EXHIBIT 10.36
AMENDMENT TO
OPTION AGREEMENT
Dated January 8, 1998
This Amendment to Option Agreement dated January 8, 1998 (AAmendment@) is
made and entered into this 15 day of September, 1998, by and between HARVEYS
CASINO RESORTS, a Nevada corporation (AHARVEYS@) and GRAND PLAZA LIMITED
PARTNERSHIP, a Nevada limited partnership (AGRAND@).
WHEREAS, on January 8, 1998,, HARVEYS and GRAND entered into an
Option Agreement (the "Agreement"), to purchase 33.3 acres of real property
located on the northeast corner of Xxxxxx and Xxxxx in Las Vegas, Nevada,
commonly known as the Grand Plaza Site (the AProperty@), and
WHEREAS, paragraph 2 of the Agreement defines the option period and
any extensions thereof; and
WHEREAS, paragraph 2 of the Agreement states that the option period
shall not extend beyond October 15, 1998; and
WHEREAS, HARVEYS and GRAND now desire to modify paragraph 2 of the
Agreement so as to provide HARVEYS with the ability to extend the option
period until April 15, 1999.
NOW, THEREFORE, in consideration and exchange of mutual promises,
covenants and other valuable consideration, receipt of which is hereby
acknowledged, the parties agree as follows:
A. Paragraph 2 of the Agreement is hereby amended to
read as follows:
2. OPTION PERIOD; EXTENSION OF OPTION PERIOD: The rights and
privileges granted hereunder shall commence on the date first
set forth above, and shall run through and including May 15,
1998.
Subject to the provisions of paragraph 4, HARVEYS shall have
the right to extend the Option on a month to month basis upon
payment to GRAND of Thirty Seven Thousand Five Hundred Dollars
($37,500.00) per month, which payment shall be due prior to the
expiration of the than current option period; provided,
however, that if HARVEYS extends the Option beyond August 15,
1998, the fee to extend the Option shall increase to Seventy
five Thousand Dollars ($75,000.00) per month. Provided,
further, that if HARVEYS extends the Option beyond October 15,
1998, the fee to extend the Option shall increase to One
Hundred and Thirty Thousand Dollars ($130,000.00) per month. In
no event may HARVEYS extend the Option beyond April 15, 1999.
In the
event HARVEYS fails to timely make a required payment to
extend the Option in accordance with the terms of this
paragraph 2, this Agreement, and all rights hereunder, shall
terminate and GRAND shall retain all funds received prior to
the date of termination.
In the event HARVEYS exercises its right to purchase the
Property the Option Payment, as well as all payments to extend
the Option to October 15, 1998 shall be credited to the
purchase price. In addition, of the payments to extend the
Option from October 15, 1998 to April 15, 1999 Fifty Thousand
Dollars ($50,000.00) shall be credited to the purchase price.
B. Nothing in this Amendment shall in any way effect, modify or
change the remaining provisions of the Agreement.
IN WITNESS WHEREOF, the parties have executed this First Amendment as
of The date first written above wit the intent to be legally bound thereby.
"HARVEYS"
By: /s/ Xxxxxxx X. Xxxxxxx
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Its: Chairman/President and CEO
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"GRAND"
GRAND PLAZA LIMITED PARTNERSHIP
By: TPF Trading, Inc., Its General Partner
By: /s/ Xxxxxx Xxxxxx, President
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