requires
Tenant to perform, and (v) include a requirement that any subtenant or assignee attorn to the Landlord. Landlord’s consent will not be effective unless and until Tenant delivers to Landlord an original, duly executed assignment or
sublease, as the case may be, in a form satisfactory to Landlord, as set forth herein. Tenant shall pay Landlord’s reasonable fees, not to exceed five thousand dollars ($5,000.00), incurred for review of such assignment or sublease and all
other materials submitted by Tenant in connection with the request for Landlord’s consent, whether or not such assignment or sublease is approved. 
 (d) Any transfer for which consent is required of any party having a mortgage, deed, or trust or other encumbrance or of any lessor under any ground or underlying lease of all or any part of the Property shall not be
effective until such consent is given. 
 14. HOLD HARMLESS. 
 (a) Tenant shall defend, indemnify and hold Landlord harmless against and from any and all claims arising on or in connection with the Demised Premises
during the Lease Term or from the conduct of its business or from any activity, work or other things done, permitted or suffered by Tenant in or about the Demised Premises, and shall further indemnify and hold Landlord harmless against and from any
and all claims arising from any breach or default in the performance of any obligation on Tenant’s part to be performed under the terms of this Lease, or arising from any act or negligence of Tenant, or any officer, agent, employee, guest or
invitee of Tenant, and from all costs, attorney’s fees and liabilities incurred in or about the defense of any such claim or any action or proceeding brought thereon, and in case any 

  

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action or proceeding be brought against Landlord by reason of such claim. Tenant upon written notice from Landlord shall defend the same at Tenant’s
expense by counsel reasonably satisfactory to Landlord. Tenant, as a material part of the consideration to Landlord, hereby assumes all risk of damage to property or injury to persons in, upon or about the Demised Premises, from any cause other then
the misconduct of Landlord, its agents, servants or employees, and Tenant hereby waives all claims in respect thereof against Landlord. Tenant shall give prompt written notice to Landlord in case of casualty or accidents in the Demised Premises.

 (b) Tenant, as a material part of the consideration to Landlord for this Lease, hereby waives and releases all claims against Landlord,
its employees and agents with respect to all matters for which Landlord has disclaimed liability pursuant to the provisions of this Lease. or all matters occurring on the Premises during the Lease Term. Tenant covenants and agrees that Landlord and
its employees will not at any time or to any extent whatsoever be liable, responsible or in any way accountable for any loss, injury, death or damage (including consequential damages) to persons, property or Tenant’s business occasioned by any
cause, either ordinary or extraordinary. 
 (c) Landlord or its agents shall not be liable for any loss or damage to persons or property
resulting from fire, explosion, falling plaster, steam, gas, electricity, water or rain which may leak from any part of the Building or from the pipes, appliances or plumbing works therein or from the roof, street or subsurface or from any other
place resulting from dampness or any other cause whatsoever. Landlord or its agents shall not be liable for interference with the light, air, or for any latent defect in the Demised Premises. 
 15. WAIVER OF SUBROGATION. Tenant hereby waives any and all rights of recovery against Landlord, or against the officers, shareholders, employees,
agents or representatives of Landlord or such other tenants, for loss of or damage to property, if such loss or damage is covered by any insurance policy in force (whether or not described in this Lease) at the time of such loss or damage. Tenant
shall give notice to its insurance carriers of this mutual waiver of subrogation. 
 16. INSURANCE. 
 Commencing on the Rent Commencement Date and continuing throughout the Lease Term, Tenant shall carry and maintain the following insurance (a) an
“all-risk” form of insurance policy, insuring the buildings and improvements of the Property (and leasehold improvements) for 100% of their replacement value; (b) fire and extended coverage insurance insuring all additions and
alterations made by the Tenant to the Demised Premises and all of its fixtures, inventory, furniture and equipment for the full replacement value thereof with the broadest possible coverage (“all risk” form) on a minimum of 80%
co-insurance form insuring against all risks of direct physical loss and excluding only such unusual perils as nuclear attack, earth movement, and war; (c) public liability, bodily injury and damage comprehensive insurance coverage insuring
against claims of any and all personal injury, death or damage occurring in or about the Demised Premises or the sidewalks adjacent thereto, with a combined single limit coverage of not less than $2,000,000 (subject only to a commercially reasonable
deductible), on an “occurrence” form and including contractual liability coverage for the performance by Tenant of the indemnity agreements set forth in paragraph 15 above; (d)

  

