EXHIBIT 10.8A
FIRST AMENDMENT TO SUBDIVISION AGREEMENT
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THIS FIRST AMENDMENT TO SUBDIVISION AGREEMENT is made this _____ day of
__________1998, by and between the CITY OF BLACK HAWK, COLORADO (the "City") and
ISLE OF CAPRI BLACK HAWK, LLC (the "Developer").
RECITALS:
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A. The City and the Developer entered into a Subdivision Agreement on
February 20, 1998 to secure the construction of certain public improvements for
the benefit of Isle of Capri, Black Hawk Subdivision Filing No. 1 (the
"Agreement").
B. The Developer desires that the City issue a temporary certificate of
occupancy prior to the completion of certain public improvements described in
paragraph 3 of the Agreement, specifically the Mill Street Bridge, the traffic
signal at Mill and Main Streets, the traffic signal at Xxxx Xxxxxx xxx Xxxxx
Xxxxxxx, Xxxx Xxxxxx paving, and certain utilities.
C. The City desires to issue a temporary certificate of occupancy subject
to the receipt of an irrevocable letter of credit in an amount and in the form
attached as EXHIBIT A, which is attached hereto and incorporated by this
reference, with an expiration date of February 28, 2000, and completion of the
hotel portion of the Isle of Capri project as indicated herein and subject
further to the terms and conditions of this First Amendment.
AGREEMENT:
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NOW, THEREFORE, for and in consideration of the mutual promises and
covenants contained herein, the sufficiency of which is mutually acknowledged,
the parties hereto agree as follows:
Section 1. Paragraph 8 of the Agreement is amended to provide as follows:
8. Completion of Public Improvements. The obligations of the
Developer provided for in paragraphs 3 and 6 of this Agreement, including
the inspections thereof, shall be performed on or before December 31, 1999
and proper
application for acceptance of the Public Improvements shall be made on or
before such date. Upon completion of construction by the Developer of such
Public Improvements and certification by the Developer's site engineer that
the Public Improvements have been completed according to the plans approved
by the City, the City's Director of Public Works or his designee shall
inspect the improvements and certify with specificity their conformity or
lack thereof to the City's specifications. The Developer shall make all
corrections necessary to bring the improvements into conformity with the
City's specifications. Once approved by the City's Director of Public
Works, the City shall accept said improvements upon conveyance pursuant to
paragraph 10; provided, however, the City shall not be obligated to accept
the Public Improvements until the actual costs described in paragraph 2 of
this Agreement are paid in full by the Developer.
Section 2. Upon the execution of the First Amendment, the Developer shall
present to the City an irrevocable letter of credit in the amount and in the
form attached as Exhibit A, with an expiration date of February 28, 2000, from a
financial institution acceptable to the City. In the event the hotel rooms are
not completed on February 28, 2000, the Developer shall extend the term of the
letter of credit to coincide with the opening the hotel rooms. The City may
draw on the irrevocable letter of credit for the reasons specified in the
Agreement and for the failure of the Developer to satisfy the terms and
conditions of this First Amendment.
Section 3. As additional consideration to support this First Amendment,
the Developer shall commence construction of the hotel portion of the Isle of
Capri project, which includes the construction of one hundred (100) hotel rooms
on the property on or before June 15, 1999, and the Developer shall complete the
construction of such hotel rooms within twenty-two (22) months of the
commencement of construction.
Section 4. Except as specifically amended and modified herein, all other
provisions of the Subdivision Agreement shall remain in full force and effect.
WHEREFORE, the parties hereto have executed this First Amendment to
Subdivision Agreement on the day and year first above-written.
CITY OF BLACK HAWK, COLORADO
By: _______________________________
Xxxxxxx X. Xxxxxx, Mayor
ATTEST:
___________________________________
Xxxxxxx X. Xxxxx, City Clerk
APPROVED AS TO FORM:
___________________________________
Xxxxx X. Xxxxxxx, City Attorney
ISLE OF CAPRI BLACK HAWK, LLC
By: ______________________________
STATE OF COLORADO )
) ss.
COUNTY OF _________________ )
The foregoing instrument was subscribed, sworn to, and acknowledged before
me this _____ day of _________1998, by ______________________ as the
_________________ of Isle of Capri Black Hawk, LLC.
My commission expires: __________________________
(S E A L)
______________________________
Notary Public
