EXHIBIT 9
November 28, 1995
Xx. Xxxxx X. Xxxxxxxx, President
Winner's Entertainment, Inc.
Xxxxx 0 Xxxxx, X.X. Xxx 000
Xxxxxxx, XX 00000
RE: CONSTRUCTION LOAN AGREEMENT BETWEEN XXXXXXX MANAGEMENT &
DEVELOPMENT CORP., MOUNTAINEER PARK, INC. AND WINNER'S
ENTERTAINMENT, INC., DATED JUNE 24, 1994, AS AMENDED AND
FURTHER MODIFIED ON NOVEMBER 9, 1995 (THE "LOAN")
Dear Xx. Xxxxxxxx:
You have asked Xxxxxxx Management & Development Corp. ("BMDC"), to
further extend the repayment date in order to further assist you with your
contemplated financing.
This letter sets forth the agreement between BMDC, Mountaineer
Park, Inc. and Winner's Entertainment, Inc. that if (a) the Loan from BMDC to
Mountaineer Park, Inc. in the principal amount of $10.2 Million plus all
accrued and unpaid interest** is paid in full by December 10, 1995, and (b)
Mountaineer Park, Inc. and Winner's Entertainment, Inc. deliver to BMDC a
broad form general release of all liability arising out of or related to the
Loan, BMDC will transfer to Winner's Entertainment, Inc. all of its current
and future rights to any shareholder interest in Winner's Entertainment, Inc.
at no additional cost to Winner's Entertainment, Inc., and a duly executed
release of the deed of trust.
If the foregoing correctly sets forth our agreement, please sign
the enclosed copy of this letter and return the same to me.
Very truly yours,
XXXXXXX MANAGEMENT & DEVELOPMENT CORP.
By: /s/ Xxxxxxx X. Xxxxxxx
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Its CFO
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AGREED TO:
WINNER'S ENTERTAINMENT, INC. MOUNTAINEER PARK, INC.
By: /s/ Xxxxx X. Xxxxxxxx By: /s/ Xxxxx X. Xxxxxxxx
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Title: Pres. Title: Pres.
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** at an interest rate of 12.5% per annum
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