May 15, 1997
VIA FEDERAL EXPRESS AND FACSIMILE
---------------------------------
Xxxxxx Xxxxxxxx Hotel & Casino, Inc.
Xxxxxx Xxxxxxxx Resorts, Inc.
Xxxxxx Xxxxxxxx Management Company - Inc.
Xxxx Xxxxxx
Chief Executive Officer
Xxxxxx Xxxxxxxx Hotel & Casino, Inc.
000 Xxxxxxxxxx Xxxxxx Xxxxx
Xxx Xxxxx, Xxxxxx 00000
Re: Cancellation of Agreement for Purchase and Sale
Dear Xxxx:
This letter is to serve as the required formal written notice of our
election to cancel and terminate that certain Agreement for Purchase and Sale
dated October 30, 1996, by and between ILX Incorporated (as Buyer) and Xxxxxx
Xxxxxxxx Hotel & Casino, Inc., and Xxxxxx Xxxxxxxx Resorts, Inc., (collectively
as Seller), effective immediately. Since, to the best of our knowledge, the
subject Agreement was never placed in escrow nor executed by the Escrow Agent
(and no notice address is provided in the subject Agreement), we are not
transmitting notice to Escrow Agent.
With those formalities behind us, and on a personal note, I want to say
what a pleasure it has been working with you, Xxxxx, and the other members of
your staff in connection with this transaction. We remain hopeful that we will
be in a position to restructure our relationship along the lines we discussed in
Las Vegas last week, and we are looking forward to our continued association
relative to the Red Rock Collection line of personal care products.
If you have any questions, please don't hesitate to contact me.
Sincerely,
Xxxxxx X. Xxxxxxx
Chairman
Copy to: Xxxxx Xxxxxxxx, Xxxxxxx X. Xxxxxxxxx
Copy to: Xxxxx Xxxxx, Xxx Ciatu
