EXHIBIT 10.9
LEASE
THIS LEASE IS dated as of January 2, 1998 between CASINO AMERICA OF
COLORADO, INC., as Landlord, and ISLE OF CAPRI BLACK HAWK L.L.C., as Tenant.
Landlord, in consideration of the covenants of Tenant hereinafter set
forth, hereby leases to Tenant the following described property.
The easterly half of Xxx 0, xxx xxx xx Xxxx 0 xxx 0, Xxxxx 51, City of
Black Hawk, including any portion in conflict with the Wabash Lode
Mining Claim. U.S. Survey No. 42, except that portion conveyed to
City of Black Hawk by Boundary Agreement recorded January 8, 1996, in
Book 592 at Page 421, and except any mine of gold, silver, cinnabar or
copper or in any valid mining claim or possession held under existing
laws, as shown in patent to the City of Black Hawk, recorded in Book
56 at page 555 and in Book 62 at Page 000, Xxxxxx xx Xxxxxx, Xxxxx of
Colorado.
SAID PREMISES are to be leased to Tenant until December 31, 2002 and
thereafter year to year. Ninety (90) days prior written notice must be given to
terminate this Lease after the initial term. Tenant, in consideration of the
leasing of the premises as set forth above, covenants and agrees to pay Landlord
as rent One Hundred and Two Thousand Dollars ($102,000.00) at the date of
signing of this Lease and Seventeen Thousand Dollars ($17,000.00) per month
thereafter beginning July 15, 1998.
Tenant further covenants with Landlord, that at the expiration of this
Lease, peaceable possession of said premises shall be given to Landlord, in as
good condition as they now are, the usual wear and tear, inevitable accidents,
and loss by fire excepted. Tenant shall have the right to demolish the existing
structure and conduct excavation and construction activities on the premises at
its sole cost and expense.
It is further covenanted and agreed between the parties aforesaid that this
Lease is a net net lease to Landlord with Tenant bearing all expenses, including
insurance applicable to the premises.
Landlord hereby grants Tenant the exclusive option to purchase the premises
at any time during the term of this Lease. The purchase price shall be One
Million Five Hundred Thousand Dollars ($1,500,000) plus all interest and out-of-
pocket costs of Landlord incurred in connection with the purchase and/or
ownership of the premises less any payments made by Tenant to Landlord pursuant
to this Lease. Tenant shall exercise this option by providing written notice to
Landlord at any time prior to the expiration of
this Lease. The purchase price shall be paid in cash, and all of the other
terms of purchase shall be identical to those set forth in Landlord's purchase
of the premises, said closing to occur within three (3) business days after
Tenant's notice of election to purchase.
All notices shall be in writing and be personally delivered or sent by
first class mail, unless otherwise provided by law, to the respective parties at
the address immediately below their signature. This Lease shall only be
modified by amendment signed by both parties and shall be binding on the
parties, their successors and assigns.
CASINO AMERICA OF ISLE OF CAPRI BLACK HAWK L.L.C.
COLORADO, INC.
/S/ XXXXXXX X. XXXXXXX /S/ XXXXXXX X. XXXXXXX
------------------------- --------------------------
Landlord Tenant
000 Xxxxxxxxxx Xxxx 000 Xxxxxxxxxx Xxxx
Xxxxxx, XX 00000 Xxxxxx, XX 00000
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