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worker’s compensation insurance insuring against and satisfying the worker’s compensation laws of the State of Illinois; and (e) “dram
shop” or liquor liability insurance. Landlord may reasonably require increases in the above-described coverage from time to time, for which Tenant shall obtain the same and pay the costs thereof. Tenant’s Insurance shall be issued by an
insurance company of recognized standing, authorized to do business in the State of Illinois and having a Best’s Insurance Guide rating of at least A:XV and satisfactory to Landlord. Tenant’s Insurance (other than any policy of
worker’s compensation insurance) will name Landlord and such other persons or firms as Landlord specifies from time to time as additional insured. Original or copies of original policies (together with copies of the endorsements naming
Landlord, and any others specified by Landlord as additional insured) and evidence of the payment of all premiums of such policies will be delivered to Landlord prior to the Rent Commencement Date, on each anniversary thereof, and at any date the
prior policy expires. All public liability and property and damage liabilities maintained by Tenant will contain a provision that Landlord and any other additional insured will be entitled to recover under such policies for any loss sustained by
them, their agents and employees as a result of the acts or omissions of the Tenant. Tenant’s Insurance will provide that it may not be terminated or amended except after thirty (30) days prior written notice to Landlord. All public
liability property damage, liability and casualty policies maintained by Tenant shall be written as primary policies, not contributing with and not supplemental to coverage that Landlord may carry. 
 17. UTILITIES. 
 (a) Tenant shall pay
for all water, gas, heat, light, power, sewer charges, telephone service and all other services and utilities supplied to the Demised Premises, together with any taxes thereon. If any such services are not separately metered to Tenant, Tenant shall
pay an equitable share thereof, to be determined by Landlord, of all charges jointly metered with other Premises. 
 (b) Landlord does not
warrant or guarantee the continued availability of any or all of the utility services necessary or desirable for the use of the Demised Premises by Tenant. In no event shall the interruption, diminution or cessation of such services be construed as
an actual or constructive eviction of Tenant, nor shall Tenant be entitled to any abatement of its Rent obligations under this Lease or on account thereof. Landlord shall in no way be liable or responsible for any loss, damage, or expense that
Tenant may sustain or incur by reason of any change, failure, interference, interruption, disruption or defect in the supply or character of the utilities furnished to the Demised Premises, and no such change, failure, diminution, cessation,
unavailability or unsuitability shall constitute a default by Landlord or an actual or constructive eviction, in whole or in part, or entitle Tenant to any abatement or diminution of rent, or relieve Tenant from any of its obligations under the
Lease. 
 (c) Landlord reserves the right to suspend any and all utilities service to the Demised Premises when, in Landlord’s
reasonable discretion, such suspension is necessitated by reason of accident, repairs, inspections, alterations or improvements, until any of the same have been completed. In such event, Landlord shall not be deemed guilty of a breach of this Lease,
nor shall Tenant be entitled to any abatement of its Rent obligations under this Lease on account thereof. If feasible and if known to Landlord, Landlord shall give Tenant prior notice of any interruption of utility services. 
  

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 18. PERSONAL PROPERTY. 
 Any property of Tenant remaining in the Demised Premises at any time when Landlord recovers possession of the Demised Premises shall be deemed abandoned,
and Landlord shall have no responsibility or liability whatsoever for any of the same. Notwithstanding the foregoing, Landlord may store any such property in any public or private warehouse, and Tenant shall pay to Landlord promptly upon demand all
costs incurred in connection with such property, including the costs of moving and storage, court costs, and attorney fees. Landlord at its option may, without notice, sell any such personal property at any public or private sale, with or without
legal process, for such prices as Landlord may obtain, and Landlord shall apply the proceeds of such sales first to the costs incurred in connection with such property, and then to any amounts due under this Lease from Tenant to Landlord, and the
surplus, if any, to Tenant. 
 19. FAILURE TO SURRENDER POSSESSION. 
 (a) The parties recognize and agree that the damage to Landlord resulting from any failure by Tenant to timely surrender possession of the Demised
Premises will be substantial, will exceed the amount of the monthly installments of the Rent payable hereunder, and will be impossible to measure accurately. 
 (b) Tenant therefore agrees that if possession of the Demised Premises is not surrendered to
Landlord upon the expiration or sooner termination of this Lease, in addition to any other rights or remedies Landlord may have hereunder or at law, Tenant shall pay to Landlord, as liquidated damages, for each month and for each portion of any
month during which Tenant holds over in the Demised Premises after the expiration or sooner termination of this Lease, a sum equal to one and one-half (1 1/2) times the aggregate of that portion of the monthly Rent and Additional Rent that was payable under this Lease during the last month of the term hereof. The provisions of this subparagraph shall
survive the expiration or sooner termination of this Lease. 
 (c) No provision of this paragraph 19 or any other provision of this
Lease shall be deemed to permit Tenant to retain possession of the Demised Premises after the expiration or sooner termination of the Lease Term, or to have extended or renewed the Lease Term beyond its expiration or termination, except by timely
and proper exercise by Tenant of the Option as provided in subparagraph 3(b) above (if applicable). Acceptance of any payment of Rent during any holdover period by Landlord shall not be deemed acceptance of Tenant’s occupancy. 
 (d) At the termination of this Lease, either upon the expiration of its term or upon default, Tenant, on request by Landlord, will execute any and all
documents necessary to convey to Landlord and/or its assignee, the Liquor License applicable to the Demised Premises, subject to approval of the appropriate governmental authorities. 
 20. ENTRY BY LANDLORD. Landlord shall at any and all times have the right to enter the Demised Premises to inspect the same, to show the Demised
Premises to prospective purchasers, lenders or tenants and to post notices of non-responsibility. Landlord shall also have 

  

