Xxxxxx X. Xxxxxxx
President
BELLAGIO
September 1, 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
Re: Lease No. 5
Dear Xxxxx:
This confirms the agreement this date between Bellagio and
you with respect to the works of fine art entitled "Seated
Woman" by Xxxxx Xxxxxxx (1949, oil on canvas, 51 x 38-1/4
inches), "Magritte II" by Xxxxxxx Xxxxxxx (1998, wood, oil
paint, plaster, charcoal, cloth, 58 x 30 x 14 inches), and
"Untitled XXXII" by Xxxxxx xx Xxxxxxx (1977, oil on canvas,
54 x 60 inches) (collectively, the "Works"), which you
purchased from independent parties on July 8, 1998, July 10,
1998 and August 18, 1998, respectively, at a purchase price
of $2,750,000, $55,420 and $825,000, respectively.
1. The January 14, 1998 letter agreement between
Bellagio and you, as amended by letter agreements dated March
12, 1998, April 21, 1998 and July 31, 1998 (as so amended,
the "Original Agreement"), is hereby amended to provide that,
effective the date hereof, 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 the Works shall be $33,000, $665 and $9,900, respectively,
which shall be payable in equal monthly installments in
advance.
P.O. BOX 7700, LAS VEGAS, NEVADA 89177-7700
EXHIBIT 10.3
Xx. Xxxxxxx X. Xxxx
Mirage Resorts, Incorporated
September 1, 1998
Page Two
3. 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
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
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