1
EXHIBIT 10.21
ASSUMPTION AGREEMENT
For One Dollar and other good and valuable consideration, National Gaming
Companies, Inc., a Minnesota corporation, hereby agrees to assume and pay
according to their terms and conditions, four Promissory Notes dated January
25, 1995 by Regent Gaming Enterprises, Inc. in favor of the following:
1. Xxxxxxxx X. XxXxxxx - $65,000.00;
2. Xxxxx Xxxxx - $5,000.00;
3. Xxxxxx Xxxxxxx - $5,000.00;
4. Xxxxx Xxxx - $5,000.00.
National Gaming Companies, Inc. shall assume the principal balance owing
on these Notes together with interest accruing from January 25, 1995.
National Gaming Companies, Inc.
Dated: October 1, 1995 By /s/ Xxxxxxx X. Xxxxx
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Its Vice President
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2
NOTE
U.S. $65,000.00 Minneapolis, Minnesota
January 25, 1995
FOR VALUE RECEIVED, the undersigned ("Borrower") promises to pay Xxxxxxxx
X. XxXxxxx, the sum of Sixty Five Thousand Dollars and 00/100 ($65,000.00),
together with interest at the rate of 12% per annum. Interest shall commence on
the date of this Note. The entire principal balance due herein together with
accrued interest shall be due and payable in full on January 25, 1997.
If this Note is not paid when due and remains unpaid after a date specified
by a notice to Borrowers, the entire principal amount outstanding and accrued
interest thereon shall at once become due and payable at the option of the Note
holder. The date specified shall not be less than thirty days from the date
such notice is mailed. The Note holder may exercise this option to accelerate
during any default by Borrowers regardless of any prior forbearance. If suit is
brought to collect this Note, the Note holder shall be entitled to collect all
reasonable costs and expenses of suit, including, but not limited to, reasonable
attorney's fees.
Borrowers may prepay the principal amount outstanding in whole or in part.
The Note holder may require that any partial prepayments (i) be made on the date
installments are due and (ii) be in the amount of that part of one or more
installments which would be applicable to principal. Any partial prepayment
shall be applied against the principal amount outstanding and shall not postpone
the due date of any subsequent installments or change the amount of such
installments, unless the Note holder shall otherwise agree in writing.
Presentment, notice of dishonor, and protest are hereby waived by all
makers, sureties, guarantors and endorsers hereof. This Note shall be the joint
and several obligation of all makers, sureties, guarantors and endorsers, and
shall be binding upon them and their successors and assigns.
Any notice to Borrower provided for in this Note shall be given by mailing
such notice by certified mail addressed to Borrower at the property address or
to such other address as Borrower may designate by notice to the Note holder.
Any notice to the Note holder shall be given by mailing such notice by certified
mail, return receipt requested, to the Note holder at the address stated in the
first paragraph of this Note, or at such other address as may have been
designated by notice to Borrower.
Regent Gaming Enterprises, Inc.
By /s/ Xxxxxxx X. Xxxxx
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Its Chairman
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3
NOTE
U.S. $5,000.00 Minneapolis, Minnesota
January 25, 1995
FOR VALUE RECEIVED, the undersigned ("Borrower") promises to pay Xxxxx
Xxxxx, the sum of Five Thousand Dollars and 00/100 ($5,000.00), together with
interest at the rate of 12% per annum. Interest shall commence on the date of
this Note. The entire principal balance due herein together with accrued
interest shall be due and payable in full on January 25, 1997.
If this Note is not paid when due and remains unpaid after a date
specified by a notice to Borrowers, the entire principal amount outstanding and
accrued interest thereon shall at once become due and payable at the option of
the Note holder. The date specified shall not be less than thirty days from
the date such notice is mailed. The Note holder may exercise this option to
accelerate during any default by Borrowers regardless of any prior forbearance.
If suit is brought to collect this Note, the Note holder shall be entitled to
collect all reasonable costs and expenses of suit, including, but not limited
to, reasonable attorney's fees.
Borrowers may prepay the principal amount outstanding in whole or in part.
The Note holder may require that any partial prepayments (i) be made on the
date installments are due and (ii) be in the amount of that part of one or more
installments which would be applicable to principal. Any partial prepayment
shall be applied against the principal amount outstanding and shall not
postpone the due date of any subsequent installments or change the amount of
such installments, unless the Note holder shall otherwise agree in writing.
Presentment, notice of dishonor, and protest are hereby waived by all
makers, sureties, guarantors and endorsers hereof. This Note shall be the
joint and several obligation of all makers, sureties, guarantors and endorsers,
and shall be binding upon them and their successors and assigns.