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the right to conduct such maintenance and repair of or to the Demised Premises (or the Building) as Landlord may deem necessary, without abatement of Rent,
and for that purpose may erect scaffolding and other necessary structures where reasonably required by the character of the work to be performed, always providing that the entrance to the Demised Premises shall not be unreasonably blocked thereby,
and further provided that the business of Tenant shall not be interfered with unreasonably. Landlord shall use its reasonable efforts to provide advance notice of any such entry to Tenant and shall attempt to minimize interference with Tenant’s
business. Tenant hereby waives any claim for damages or for any injury or inconvenience to or interference with Tenant’s business, loss of occupancy or quiet enjoyment of the Demised Premises, and any other loss occasioned thereby. For each of
the aforesaid purposes, Landlord shall at all times have and retain a key with which to unlock all of the doors in, upon and about the Demised Premises, excluding Tenant’s vaults, safes and files. Landlord shall have the right to use any and
all means which Landlord may deem proper to open said doors in an emergency, in order to obtain entry to the Demised Premises without liability to Tenant except for any failure to exercise due care for Tenant’s property. Any entry to the
Demised Premises obtained by Landlord by any of such means, or otherwise, shall not under any circumstances be construed or deemed to be a forcible or unlawful entry into, or a detainer of the Demised Premises, or an eviction of Tenant from the
Demised Premises or any portion thereof. 
 21. TENANT’S DEFAULT. The occurrence of any one or more of the following events shall
constitute a default and breach of this Lease by Tenant: 
 (a) the vacating for more than 30 days or abandonment of the Demised Premises by
Tenant, or the failure to operate in accordance with this Lease on the Demised Premises for more than 10 days; 
 (b) failure by Tenant to
pay any Rent or any other amounts when required hereunder; 
 (c) failure by Tenant to observe or perform any of the covenants, conditions or
provisions of this Lease to be observed or performed by Tenant, except the payment of Rent, where such failure shall continue for a period of thirty (30) days after written notice thereof by Landlord to Tenant (provided, however, that if the
nature of Tenant’s default is such that more than thirty (30) days are reasonably required for its cure, then Tenant shall not be deemed to be in default if Tenant commences such cure within said thirty (30) day period and thereafter
diligently prosecutes such cure to completion, but in no event beyond an additional thirty (30) days); 
 (d) the making by Tenant or
Guarantor of any general assignment or general arrangement for the benefit of creditors; or the filing by or against Tenant or Guarantor of a petition to have Tenant or Guarantor adjudged a bankrupt, or a petition or a reorganization or arrangement
under any law relating to bankruptcy (unless, in the case of a petition filed against Tenant or Guarantor, the same is dismissed within sixty (60) days); or the appointment of a trustee or a receiver to take possession of substantially all of
Tenant’s assets located at the Demised Premises or of Tenant’s interest in this Lease, where possession is not restored to Tenant within thirty (30) days; or the attachment, execution or other judicial seizure of substantially all of
Tenant’s assets located at the Demised Premises or of Tenant’s interest in this Lease, where such seizure is not discharged within thirty (30) days; 
  

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 (e) any of the Liquor Licenses being suspended or in imminent danger of being revoked or the revocation
for any reason whatsoever; or 
 (f) the performance of any action at the Premises which violates any Law or the failure of Tenant to comply
at all times with all Laws; 
 Notwithstanding the cure period allowed by any of the subparagraphs above, it shall be an immediate default
under this Lease, without any notice or cure period, if: (i) Tenant fails to surrender the Demised Premises to Landlord upon the expiration or sooner termination of the Lease, or (ii) if any failure of Tenant to comply with any provision
of this Lease jeopardizes any insurance coverage or causes or results in a dangerous condition on the Demised Premises or the remainder of the Property, or (iii) any order or judgment is entered against Tenant or the Demised Premises which is
not fully covered by insurance, or (iv) Tenant assigns, subleases, or otherwise transfers or conveys all or any portion of its interest in this Lease or the Demised Premises in violation of this Lease, or (v) Tenant engages in any activity
which violates any Law or fails to comply with any Law or any person or entity on the Demised Premises engages in any activity which violates any Law or fails to comply with any Law. In no event shall financial inability be considered a reasonable
ground for failure of Tenant to cure any breach of, or failure to comply with, the provisions of this Lease. 
 22. LANDLORD’S
REMEDIES. In the event of any such default or breach by Tenant, Landlord may take any of the following actions at any time thereafter, in its sole discretion, with or without notice or demand and without limiting Landlord in the exercise of any
right or remedy which Landlord may have by reason of such default or breach under equity or under the laws or judicial decisions of the State of Illinois. 
 (a) Landlord may terminate Tenant’s right to possession of the Demised Premises by any lawful means (with or without terminating this Lease), or Landlord may terminate this Lease, and in either case, Tenant shall
immediately surrender possession of the Demised Premises to Landlord, and Landlord shall be entitled to recover from Tenant all damages incurred by Landlord by reason of Tenant’s default including, but not limited to, the cost of recovering
possession of the Demised Premises; expenses of relating, including necessary renovation and alteration of the Demised Premises; reasonable attorney fees; the worth at the time of award by the court having jurisdiction thereof of the amount by which
the unpaid Rent called for herein for the balance of the Term after the time of such award exceeds the amount of such loss for the same period that Tenant proves could be reasonably avoided. 
 (b) Landlord may reenter and take possession of the Demised Premises or any part thereof, without demand or notice, and repossess the same and expel
Tenant and any party claiming by, under or through Tenant, and remove the effects of both using such force for such purposes as may be necessary, without being liable for prosecution on account thereof of being deemed guilty of any manner of
trespass, and without prejudice to any remedies for arrears of Rent or right to bring any proceeding for breach of covenants or conditions. No such reentry or taking possession of the Demised Premises by Landlord shall be construed as an election by
Landlord to terminate this Lease unless a written notice of such intention is given to Tenant. No notice from Landlord hereunder or under a forcible entry and detainer statute or similar law shall constitute an election by Landlord to terminate this
Lease unless such notice specifically so 

