AMENDMENT TO LEASE AGREEMENT
AMENDMENT TO LEASE AGREEMENT
This Amendment to Lease Agreement is dated this 28 day of December, 2010 (“Effective Date”) by and between 157 Lane LLC, a Colorado limited liability company and Jigsaw Puzzle, LLC, a Colorado limited liability company (collectively “Landlord”) and Doc Xxxxxxxx Casino II, LLC, a Colorado limited liability company (“Tenant”) relating to a portion of that certain property located at 000-000 Xxxx Xxxxxx, Xxxxxxx Xxxx, Xxxxxxxx (“Premises”) and known as Doc Xxxxxxxx Casino.
1.
Landlord and Tenant, as assignee, are parties to that certain Lease Agreement dated July 15, 2003, as previously amended (“Lease”) covering the Premises;
2.
For the period commencing January 1, 2011 and ending December 31, 2011 (the “2011 Period”), the Lease Agreement is hereby amended as follows:
a. Tenant and Landlord hereby agree that the 3% cap on year over year increases in expenses to be paid by Tenant under the triple net provisions of the Lease will not apply. This modification shall neither expand nor contract the items of expense for which the Tenant and Landlord are respectively responsible. To implement this provision, the amount of rent credit, if any, which would otherwise accrue during the 2011 Period shall continue to be calculated; provided, however, that Tenant shall not use the credit during the 2011 Period to reduce the net rent payable to Landlord.
b. Tenant agrees that the Base Rent to be paid to Landlord for the 2011 Period shall be $200,000, payable at the rate of $16,666.67 per month.
3.
In consideration of the covenants set forth in paragraph 2 above, Tenant and Landlord agree that the digital surveillance system which Tenant installed on the Premises shall be deemed a trade fixture affixed to and part of the Premises and upon termination of the Lease shall be deemed the sole and separate property of Landlord.
AGREED TO AND ACCEPTED:
LANDLORD:
TENANT:
157 Lane, LLC
Doc Xxxxxxxx Casino II, LLC
By: Global Casinos, Inc., its Manager
By:
/s/ Xxxxxx Xxxxxx
Xxxxxx Xxxxxx
By:
/s/ Xxxxxxxx X. Xxxxxx
Jigsaw Puzzle, LLC
Xxxxxxxx X. Xxxxxx, its President
By: /s/ Xxxxxxx X. Xxxxxx
Xxxxxxx X. Xxxxxx