FIRST AMENDMENT TO CORPORATE GUARANTY
THIS FIRST AMENDMENT TO CORPORATE GUARANTY made this 31st day of July 1996,
by PRESIDENT CASINOS, INC., formerly known as PRESIDENT RIVERBOAT CASINOS,
INC. ("Guarantor").
WITNESSETH:
WHEREAS, Guarantor made and delivered to Liberty Landing Associates that
certain Corporate Guaranty dated December 14, 1993 (the "Guaranty") with
respect to that certain Lease Agreement dated December 14, 1993 (the "Lease");
and,
WHEREAS, Liberty Landing Associates ("Landlord"), and PRC-Philadelphia,
Inc. ("Tenant"), have agreed to amend the Lease by execution and delivery of
the First Amendment to Lease Agreement dated of even date herewith (the "First
Amendment"), and by the Second Amendment to Lease Agreement dated of even date
herewith (the "Second Amendment") (which Second Amendment shall go into full
force and effect in the event that Tenant exercises its option pursuant to the
terms of the Option Agreement dated of even date herewith) ; and
WHEREAS, Guarantor and Landlord desire to amend the Guaranty so as to
include within the scope of the Guaranty, (i) the obligations of PRC-
Philadelphia, Inc. under the terms of the First Amendment, and (ii) the
obligations of PRC-Philadelphia, Inc. under the terms of the Second Amendment
(in the event that Tenant exercises its option, as contained in the Option
Agreement dated of even date herewith, to amend the Lease so as to make the
Second Amendment in full force and effect).
NOW, THEREFORE, the Guarantor does hereby execute and deliver this First
Amendment to Corporate Guaranty, which amends the Guaranty as follows:
1. The foregoing preambles are incorporated herein by reference. All
references to the Lease as contained in the Guaranty shall now include and be
a reference to the First Amendment. Such references to the Lease shall also
be construed as a reference to the Second Amendment in the event that Tenant
exercises its option (as contained in the Option Agreement dated of even date
herewith) to amend the Lease so as to make the Second Amendment in full force
and effect.
2. All other terms and conditions of the Guaranty are hereby reaffirmed.
IN WITNESS WHEREOF, the Guarantor has caused this First Amendment to
Corporate Guaranty to be executed and delivered on the day and year first
above written.
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ATTEST: PRESIDENT CASINOS, INC.
/s/ Xxxxx X. Xxxxxxx /s/ Xxxx X. Xxxxxxxxx
__________________________ By:_________________________
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