NON-CIRCUMVENTION
AND
NON-DISCLOSURE AGREEMENT
Casino Resource Corporation (hereinafter "Casino") and Xxxxx "Xxxxx" Le
(hereinafter "Le"), for the considerations and mutual promises contained
herein, agree as follows, to wit:
1. Casino and Le agree that Casino, for the time period set out
hereinbelow, shall have the exclusive right to negotiate a lease
and/or purchase of Le's real property adjacent to the Palace Casino.
Le agrees that he will not enter into any negotiations or discussions
with other prospective lessees or purchasers for his land adjacent to
the Palace Casino until the earlier of either ten (10) days after
another party other than Casino purchases and is awarded the Palace
Casino and its assets, or (ninety (90) days) after the execution of
this agreement. Neither Casino nor Le shall divulge each other's named
sources and shall not circumvent, either directly or indirectly, this
agreement, and shall not disclose any proprietary information obtained
hereby specifically, but not limited to, the lease documents negotiated
by Casino and Le.
It is understood that Casino has presented Le with a draft of a proposed
Lease agreement, the contents of which have not been mutually agreed
upon. This lease agreement, with mutually acceptable changes, shall be
used in conjunction with any agreement reached by Casino and Le
hereunder.
This Agreement shall be governed by the laws of the State of Mississippi.
5. This Agreement shall be binding on the parties hereto, their principals,
employees, representatives, agents, and assigns.
Casino shall, within five (5) days from the execution hereof issue Le
seventeen thousand (17,500) shares of its common stock; appropriate
registration rights shall be granted upon issuance of the stock.
The term of this agreement shall be the earlier of either ten (10) days
after another party other than Casino purchases and is awarded the Palace
Casino and its assets, or ninety (90) days after the execution of this
agreement by Le.
A $10,000 non-refundable cash payment shall be made by Casino to Le
within five (5) days from the date of execution of this agreement to
help cover costs associated with the completion of the any lease
document.
Agreed this _____ day of July, 1996
Agreed and Accepted: Agreed and Accepted:
BY: /s/ XXXX X. XXXXXX BY: /s/ XXXXX LE
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XXXX X. XXXXXX XXXXX "XXXXX" LE
Casino Resource Corporation