  

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states. Landlord reserves the right, following any reentry or relating, to exercise its right to terminate this Lease by giving Tenant such written notice,
in which event this Lease will terminate as specified in such notice. After recovering possession of the Demised Premises, Landlord may, from time to time, but shall not be obligated to, relet the Demised Premises, or any part thereof, for the
account of Tenant, for such term or terms and on such conditions and upon such other terms as Landlord, in its discretion, may determine. Landlord may make such repairs, alterations or improvements as Landlord may consider appropriate to accomplish
such relating, and Tenant shall reimburse Landlord upon demand for all reasonable costs and expenses (including without limitation leasing commissions and attorney fees) which Landlord may incur in connection with such relating. Landlord may collect
and receive the rents for such releting but Landlord shall in no way be responsible or liable for any failure to relet the Demised Premises, or any part thereof, or for any failure to collect any rent due upon such relating. Notwithstanding
Landlord’s recovery of possession of the Demised Premises, Tenant shall continue to pay on the dates herein specified, the Minimum Rent and all Additional Rent which would be payable hereunder if such repossession had not occurred, less a
credit for the net amounts, if any, actually received by Landlord through any relating of the Demised Premises. 
 (c) Landlord may maintain
Tenant’s right to possession, in which case this Lease shall continue in effect whether or not Tenant shall have abandoned the Demised Premises. In such event Landlord shall be entitled to enforce all of Landlord’s rights and remedies
under this Lease, including the right to recover the Rent as it becomes due hereunder. 
 (d) Landlord may, at its election upon notice to
Tenant, terminate this Lease and accelerate all Rent and Additional Rent due or which will become due for the remainder of the Lease Term, discounted to the present value of any and all Minimum Rent and Additional Rent and other monetary payments,
such present value to be calculated by Landlord, using the then prevailing interest rate for U.S. Treasury notes which have a maturity date equal to or most equal to the remaining term of the Lease. In addition, Landlord may recover all other
damages it incurs as a result of such default from Tenant. Upon Tenant’s payment of such accelerated Rent and Additional Rent, this Lease shall terminate. 
 (e) In any event, Landlord shall be entitled to recover interest on any unpaid Rent or any amounts owing pursuant to this Lease not paid when due at the rate of eighteen percent (18%) per annum from the date due
until paid in full. 
 (f) No re-entry or taking possession of the Demised Premises by Landlord is an election on Landlord’s part to
terminate this Lease unless a written notice of such intention is given to Tenant or unless the termination is decreed by a court of competent jurisdiction. 
 (g) If Tenant refuses or neglects to perform any act for which it is responsible under this Lease, Landlord has the right (but is not obligated), upon giving Tenant reasonable written notice of its election to do so
(except in the case of an event of default, for which no notice is required) to perform and act on behalf of and for the account of Tenant. In so doing, Landlord may make any payment of money or perform any other act. All sums so paid by Landlord
and all incidental costs and expenses incurred in connection with the performance of any such act by Landlord is Additional Rent and is payable to Landlord immediately upon demand. Landlord may exercise the foregoing rights without waiving any of
its other rights against Tenant or without releasing Tenant from any of its obligations under this Lease. 
  

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 23. DEFAULT BY LANDLORD. Landlord shall not be in default under this Lease unless Landlord fails
to perform obligations required of Landlord within a reasonable time, but in no event later than thirty (30) days after written notice by Tenant to Landlord and to the holder of any first mortgage or deed of trust covering the Demised Premises
whose name and address shall theretofore been furnished to Tenant in writing, specifying wherein Landlord has failed to perform such obligation; provided, however, that if the nature of Landlord’s obligations is such that more than thirty
(30) days are required for performance then Landlord shall not be in default if Landlord commences performance within such thirty (30) day period and thereafter diligently prosecutes the same to completion. In no event shall Tenant have
the right to terminate this Lease as a result of Landlord’s default, nor may Tenant exercise any self help, and Tenant’s remedies shall be limited to actual (not consequential or punitive) damages and/or an injunction. 
 24. RECONSTRUCTION. 
 (a) Subject to
the provisions of subparagraphs (b) and (c) below, in the event the Demised Premises or any other portion of the Building is damaged by fire or other perils covered by extended coverage insurance, and such damage does not require
structural demolition and reconstruction of all or part of the Building, Landlord agrees to forthwith repair such damage utilizing the proceeds of insurance and this Lease shall remain in full force and effect, except that Tenant shall be entitled
to an equitable reduction of Minimum Rent from the date of damage until completion of such repairs, based on the extent to which the damage and making of such repairs shall reasonably interfere with the business carried on by Tenant in the Demised
Premises. 
 (b) In the event that any casualty requires structural demolition and reconstruction of all or part of the Building (whether or
not such reconstruction involves any portion of the Demised Premises), Landlord may, at its election, give notice to Tenant at any time within sixty (60) days after such damage, terminating this Lease as of a date specified in such notice not
more than thirty (30) days after the giving of such notice. In the event of giving such notice, this Lease and all interest of Tenant in the Demised Premises shall terminate on the date so specified in such notice, and the Minimum Rent, reduced
by a proportionate reduction, based upon the extent, if any, to which such damage interfered with the business carried on by Tenant in the Demised Premises, shall be paid up to date of such termination. In the alternative, Landlord may, by written
notice to Tenant within such 60-day period, elect to repair or restore such damage, in which case the Minimum Rent shall be proportionately reduced as provided in subparagraph (a) above and this Lease shall continue in full force and effect;
PROVIDED, HOWEVER, that Landlord shall have the right to alter the size and configuration of the Building in the course of such reconstruction, so long as the Building as reconstructed is an integrated architectural unit and the dimensions of the
Demised Premises are substantially the same as prior to such casualty. 
 (c) Notwithstanding anything to the contrary contained in this
Article, Landlord shall not have any obligation whatsoever to restore or repair any injury or damage by other cause to any leasehold improvements, fixtures or other personal property of Tenant, or to repair, reconstruct or restore the Demised
Premises or any other part of the Building when the damage resulting from any casualty occurs during the last twenty-four months of the term of this Lease or any extension thereof. 
  

