Document:

Exhibit 10.5

 

LEASE
AGREEMENT

 

This Lease entered into
this day by and between the City of Greenville, Mississippi, a municipal
corporation, Lessor, acting by and through The City Council of Greenville, and
Cotton Club of Greenville, Inc., a Mississippi corporation with its
principal place of business in Greenville, Mississippi, Lessee,

WITNESSETH:

 

1.

 

The City of Greenville,
Mississippi, is a municipality in which there is situated a harbor that is a
port of entry. Further, the said City owns the land described in Exhibit “1”
and which is shown as “Area 2” on the map or plat attached to said Exhibit “1”,
both said exhibit and said plat being attached hereto and made a part hereof by
reference. Said land is situated within reasonable and practical proximity to
said harbor and/or port. The City has determined that the lease of said land to
Cotton Club of Greenville, Inc., upon the terms and conditions and with
the safeguards herein stated, is needful for the convenient use of the same in
the aid of commerce, for industrial use, and that said terms, conditions and
safeguards are such as will best promote and protect the public interest. The
terms and conditions, and the monetary rental herein stated, have been found by
the City to be adequate and have been approved by the City in an order or
resolution authorizing the same.

 

 

2.

 

Wherefore, premises
considered, Lessor hereby leases to Lessee and Lessee hereby leases from Lessor
upon the terms and conditions and rentals hereinafter set forth that certain
property located in the City of Greenville, Washington County, Mississippi, as
more fully described on Exhibit “1” and on the plat attached thereto, both
of which are attached hereto and incorporated herein by reference.

 

3.

 

The term of this lease
shall commence on the 1st day of April 1993, and end at midnight on the
31st day of August, 1995. At the expiration of the original term, Lessee shall
have the option of three (3) additional five (5) year option terms,
to be renewed automatically, unless written notice of termination is given to
Lessor by Lessee sixty (60) days prior to the expiration date of the then
existing term.

 

4.

 

As rental for said
property, Lessee hereby agrees to pay Lessor the sum of $100.00 per month
payable in advance on the 1st day of April and on the 1st day of each
month thereafter during the original term of this lease. Rentals for each
option term hereunder shall be subject to a cost of living increase to be based
on the Consumer Price Index using April, 1993 as the base period.

 

5.

 

Lessee, as a material
part of the consideration herein, hereby waives all claims against Lessor for
damages to goods, equipment or

 

2

 

merchandise or other
items of personal property, upon or about said premises, and for injuries,
including death, to persons in or about said premises, from any cause arising
at any time. Lessee hereby agrees to hold Lessor exempt and harmless from any
loss, damage, expense or injury, including death, to any person, or to the goods,
equipment, merchandise or property of any person or persons arising from the
use of the premises by Lessee. Lessee further agrees that it will at all times
during the term of this lease or any option term hereunder, at its own expense,
carry and maintain public liability insurance on the above premises in the
limits of not less than $1,000,000.00 with Lessor named as an additional
assured therein, to protect the Lessor from any and all claims for personal
injury, including death, and property damage which may arise from the
operations under this lease agreement. Certificates of such insurance shall be
filed with Lessor and shall be subject to Lessor’s approval.

 

6.

 

The Lessee shall not
sublease said property, or any portion thereof, without first obtaining the
written consent of the Lessor, which consent will not be unreasonably withheld.
Lessee hereby agrees and obligates itself in the use and occupancy of the above
described property to conform to and abide by any rules, regulations,
restrictions or ordinances that are now or may hereafter be imposed or
promulgated by Lessor, the Greenville Port Commission, and/or the Board of
Mississippi Levee Commissioners. Lessee further agrees that no illegal activity
will be conducted or

 

3

 

permitted in or upon the
above property or in or upon the Cotton Club of Greenville, Inc. It is
further understood and agreed that this lease is made subject to any rights of
way or easements of the Board of Mississippi Levee Commissioners in, on, and
over said property.

 

7.

 

Any notice(s) hereunder
shall be in writing, and if to the Lessee, shall be addressed as follows:

 

Cotton Club of Greenville, Inc.

333 Washington Avenue

Greenville, MS 38701

 

and if to the City of
Greenville, shall be addressed as follows:

 

Mayor

City of Greenville 

Post Office Box 897 

Greenville, MS 38702-0897

 

8.

 

Upon the termination of
this Lease Agreement, any and all improvements made by Cotton Club upon the
premises may at City’s sole election either be and become the sole property of
City or City may require Cotton Club to remove same at its sole cost and
expense.

 

9.

 

It is expressly
understood and agreed by the parties hereto that the Lessor leases and grants
unto Lessee only such interest as it has the authority to grant and/or as it
may possess in the leased premises, if any, and Lessor makes no representation,
guaranty or warranty whatsoever to Lessee as to Lessor’s authority, title or
ownership of the leased premises, which Lessee hereby

 

4

 

accepts as is, where is.

 

10.

