June 15, 2004
Exhibit 10.5
WEST VIRGINIA THOROUGHBRED BREEDERS
ASSOCIATION
X.X. XXX 000, Xxxxxxx Xxxx, Xxxx Xxxxxxxx 00000
June 15, 2004
Xx. Xxxx Xxxxxxxx
West Xxxxxxxx Lottery Commission
000 XxxXxxxxx Xxxxxx, X.X.
Xxxx Xxxxxx Xxx 0000
Xxxxxxxxxx, Xxxx Xxxxxxxx 00000
Dear Xx. Xxxxxxxx,
This letter constitutes a Letter Agreement by and between PNGI Xxxxxxx Town Gaming and the West Virginia Thoroughbred Breeders Association. It is hereby agreed that the net terminal income from Lideo Lottery Terminals operated by PNGI Xxxxxxx Town Gaming at the Xxxxxxx Town Race Track shall be distributed in accordance with the provisions of Section 29-22A-100 of The Race Track Video Lottery Act, as such statutory provision shall be in effect on the date of execution of this Letter Agreement, or as hereinafter amended from time to time by the West Virginia Legislature, either at any regular or special session.
This Letter Agreement is binding upon the signatories thereof for a period from the date of its execution through June 30, 2003, and for a period of one (1) year from July 1, 2004 through June 30, 2005, inclusive, and shall become binding and effective upon the date of final execution by all parties thereto, and shall not be amended, revised, extended, or superseded, either by the actions of the parties, inaction, or default or inability to negotiate the statutorily mandated annual renewal Letter Agreement by the signatories hereto, without the execution in writing of an Agreement by all the signatories hereto.
The undersigned, Xxxx Xxxxxxxx, Xx., Vice President of Regional Operations of PNGI has Xxxxxxx Town Gaming has the authority to bind PNGI Xxxxxxx Town Gaming.
The undersigned Xxxxxxx X’Xxxxxx, President of the West Virginia Thoroughbred Breeders Association, has the authority to bind the West Virginia Thoroughbred Breeders Association.
Witness the following signatures and seals as of the 15th of June, 2004.
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PNGI XXXXXXX TOWN GAMING |
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By: |
/s/ Xxxx Xxxxxxxx |
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Xxxx Xxxxxxxx |
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Xx. Vice President of Regional Operations |
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Given under my hand & official seal this
27th day of July, 2004.
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/s/ Xxxxxxxx X. Xxxxxxx |
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Xxxxxxxx X. Xxxxxxx, Notary |
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My commission expires: June 21, 2012. |
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[Notary Seal] |
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WEST VIRGINIA THOROUGHBRED |
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By: |
/s/ Xxxxxxx X. X’Xxxxxx |
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Xxxxxxx X. X’Xxxxxx |
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President |
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Given under my hand & official seal this
16th day of June, 2004.
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/s/ Xxxxxxxx Xxxxxxx |
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Xxxxxxxx Xxxxxxx, Notary |
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My commission expires: January 19, 2014. |
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[Notary Seal] |
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