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 25. EMINENT DOMAIN. If more than twenty-five percent (25%) of the Building shall be taken or
appropriated by any public or quasi-public authority under the power of eminent domain, either party hereto shall have the right, at it’s option, within sixty (60) days after said taking, to terminate this Lease upon thirty (30) days
written notice. If less than twenty-five percent (25%) of the Building is taken (or if more than 25% is taken but neither party elects to terminate as herein provided), the Minimum Rent thereafter to be paid shall be equitably reduced. If any
part of the Property other than the Building shall be so taken or appropriated, Landlord shall within sixty (60) days of said taking have the right at its option to terminate this Lease upon written notice to Tenant. In the event of any taking
appropriation whatsoever, Landlord shall be entitled to any and all awards and/or settlements which may be given, and Tenant hereby assigns to Landlord all Tenant’s rights, if any, to the awards and settlements and Tenant shall have no claim
against Landlord for the value of any unexpired term of this Lease. Tenant may apply separately to the condemning authority to obtain compensation for its relocation expenses, provided such claim does not reduce Landlord’s award. 
 26. SIGNS. Tenant may affix and maintain only such signs, advertising placards, names, insignia, trademarks and descriptive material as shall have
first received the written approval of Landlord as to type, size, color, location, copy nature and display qualities. Notwithstanding anything to the contrary contained in this Lease, Tenant shall not affix any sign to the roof. Upon expiration or
earlier termination of this Lease, such signage and repair any damage to the Building fascia resulting from the installation and removal of Tenant’s sign shall remain on the Building unless Landlord requests Tenant to remove such signage, in
which case Tenant shall remove such signage. 
 27. GUARANTY. All obligations of Tenant shall be guaranteed by the Guarantor
pursuant to the form of Guaranty Agreement attached hereto as Exhibit A. 
 28. ACCORD AND SATISFACTION. No payment by Tenant, nor
receipt by Landlord, of a lesser amount than the Rent herein stipulated shall be deemed to be other than on an account of the earliest stipulated Rent, 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 shall accept such check for payment without prejudice to Landlord’s right to recover the balance of such Rent or pursue any other remedy available to Landlord. Tenant expressly
waives any right it may have to claim that any payment due from Tenant to Landlord hereunder, which payment is less than the full amount due to the Landlord or claimed by Landlord, shall be deemed an accord and satisfaction. This waiver of
Tenant’s right to claim an accord and satisfaction shall be without regard to whether or not a dispute exists with regard to the amount claimed by Landlord. No payment by Tenant, nor receipt by Landlord, of a lesser amount than the full amount
due pursuant to this Lease shall be deemed to be other than on an account of Tenant toward the amount claimed by Landlord, nor shall any letter or statement accompanying any such payment be deemed an accord and satisfaction, and Tenant hereby waives
its right to so claim. 
  

