Xxxxxx X. Xxxxxxx
President
B E L L A G I O
December 31, 1998
Xx. Xxxxxxx X. Xxxx
Chairman of the Board and
Chief Executive Officer
Mirage Resorts, Incorporated
0000 Xxx Xxxxx Xxxxxxxxx Xxxxx
Xxx Xxxxx, Xxxxxx 00000
Re: Rental of Fine Art
Dear Xxxxx:
This letter sets forth the agreement between Bellagio and you effective
this date with respect to the rental of the works of fine art identified
on Exhibit A hereto (individually, a "Work" and collectively, the
"Works"), and supersedes and amends in their entirety the letter agree-
ments between Bellagio and you dated January 14, 1998, March 12, 1998,
April 21, 1998, July 31, 1998 and September 1, 1998.
1. You hereby rent each of the Works to Bellagio for exhibition in
any hotel-casino operated by Bellagio or any other wholly owned
subsidiary of Mirage Resorts, Incorporated. The Works shall be
maintained on public display and shall be available for
educational purposes in one or more of such hotel-casinos in
conformity with the requirements of NRS 361.068(k) and NRS 374 and
any regulations validly promulgated thereunder.
2. Bellagio shall pay you monthly rent for each of the Works in the
respective amounts set forth on Exhibit A. The rent for each
month, commencing January 1999, shall be payable in advance not
later than the fifth calendar day of such month. In the event that
the rental with respect to one or more Works is in effect for less
than a full calendar month, the rent for such month shall be pro-
rated based on the actual number of days during which the rental
was in effect and a month consisting of 30 days. Any such
reduction shall be credited against Bellagio's next monthly rent
payment.
3. Bellagio and you shall each have the option to terminate the
rental as to one or more of the Works on 30 days' notice to the
other party. Bellagio and you may also mutually agree to include
P.O. BOX 7700, LAS VEGAS, NEVADA 89177-7700
EXHIBIT 10.6
Xx. Xxxxxxx X. Xxxx
Mirage Resorts, Incorporated
December 31, 1998
Page Two
additional works of fine art in this rental agreement, in which
event the parties shall execute an amendment to Exhibit A setting
forth the additional works of fine art and the monthly rent for
such works.
4. Bellagio shall be responsible for insuring and maintaining the
security of the Works subject to this rental, and for any Nevada
sales, use or personal property taxes applicable to this rental.
Please sign below to confirm your agreement to the foregoing. My
signature below confirms Bellagio's agreement thereto.
Very truly yours,
BELLAGIO
By: XXXXXX X. XXXXXXX
-------------------------------------
XXXXXX X. XXXXXXX
President and Chief Executive Officer
I hereby agree to the foregoing.
XXXXXXX X. XXXX
-------------------------------------
XXXXXXX X. XXXX
cc: Xxxxx X. Xxxxx
Xxxxx X. Xxxxx
Xxxxx X. Xxxxxx
Xxxxxx X. Xxxxx
EXHIBIT A
Work Monthly Rent
-------------------------------------------- ------------
"Girl with Straw Hat, Sitting in the Wheat," $163,145
also known as "Portrait of a Peasant Girl
in a Straw Hat" by Xxxxxxx xxx Xxxx (1890,
oil on canvas, 36-1/4 x 28-3/4 inches)
"Dancer, Taking her Bow" by Xxxxx Xxxxx 41,215
(1878, pastel on paper, 33-1/2 x 27 inches)
"Highway" by Xxxxxx Xxxxx (1959, encaustic 32,018
and collage on canvas, 33-1/2 x 27 inches)
"Police Gazette" by Xxxxxx xx Xxxxxxx (1955, 40,750
mixed media on canvas, 42-7/8 x 39-5/8
inches)
"Frieze" by Xxxxxxx Xxxxxxx (1953-1955, oil, 32,018
enamel and aluminum paint on canvas,
26-1/8 x 85-7/8 inches)
"Femme Assise" by Xxxxx Xxxxxxx (1949, oil 8,587
on canvas, 51-1/4 x 38-1/4 inches)
"Seated Woman" by Xxxxx Xxxxxxx (1949, oil 9,445
on canvas, 51 x 38-1/4 inches)
"Magritte II" by Xxxxxxx Xxxxxxx (1998, 190
wood, oil paint, plaster, charcoal, cloth,
58 x 30 x 14 inches)
"Untitled XXXII" by Xxxxxx xx Xxxxxxx 2,835
(1977, oil on canvas, 54 x 60 inches)
