Xxxxxx X. Xxxxxxx
President
B E L L A G I O
December 31, 1998
Xx. Xxxxxxx X. Xxxx
Chairman of the Board and
Chief Executive Officer
Mirage Resorts, Incorporated
0000 Xxx Xxxxx Xxxxxxxxx Xxxxx
Xxx Xxxxx, Xxxxxx 00000
Re: Rental of Fine Art
Dear Xxxxx:
This letter sets forth the agreement between Bellagio and you
effective this date with respect to the rental of the works of fine
art identified on Exhibit A hereto (individually, a "Work" and collec-
tively, the "Works"), and supersedes and amends in their entirety the
letter agreements between Bellagio and you dated January 14, 1998,
March 12, 1998, April 21, 1998, July 31, 1998 and September 1, 1998.
1. You hereby rent each of the Works to Bellagio for exhibition
in any hotel-casino operated by Bellagio or any other wholly owned
subsidiary of Mirage Resorts, Incorporated. The Works shall be main-
tained on public display and shall be available for educational
purposes in one or more of such hotel-casinos in conformity with the
requirements of NRS 361.068(k) and NRS 374 and any regulations validly
promulgated thereunder.
2. Bellagio shall pay you monthly rent for each of the Works in
the respective amounts set forth on Exhibit A. The rent for each
month, commencing January 1999, shall be payable in advance not later
than the fifth calendar day of such month. In the event that the
rental with respect to one or more Works is in effect for less than a
full calendar month, the rent for such month shall be prorated based
on the actual number of days during which the rental was in effect and
a month consisting of 30 days. Any such reduction shall be credited
against Bellagio's next monthly rent payment.
3. Bellagio and you shall each have the option to terminate the
rental as to one or more of the Works on 30 days' notice to the other
party. Bellagio and you may also mutually agree to include additional
works of fine art in this rental agreement, in which event the parties
shall execute an amendment to Exhibit A setting forth the additional
works of fine art and the monthly rent for such works.
P.O. BOX 7700, LAS VEGAS, NEVADA 89177-7700
EXHIBIT 10.72
Xx. Xxxxxxx X. Xxxx
Mirage Resorts, Incorporated
December 31, 1998
Page Two
4. Bellagio shall be responsible for insuring and maintaining
the security of the Works subject to this rental, and for any Nevada
sales, use or personal property taxes applicable to this rental.
Please sign below to confirm your agreement to the foregoing. My
signature below confirms Bellagio's agreement thereto.
Very truly yours,
BELLAGIO
XXXXXX X. XXXXXXX
By:
-------------------------------------
XXXXXX X. XXXXXXX
President and Chief Executive Officer
I hereby agree to the foregoing.
XXXXXXX X. XXXX
-------------------------------------
XXXXXXX X. XXXX
cc: Xxxxx X. Xxxxx
Xxxxx X. Xxxxx
Xxxxx X. Xxxxxx
Xxxxxx X. Xxxxx
2