 18 

 29. GROSS SALES REPORTS. Within thirty (30) days after the end of each calendar quarter
during the Lease Term, Tenant shall furnish to Landlord a copy of the state sales tax report showing sales made in, upon or from the Demised Premises during the preceding calendar month. Within thirty (30) days after the end of each calendar
year of the term hereof, Tenant shall furnish to Landlord a statement in writing, certified to be correct, showing the total gross sales by months made in, upon or from the Demised Premises during the preceding calendar year. The term “Gross
Sales” as used in this Lease shall include the entire gross receipts of every kind and nature from sales and services made in, upon or from the Demised Premises, whether upon credit or for cash, in every department operating in the Demised
Premises, excepting therefrom any rebates and/or refunds to customers and the amount of all sales tax receipts which has to be accounted for by Tenant to any government, or any governmental agency. Sales upon credit shall be deemed cash sales and
shall be included in the Gross Sales for the period which the merchandise is delivered or services provided to the customer. 
 30.
GENERAL PROVISIONS. 
 (a) Waiver. The waiver by Landlord of any term, covenant or condition herein contained shall not be deemed
to be a waiver of such term, covenant or condition or any subsequent breach of the same or any other term, covenant or condition herein contained. The subsequent acceptance of rent hereunder by Landlord shall not be deemed to be a waiver of any
preceding default by Tenant of any term, covenant or condition of this Lease, other than the failure of Tenant to pay the particular rental so accepted, regardless of Landlord’s knowledge of such preceding default at the time of the acceptance
of such rent. 
 (b) Marginal Headings. The marginal headings and titles to the articles of this Lease are not a part of the Lease and
shall have no effect upon the construction or interpretation of any part hereof. 
 (c) Time. Time is of the essence of this Lease and
each and all of its provisions in which performance is a factor. 
 (d) Successors and Assigns. The covenants and conditions herein
contained, subject to the provisions as to assignment, apply to and bind the heirs, successors, executors, administrators and permitted assigns of the parties hereto. 
 (e) Recordation. Neither Landlord nor Tenant shall record this Lease, but a short form memorandum hereof may be recorded at the request of Landlord. 
 (f) Late Charges. Tenant hereby acknowledges that late payment by Tenant to Landlord of Minimum Rent and scheduled Additional Rent due hereunder
will cause Landlord to incur costs not contemplated by this Lease, the exact amount of which will be extremely difficult to ascertain. Such costs include, but are not limited to, processing and accounting charges, and late charges which may be
imposed upon Landlord by terms of any mortgage or trust deed covering the Demised Premises. Accordingly, if any installment of Rent due from Tenant shall not be received by Landlord or Landlord’s designee within three (3) days after the
due date, then Tenant shall pay to Landlord a late charge equal to five percent (5%) per month on the outstanding balance or $500 for each instance, whatever is greater, plus any attorney fees 

  

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incurred by Landlord by reason of Tenant’s failure to pay Rent when due hereunder. The parties hereby agree that such late charges represent a fair and
reasonable estimate of the cost that Landlord will incur by reason of the late payment of Tenant. Acceptance of such late charges by Landlord shall in no event constitute a waiver of Tenant’s default with respect to such overdue amount, nor
prevent Landlord from exercising any of the other rights and remedies granted hereunder. 
 (g) Prior Agreements. This Lease contains
all of the Agreements of the parties hereto with respect to any matter covered or mentioned in this Lease, and no prior agreement or understanding pertaining to any such matters shall be effective for any purpose. No provision of this Lease may be
amended or added to except by an agreement in writing signed by the parties hereto of their respective successors in interest. This Lease shall not be effective or binding on any party until fully executed by both parties hereto. 
 (h) Partial Invalidity. Any provisions of this Lease which shall prove to be invalid, void, or illegal shall in no way effect, impair or
invalidate any other provision hereof, and all such other provisions shall remain in full force and effect. 
 (i) Cumulative
Remedies. No remedy or election hereunder shall be deemed exclusive but shall, whenever possible, be cumulative with all other remedies at law or in equity. 
 (j) Choice of Law. This Lease shall be governed by the laws of the State of Illinois. 
 (k)
Attorney Fees. In the event any action or proceeding is brought by either party against the other under this Lease, the prevailing party shall be entitled to recover for the fees of its attorneys in such action or proceeding, including costs
of appeal, if any, such amount as the court may adjudge reasonable as attorney fees. In addition, should it be necessary for Landlord to employ legal counsel to enforce any of the provisions herein contained, tenant agrees to pay all attorney fees
and court costs reasonably incurred. 
 (l) Sale of Demised Premises by Landlord. In the event of any sale of the Demised Premises by
Landlord, Landlord shall be and is hereby entirely freed and relieved of all liability under any and all of its covenants and obligations contained in or derived from this Lease arising out of any act, occurrence or omission occurring after the
consummation of such sale; and the purchaser, at such sale or any subsequent sale of the Premises, shall be deemed, without any further agreement between the parties or their successors in interest or between the parties and any such purchaser, to
have assumed and agreed to carry out any and all of the covenants and obligations of Landlord under this Lease. 
 (l) Subordination,
Attornment. Upon request of Landlord, Tenant will in writing subordinate its rights hereunder to the lien of any mortgage or deed of trust, to any bank, insurance company or other lending institution or other lender, now or hereafter in force
against the Demised Premises, and to all advances made or hereafter to be made upon the security thereof. In the event any proceedings are brought for foreclosure, or in the event of the exercise of the power of sale under any mortgage or deed of
trust made by Landlord covering the Demised Premises, Tenant shall attorn to the purchaser upon any such foreclosure or sale, and 

  

 20 

 
recognize such purchaser as the Landlord under this Lease. The provisions of this subparagraph to the contrary notwithstanding, and so long as Tenant is not
in default hereunder, this Lease shall remain in full force and effect for the full Lease Term hereof. 
 (m) Notices. Except as set
forth below, all notices to be given hereunder by either of the parties shall be in writing. Any notice may be served by Landlord upon Tenant personally by delivering the same to an employee of Tenant, or to Tenant directly. Any notice shall be
deemed duly served by either party if addressed as set forth below and (i) deposited with the United States Postal Service as certified mail, return receipt requested, with proper postage prepaid, or (ii) deposited with FedEx or other
reliable overnight courier for expedited delivery. Either party may change the address to which the notices may be sent by delivering a copy thereof to the other party in the manner aforesaid and sent contemporaneously by telecopy and e-mail. If
service is made by personal delivery or Federal Express, such service shall be deemed completed upon actual receipt of such material. If service shall be made by certified mail, such service shall be deemed completed as of the third day following
the mailing of such notice in the manner aforesaid. 
  

