Xxxxxx X. Xxxxxxx
President
BELLAGIO
July 31, 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 works of fine art entitled "Flag on
Orange Field II" by Xxxxxx Xxxxx (1958, encaustic on canvas,
54 x 36-1/4 inches), and "Untitled IX" by Xxxxxx xx Xxxxxxx
(1977, oil on canvas, 70 x 80 inches) (collectively, the
"Works"), each of which you purchased from an independent
party on June 19, 1998 at a purchase price of $13,000,000
and $1,650,000, respectively.
1. The January 14, 1998 agreement between Bellagio
and you, as subsequently amended (the "Original Agreement"),
is hereby amended to provide that, effective June 19, 1998,
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, payable in equal monthly installments in
advance, shall be $156,000 and $19,800, respectively. Rent
for the Works payable for the period prior to the date hereof
shall be included in the August 1998 rent payment.
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.
P.O. BOX 7700, LAS VEGAS, NEVADA 89177-7700
EXHIBIT 10.1
Xx. Xxxxxxx X. Xxxx
Mirage Resorts, Incorporated
July 31, 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
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