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EXHIBIT 10.4
December 11, 1996
Xxxxxx X. Xxxxxxx, Xx., Esq.
Sr. Vice President and General Counsel
Penske Motorsports, Inc.
0000 X. Xxx Xxxxxx Xx.
Xxxxx 000
Xxxx, Xxxxxxxx 00000
RE: THE CALIFORNIA SPEEDWAY/XXXXXX VENTURES
Dear Rob:
This letter will confirm our agreement that in connection with the
transfer of certain real property from Xxxxxx Ventures Inc., ("KAISER") to The
California Speedway Corporation, ("TCS") pursuant to a Purchase Agreement and
Escrow Instructions (the "PURCHASE AGREEMENT"), dated October 8, 1996, we have
agreed to amend the defined term "SDC PROPERTY" as used in the Water Rights
Agreement (the "WATER RIGHTS AGREEMENT") between Kaiser and TCS (formerly
Speedway Development Corporation), dated November 21, 1995. Kaiser and TCS
hereby amend the Water Rights Agreement by adding to the definition of SDC
Property contained therein all of the "PROPERTY" transferred from Kaiser to TCS
pursuant to the Purchase Agreement. Except for the inclusion of the additional
property in the definition of SDC Property, the Water Rights Agreement is not
being amended in any other respect.
If the foregoing accurately reflects your understanding, please so
indicate by executing where provided for below.
Sincerely, Agreed and Accepted:
Xxxxxx Ventures Inc. The California Speedway Corporation
By: /s/ Xxxxxx X. Xxxxxxx By: /s/ Xxxxxx X. Xxxxxxx, Xx.
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Its: President Its: Senior Vice President
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Dated: December 12, 1996 Dated: December 12, 1996
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