			
	To Landlord:	 	Chicago Title Land Trust #879-51
		 	 c/o Jay Dinklemann

		 	 2041 Goose Lake Road, Suite 2A

		 	 Sauget, IL 62206

		
		 	 and

		
	 To Tenant:
	 	 Cardinal Management LP

		 	 390 Union Blvd. Suite 540

		 	 Lakewood, CO 80228

 (n) Tenant’s Statement. Tenant shall at any time and from time to time, upon not less
than ten (10) days prior written notice from Landlord, execute, acknowledge and deliver to Landlord a statement in writing containing such statements as Landlord or any prospective purchaser or mortgagee of the Property may require, including
(a) certification that this Lease is unmodified and in full force and effect (or, if modified, stating the nature of such modification and certifying that this Lease as so modified is in full force and effect), and the date to which the rental
and other charges are paid in advance, if any, (b) Tenant’s acknowledgment that there are not, to Tenant’s knowledge, any uncured defaults on the part of Landlord hereunder, or specifying such defaults if any are claimed,
(c) confirmation of the Rent Commencement Date and the expiration date of the Lease Term, (d) confirmation that no rents have been paid more than one (1) month in advance, and (e) confirmation that Tenant has no right to purchase
the Premises other that as contained herein. If Tenant fails to execute Tenant’s Statement within such ten (10) day period, Landlord is hereby authorized to execute Tenant’s Statement as Tenant’s attorney in fact. Any such
statement may be relied upon by the prospective purchaser or encumbrance of all or any portion of the Property. 
 (o) Authority. If
Tenant is a corporation, partnership, trust or limited liability company, each individual executing this Lease on behalf of Tenant represents and warrants that he or she is duly authorized to execute and deliver this Lease on behalf of Tenant in
accordance with the bylaws, partnership agreement or operating agreement (as the case may be) of Tenant, and that this Lease is binding upon Tenant. 
  

 21 

 (p) No Partnership. It is expressly understood that the Landlord and Tenant are not partners or
co-venturers and that the Landlord has no right, title or interest in and to the business of the Tenant, and that the Tenant has no right to represent or bind the Landlord in any respect whatsoever, and that nothing contained herein shall be deemed,
held or construed as making the Landlord a partner or associate of the Tenant, or as rendering the Landlord liable for any debts, liabilities or obligations incurred by the Tenant; it is being expressly understood that the relationship between the
parties hereto is, and shall at all times remain that of Landlord and Tenant. 
 (q) Nondisclosure Statement. Tenant hereby agrees
that as of the date set forth herein, and for the term of this Lease as set forth herein, Tenant shall not disclose the terms of this Lease or the negotiations thereof to any individual, firm or corporation. This nondisclosure statement shall not
preclude Tenant from disclosing the terms of this Lease or negotiations thereunder to Tenant’s legal counsel, a financial institution, the Internal Revenue Service, or any administrative or judicial entity which may require such information.

 31. BROKERS. Tenant warrants that except for the principals of Landlord (who may be licensed real estate brokers acting on their
own behalf), it has had no dealings with any real estate broker or agents in connection with the negotiation of this Lease. 
 32.
CONVEYANCE BY LANDLORD. In the event Landlord conveys or transfers its interest in the Demised Premises or Property, upon such conveyance or transfer, Landlord (and in the case of any subsequent conveyances or transfers, the then grantor or
transferor) shall be released from all liability with respect to the performance of any obligations on the part of Landlord to be performed hereunder from and after the date of such conveyance or transfer. Upon notice of such transfer and receipt of
a copy of the assumption agreement with the assignee or transferee, Tenant shall attorn to the new owner as landlord. 
 33. LIABILITY OF
LANDLORD. Tenant agrees that neither Landlord nor any of Landlord’s officers, directors, partners, beneficiaries, trustees, shareholders, members or employees, shall have any personal liability hereunder. For recovering any judgment or
collecting any obligation from Landlord, Tenant shall look solely to Landlord’s interest in the Property. In no event shall any deficiency judgment or any money judgment of any kind be sought or obtained against Landlord, except to be satisfied
from Landlord’s interest in the Property and its income and proceeds. 
 SIGNATURES ON NEXT PAGE 
  

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 IN WITNESS WHEREOF, Landlord and Tenant have executed this Lease as dated: 
  

			
	 LANDLORD:
                     , as Trustee of
 Chicago Title Land Trust #879-51, an Illinois land trust

		
	By	 	/s/ Jay Dinklemann
	Name:	 	Jay E Dinklemann
	Title:	 	Trustee and Authorized agent
	Date:	 	February 1, 2007
	
	TENANT:
		
