JAMESTOWN S'KLALLAM TRIBE
0000 Xxx Xxxx Xxxxxxx, Xxxxxx, XX 00000 206/683-109 FAX 206/000-0000
November 1, 1995
By Certified Mail Return Receipt Request
By Federal Express, Acknowledgment or
Return Receipt Requested
Olympia Gaming Corporation
000 Xxxxxxx Xxxxxx
Xxx Xxxxx, XX 00000
Re: Jamestown S'Klallam Tribe, JKT Gaming, Inc. Agreements
Dear Sirs:
Pursuant to the notice provisions in that certain Gaming Project
Development and Management Agreement, as amended and approved by the National
Indian Gaming Commission ("Agreement") between Olympia Gaming Corporation
("Olympia") on the one hand, and Jamestown S'Klallam Tribe ("Tribe") and JKT
Gaming, Inc., ("JKT") on the other, you are hereby notified that Olympia is in
default under the Agreement as follows:
1. Olympia has defaulted in the payment of Minimum Guaranteed
Payments referenced in Section 9.1 and Section 9.5.3 thereof for
the following months:
June 1995; July 1995; August 1995; and September 1995.
The total outstanding and unpaid amount of Minimum Guaranteed Payments
is:
$100,000.00
Demand is made pursuant to Section 15.2 of the Agreement that the unpaid
Minimum Guaranteed Payments set forth above be paid in full within five
(5) business days after receipt of this notice.
2. Notice is further given hereby pursuant to Section 7.11 of the
Agreement, Olympia has failed to advance sufficient funds required to
pay accounts as due and maintain the operating reserve at $500,000.00.
Demand is made pursuant to Section 15.2 of the Agreement that sufficient
monies be paid from Olympia's own funds to enable all current gaming project
expenses to be paid and the Operating Reserve to be maintained at the required
funding level. It is estimated that the shortfall required at this time is a
minimum of $2,540,000 and although we contend that the shortfall could be as
high as approximately $5,390,000 according to our interpretation of the
Agreement (as to which our rights are reserved), demand is made for payment of
$2,540,000 within five (5) business days after receipt of this notice.
3. All rights and obligations of the Tribe and JKT are hereby
reserved:
Please correct the address for notice for Xxxxxx and Associates to:
Xxxxxx & Associates
0000 Xxxxxxx Xxxx Xxxx, Xxxxx 000
Xxx Xxxxxxx, XX 00000
Sincerely,
X. Xxx Xxxxx
Xxxxxx Chairman/Executive Director
cc: Lane, Xxxxxx, Xxxxxx and Xxxxxxxx
Xxx Xxxxxxx
0000 Xxxxx Xxxxxx, Xxxxx 0000
Xxxxxxx, XX 00000