Any notice to Borrower provided for in this Note shall be given by mailing
such notice by certified mail addressed to Borrower at the property address or
to such other address as Borrower may designate by notice to the Note holder.
Any notice to the Note holder shall be given by mailing such notice by
certified mail, return receipt requested, to the Note holder at the address
stated in the first paragraph of this Note, or at such other address as may
have been designated by notice to Borrower.
Regent Gaming Enterprises, Inc.
By /s/ X. X. Xxxxxxx
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Its President
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4
NOTE
U.S. $5,000.00 Minneapolis, Minnesota
January 25, 1995
FOR VALUE RECEIVED, the undersigned ("Borrower") promises to pay Xxxxxx
Xxxxxxx, the sum of Five Thousand Dollars and 00/100 ($5,000.00), together with
interest at the rate of 12% per annum. Interest shall commence on the date of
this Note. The entire principal balance due herein together with accrued
interest shall be due and payable in full on January 25, 1997.
If this Note is not paid when due and remains unpaid after a date
specified by a notice to Borrowers, the entire principal amount outstanding and
accrued interest thereon shall at once become due and payable at the option of
the Note holder. The date specified shall not be less than thirty days from
the date such notice is mailed. The Note holder may exercise this option to
accelerate during any default by Borrowers regardless of any prior forbearance.
If suit is brought to collect this Note, the Note holder shall be entitled to
collect all reasonable costs and expenses of suit, including, but not limited
to, reasonable attorney's fees.
Borrowers may prepay the principal amount outstanding in whole or in part.
The Note holder may require that any partial prepayments (i) be made on the
date installments are due and (ii) be in the amount of that part of one or more
installments which would be applicable to principal. Any partial prepayment
shall be applied against the principal amount outstanding and shall not
postpone the due date of any subsequent installments or change the amount of
such installments, unless the Note holder shall otherwise agree in writing.
Presentment, notice of dishonor, and protest are hereby waived by all
makers, sureties, guarantors and endorsers hereof. This Note shall be the
joint and several obligation of all makers, sureties, guarantors and endorsers,
and shall be binding upon them and their successors and assigns.
Any notice to Borrower provided for in this Note shall be given by mailing
such notice by certified mail addressed to Borrower at the property address or
to such other address as Borrower may designate by notice to the Note holder.
Any notice to the Note holder shall be given by mailing such notice by
certified mail, return receipt requested, to the Note holder at the address
stated in the first paragraph of this Note, or at such other address as may
have been designated by notice to Borrower.
Regent Gaming Enterprises, Inc.
By /s/ Xxxxxxx X. Xxxxx
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Its Chairman
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5
NOTE
U.S. $5,000.00 Minneapolis, Minnesota
January 25, 1995
FOR VALUE RECEIVED, the undersigned ("Borrower") promises to pay Xxxxx
Xxxx, the sum of Five Thousand Dollars and 00/100 ($5,000.00), together with
interest at the rate of 12% per annum. Interest shall commence on the date of
this Note. The entire principal balance due herein together with accrued
interest shall be due and payable in full on January 25, 1997.
If this Note is not paid when due and remains unpaid after a date
specified by a notice to Borrowers, the entire principal amount outstanding and
accrued interest thereon shall at once become due and payable at the option of
the Note holder. The date specified shall not be less than thirty days from
the date such notice is mailed. The Note holder may exercise this option to
accelerate during any default by Borrowers regardless of any prior forbearance.
If suit is brought to collect this Note, the Note holder shall be entitled to
collect all reasonable costs and expenses of suit, including, but not limited
to, reasonable attorney's fees.
Borrowers may prepay the principal amount outstanding in whole or in part.
The Note holder may require that any partial prepayments (i) be made on the
date installments are due and (ii) be in the amount of that part of one or more
installments which would be applicable to principal. Any partial prepayment
shall be applied against the principal amount outstanding and shall not
postpone the due date of any subsequent installments or change the amount of
such installments, unless the Note holder shall otherwise agree in writing.
Presentment, notice of dishonor, and protest are hereby waived by all
makers, sureties, guarantors and endorsers hereof. This Note shall be the
joint and several obligation of all makers, sureties, guarantors and endorsers,
and shall be binding upon them and their successors and assigns.
Any notice to Borrower provided for in this Note shall be given by mailing
such notice by certified mail addressed to Borrower at the property address or
to such other address as Borrower may designate by notice to the Note holder.
Any notice to the Note holder shall be given by mailing such notice by
certified mail, return receipt requested, to the Note holder at the address
stated in the first paragraph of this Note, or at such other address as may
have been designated by notice to Borrower.
Regent Gaming Enterprises, Inc.
By /s/ Xxxxxxx X. Xxxxx
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Its Chairman
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