	By:	 	 /s/ Troy H. Lowrie

	Name:	 	Troy Lowrie
	Title:	 	CEO of GP
	Date:	 	February 1st 2007

 EXHIBIT “A” 
 GUARANTY OF LEASE 
 In order to induce
                                        ,
as Trustee of Chicago Title Land Trust #879-51, an Illinois land trust (“Landlord”) to enter into that certain Lease dated as of January 1st 2007 (the “Lease”) with RCC LP (“Tenant”), VCG Holding Corp., a Colorado corporation, and Troy Lowrie, an individual residing in Colorado (“Guarantors”) hereby make the
following agreements with and in favor of Landlord: 
 1. Guarantors hereby guarantee, unconditionally and absolutely, the full and faithful
performance and observance of all the covenants, terms, and conditions of the Lease to be performed and observed by Tenant, expressly including, without being limited to, the payment, when due, of Minimum Rent and Additional Rent payable under the
Lease. 
 2. If the Lease shall be modified in any respect by agreement between Landlord and Tenant, the obligations hereunder of Guarantors
shall extend and apply with respect to the full and faithful performance and observance of all the covenants, terms and conditions of the Lease and of any such modification thereof. 
 3. If the Lease shall be renewed, or its term extended, for any period beyond the date specified in the Lease for the expiration of said term, either
pursuant to any option granted under the Lease or otherwise, or if Tenant holds over beyond the term of the Lease, the obligations hereunder of Guarantors shall extend and apply with respect to the full and faithful performance and observance of all
the covenants, terms and conditions of the Lease and of any such modification thereof. 
 4. Insofar as the payment by Tenant of any sums of
money to Landlord is involved, this Guaranty is a guaranty of payment and not of collection, and shall remain in full force and effect until payment in full to Landlord of all sums payable under the Lease and performance in full of all obligations
of Tenant under the Lease. Guarantors waive any right to require that any action be brought against Tenant. 
 5. Guarantors do not require
any notice of Tenant’s nonpayment, nonperformance, or non-observance of the covenants, terms and conditions of the Lease. Guarantors hereby expressly waive the right to receive such notice. 
 6. Guarantors expressly agree (without in any way limiting their liability under any other provision of this Guaranty) that Guarantors shall, at the
request of Landlord, enter into a new lease with Landlord on the same terms and conditions as contained in the Lease immediately prior to its termination, for a term commencing on the termination date of the Lease and ending on the expiration date
of the Lease, if the Lease shall be terminated due to a default by Tenant thereunder. 

 7. The liability of each of the Guarantors is coextensive with that of Tenant and is also joint and
several with Tenant and with each other, and action may be brought against Guarantors, or either of them, and carried to final judgment either with or without making Tenant a party thereto. 
 8. Until all of Tenant’s obligations under the Lease are fully performed, Guarantors (a) waive any rights that Guarantors may have against
Tenant by reason of any one or more payments or acts in compliance with the obligations of Guarantors under this Guaranty, and (b) subordinate any liability or indebtedness of Tenant held by Guarantors to the obligations of Tenant to Landlord
under this Lease. 
 9. Neither Guarantors’ obligation to make payment in accordance with the terms of this Guaranty nor any remedy for
the enforcement thereof shall be impaired, modified, released or limited in any way by any impairment, modification, release or limitation of the liability of Tenant or its estate in bankruptcy, resulting from the operation of any present or future
provision of the Bankruptcy Code of the United States or from the decision of any court interpreting the same. 
 10. Guarantors waive any
right to require that resort be had to any security or to any other credit in favor of Tenant. 
 11. Guarantors waive the benefit of any
statute of limitations affecting Guarantors’ liability under this Guaranty. Guarantors hereby waive the right to trial by jury in any action or proceeding that may hereafter be instituted by Landlord against Guarantors in respect of this
Guaranty. 
 12. Guarantors, and each of them, irrevocably appoint Tenant as his or its agent for service of process related to this
Guaranty. 
 13. Guarantors shall pay all of Landlord’s expenses, including but not limited to, attorney’s fees, incurred in
enforcing this Guaranty. 
 14. The Lease and this Guaranty shall be governed by, interpreted under the laws of, and enforced in the courts
of the State of Illinois. 
 15. This Guaranty, and all of the terms hereof, shall be binding on Guarantors and the successors, assigns and
legal representatives of Guarantors, and shall inure to the benefit of and may be enforced by Landlord, its successors and assigns, and the holder of any mortgage to which the Lease may be subject and subordinate from time to time. 
 16. Anything herein or in the Lease to the contrary notwithstanding, Guarantors hereby acknowledge and agree that any security deposit or other credit in
favor of the Tenant may be applied to cure any Tenant default or offset any damages incurred by Landlord under the Lease, as Landlord determines in its sole and absolute discretion, and Landlord shall not be obligated to apply any such deposit or
credit to any such default or damages before bringing any 

 
action or pursuing any remedy available to Landlord against Guarantors. Guarantors further acknowledge that liability under this Guaranty shall not be
affected in any manner by such deposit or credit, or Landlord’s application thereof. 
  

			
	Guarantor:            VCG HOLDING CORP., a Colorado corporation
	Address of Guarantor:            390 Union Street, Suite 540, Lakewood, Colorado 80228

			
	
	VCG HOLDING CORP., a Colorado corporation
		
	By:	 	 /s/ Troy H. Lowrie

		 	Troy Lowrie, CEO

			
	
	Guarantor:            Troy Lowrie
	Address of Guarantor:            390 Union Street, Suite 540, Lakewood, Colorado 80228

			
		
	By:	 	 /s/ Troy H. Lowrie

		 	Troy Lowrie Individually

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