March 12, 1998
Xx. Xxxxxxx X. Xxxx
Chairman of the Board, President
and Chief Executive Officer
Mirage Resorts, Incorporated
0000 Xxx Xxxxx Xxxxxxxxx Xxxxx
Xxx Xxxxx, Xxxxxx 00000
Dear Xxxxx:
This confirms the agreement this date between Bellagio and
you with respect to the seven works of fine art set forth on
Exhibit `A' hereto (collectively, the "Works"), which you
purchased from an independent party on March 9, 1998 at a
total purchase price of $50,000,000.
1. The January 14, 1998 agreement between Bellagio and you
(the "Original Agreement") is hereby amended to provide that,
effective this date, the Exhibit `B' Art referenced therein which
you are renting to Bellagio shall include the Works.
2. The terms of the rental of the Works shall be the
same as those set forth in the Original Agreement with respect
to the Exhibit `B' Art, except that the annual rental for each
of the Works, payable monthly in advance, shall be the "Annual
Rental," as set forth on Exhibit 'A' hereto.
3. The Exhibit `B' Art (including the Works) shall be
maintained on public display and shall be available for
educational purposes in any hotel-casino operated by any
wholly owned subsidiary of Mirage Resorts, Incorporated in
conformity with the requirements of NRS 361.068(k) and NRS
374 and any regulations promulgated thereunder.
Please sign below to confirm your agreement to the foregoing.
My signature below confirms Bellagio's agreement thereto.
Very truly yours,
BELLAGIO
XXXXXX X. XXXXXXX
By: __________________________
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
Exhibit 10(ccc)
Exhibit 'A'
Allocated
Purchase Annual
Artist Title Price Rental
------------------- ------------------------- ----------- --------
Xxxxxx Xxxxx "Highway" 1959 $ 9,322,034 $111,864
Encaustic and collage
on canvas
33-1/2 X 27 inches
Xxxxx Xxxxx "August Day" 1957 2,542,373 30,508
Oil on canvas
92 X 78 inches
Xxxxxx XxXxxxxxx "Police Gazette" 1955 11,864,407 142,373
Mixed media on canvas
42-7/8 X 39-5/8 inches
Xxx Xxxxxxxxxxxx "Torpedo...Los!" 1963 12,711,864 152,542
Oil on canvas
68 X 80 inches
Xxxxxxx Xxxxxxx "Frieze" 1953-1955 9,322,034 111,864
Oil, enamel and aluminum
paint on canvas
26-1/8 X 85-7/8 inches
Xxxxxx Xxxxxxxxxxxx "Small Red Painting" 1954 3,389,831 40,678
Combine painting
27-1/2 X 2 X 4-3/4 inches
Xx Xxxxxxx "Untitled" 1961 847,458 10,169
Acrylic, colored crayons
and graphite on canvas
102.4 X 148.1 cms.