 

Lessee agrees and
acknowledges that, as long as Lessee leases any portion of City owned property,
it will not discriminate by segregation or, otherwise, against any person or
persons because of race, color, religion, sex, or national origin; also, Lessee
shall not refuse to allow the public the use of the facilities herein or
restrict the use of the leased property herein including any and all services,
privileges, accommodations, membership, and/or activities to be conducted on
the leased premises to any person because of race, color, religion, sex, or
national origin.

 

EXECUTED, this the 1st day of April,
1993.

 

	
   

  	
  COTTON CLUB OF
  GREENVILLE, INC.

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ Matthew B. Walker

  
	
   

  	
   

  	
  Matthew B. Walker,
  President

  
	
   

  	
   

  	
   

  
	
   

  	
  CITY OF GREENVILLE,
  MISSISSIPPI

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ C. C. “Frank”

  
	
   

  	
   

  	
  C. C. “Frank” Self,
  Mayor

  

 

5

 

STATE OF
MISSISSIPPI

COUNTY OF WASHINGTON

 

PERSONALLY APPEARED
BEFORE ME, the undersigned authority in and for the county and state aforesaid,
the within named Matthew B. Walker, President of COTTON CLUB OF GREENVILLE,
INC., a Mississippi corporation, who acknowledged that for and on behalf of
said corporation as its act and deed he signed and delivered the above and
foregoing Lease Agreement on the day and year therein mentioned for the
purposes therein stated, after first being authorized so to do.

 

GIVEN UNDER MY HAND AND
OFFICIAL SEAL, this the 31st day of March, 1993.

 

	
   

  	
  /s/ [ILLEGIBLE]

  
	
   

  	
  Notary Public

  
	
  My Commission Expires:

  	
   

  
	
  4/1/96

  	
   

  
	
  STATE OF MISSISSIPPI

  	
   

  
	
  COUNTY OF WASHINGTON

  	
   

  

 

PERSONALLY APPEARED
BEFORE ME, the undersigned authority in and for the county and state aforesaid,
the within named C. C. “Frank” Self, who affirmed that he is the Mayor of the
City of Greenville, Mississippi, and that in his capacity as same, he executed
the above and foregoing Lease Agreement for the purposes therein mentioned, he
being duly authorized so to do.

 

GIVEN UNDER MY HAND AND
OFFICIAL SEAL, this the 1st day of April, 1993.

 

	
   

  	
  /s/ [ILLEGIBLE]

  
	
   

  	
  Notary Public

  
	
  My Commission Expires:

  	
   

  
	
  My Commission Expires
  February 5, 1996

  	
   

  

 

6

 

A tract of land 210 feet
wide, the south line of which shall be the north edge of the paved City wharf,
the east line of which is the west edge of the access concrete sidewalk into
Schelben Park, the north line of which is 210 feet north of and parallel to the
north edge of the concrete City wharf, and the west line of which is the water’s
edge of lake Ferguson, as it rises and falls, said tract of land being shown as
“Area 2” on the map or plat attached hereto and made a part hereof by reference
as if fully set out herein.

4-18-8

No Other Indexing
InstructionsEXHIBIT 10.5(A)

 

ASSIGNMENT
OF

AGREEMENT GRANTING MOORAGE AND OTHER
RIGHTS

 

THIS ASSIGNMENT OF AGREEMENT GRANTING MOORAGE AND OTHER
RIGHTS (the “Assignment”) is made effective as of the 14th day of March 2002,
by and between GREENVILLE CASINO PARTNERS,
L.P., a Mississippi limited partnership, whose address is P.O. Box
1294, Greenville, MS 38702-1294 (“Assignor”), and JMBS CASINO LLC, a Mississippi limited liability company,
whose address is 3061 Prestwicke Drive, Edgewood, KY 41017 (“Assignee”) as
follows:

 

W  I  T  N
E  S  S  E  T  H:

 

WHEREAS,
The City of
Greenville, Mississippi, a municipality (the “City”) entered into a Lease
Agreement with Cotton Club of Greenville, Inc., a Mississippi corporation
(“Cotton Club”) dated April 1, 1993 (the “Lease”), granting rights in a
210’ wide strip of land located in Greenville, Washington County, Mississippi
(the “Property”), more fully described on Exhibit A attached hereto
and incorporated herein. The Lease is recorded in Book 1983, Page 601 of
the Washington County, Mississippi Records; and

 

WHEREAS,
Jubilation
Lakeshore, Inc., f/k/a Cotton Club of Greenville, Inc., assigned its
rights under the Lease to Alpha Gulf Coast, Inc. by virtue of an
Assignment dated December 11, 1997, recorded in Book 1983, Page 587,
of the Washington County, Mississippi Records; and

 

WHEREAS,
Alpha Gulf Coast, Inc.
assigned its rights under the Lease to Greenville Casino Partners, L.P., by
virtue of an Assignment of Agreement Granting Moorage, Dockage, Berthing and
Other rights and Lease Agreement dated March 2, 1998, recorded in Book
1990, Page 555, of the Washington County, Mississippi Records; and

 

WHEREAS,
Assignor and
Assignee are parties to an Asset Purchase Agreement dated January 26, 2002
(the “Purchase Agreement”), and pursuant to the Purchase Agreement, the
Assignor is required to assign all of its rights under the Lease to Assignee.

