Xxxxxx X. Xxxxxxx
President
BELLAGIO
April 21, 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 work of fine art entitled "Femme Assise" by Xxxxx Xxxxxxx (1949, oil
on canvas, 51-1/4 x 38-1/4 inches) (the "Work"), which you purchased from
an independent party on April 7, 1998 at a purchase price of $2,500,000.
1. The January 14, 1998 agreement between Bellagio and you, as sub-
sequently amended (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 Work.
2. The terms of the rental of the Work 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 the Work, payable in equal monthly
installments in advance, shall be $30,000.
3. The Work 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.
Exhibit 10.1
Xx. Xxxxxxx X. Xxxx
Mirage Resorts, Incorporated
April 21, 1998
Page Two
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
P.O. BOX 7700, LAS VEGAS, NEVADA 89177-7770