 

NOW,
THEREFORE, for
good and valuable consideration paid, the receipt and sufficiency of which are
hereby acknowledged, Assignor and Assignee hereby agree as follows:

 

1. Assignor does
hereby assign and convey to Assignee all of Assignor’s right, title and
interest in, to and under the Lease.

 

2. Assignee hereby
accepts said Assignment and assumes all of the benefits and agrees to perform
all of the obligations of Assignor under the Lease.

 

3. Assignee in
accepting said Assignment acknowledges that it is familiar with the terms,
provisions and conditions of the Lease and agrees to fully perform and abide by
all of the terms, provisions and conditions of Assignor thereunder, all in
accordance with the terms hereof and the terms of the Asset Purchase Agreement
between Assignor and Assignee dated January 26, 2002.

 

 

IN
WITNESS WHEREOF, the
parties have executed this Assignment as of the dates set forth below in their
respective acknowledgments, with this Assignment to be effective March 14,
2002.

 

	
  WITNESSES:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  (As to Assignor)

  	
   

  	
  ASSIGNOR:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  GREENVILLE CASINO
  PARTNERS, L.P.,

  
	
   

  	
   

  	
  a Mississippi limited
  partnership

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/ [ILLEGIBLE]

  	
   

  	
  By: 

  	
  /s/ M. J. Jacobson

  
	
  Printed Name: 

  	
  [ILLEGIBLE]

  	
   

  	
  Name: 

  	
  M. J. JACOBSON

  
	
   

  	
   

  	
  Title: 

  	
  CEO

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/ [ILLEGIBLE]

  	
   

  	
   

  
	
  Printed Name: 

  	
  [ILLEGIBLE]

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  (As to Assignee)

  	
   

  	
  ASSIGNEE:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  JMBS CASINO LLC

  
	
   

  	
   

  	
  a Mississippi limited
  liability company

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/ [ILLEGIBLE]

  	
   

  	
  By: 

  	
  /s/ Joseph A. Yung

  
	
  Printed Name: 

  	
  [ILLEGIBLE]

  	
   

  	
   

  	
  Joseph A. Yung, Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/ [ILLEGIBLE]

  	
   

  	
   

  
	
  Printed Name: 

  	
  [ILLEGIBLE]

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  STATE OF MISSISSIPPI

  	
  )

  	
   

  	
   

  
	
   

  	
  )SS:

  	
   

  	
   

  
	
  COUNTY OF

  	
  )

  	
   

  	
   

  
	
  WASHINGTON

  	
   

  	
   

  	
   

  
							

 

The foregoing instrument
was acknowledged before me this 14th day of March, 2002, by M. J. Jacobson, the CEO
of GREENVILLE CASINO PARTNERS, L.P., a
Mississippi limited partnership, on behalf of the partnership, the Assignee in
the foregoing Assignment.

 

	
   

  	
  /s/ [ILLEGIBLE]

  
	
   

  	
  Notary Public

  

 

 

	
  STATE OF MS

  	
  )

  	
   

  
	
   

  	
  )SS:

  	
   

  
	
  COUNTY OF

  	
  )

  	
   

  
	
  WASHINGTON

  	
   

  	
   

  

 

The foregoing instrument
was acknowledged before me this 14th day of March, 2002, by Joseph A. Yung, the
Manger of JMBS CASINO LLC, a
Mississippi limited liability company, on behalf of the company as Assignor in
the foregoing Assignment.

 

	
   

  	
  /s/ [ILLEGIBLE]

  
	
   

  	
  Notary Public

  

 

This instrument prepared
by:

Tedd H. Friedman, Esq.

Katz, Teller, Brant & Hild

2400 Chemed Center 

255 East Fifth Street

Cincinnati, Ohio 45202-4724

(513)721-4532

 

KTBH: 514360.2

 

 

Exhibit “A”

 

Parcel 7.5 (Section B)

 

A tract of land 210 feet
wide, the South line of which shall be the North edge of the paved City wharf,
the East line of which is the West edge of the access concrete sidewalks into
Schelben Park, the North line of which is 210 feet North of and parallel to the
North edge of the concrete City wharf, and West line of which is the water’s
edge of Lake Ferguson, as it rises and falls, said tract of land being shown as
“Area 2” on the map attached hereto and made a part hereof by reference as if
fully set out herein.

 

Indexing Instructions:

 

Index under Section 6,
Township 18 North, Range 8 West, Washington County, MS, being that portion
thereof previously described as being parts of Blocks 2 and 5, Original Town
Addition of Greenville, all now lying over the levee.

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