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EXHIBIT 10.7
AGREEMENT
Agreement made effective November 7, 1997, between BHL Capital
Corporation ("BHL Capital"), a South Dakota corporation having its principal
office at ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇.▇. ▇▇▇ ▇▇▇, ▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇, and
Concorde Gaming Corporation (and its wholly-owned subsidiaries, collectively
"Concorde'), having its principal office at ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇
▇▇▇▇▇▇.
RECITALS
WHEREAS, Concorde is engaged in the general business of owning and
operating gaming companies, one of which is a partner in a joint venture ("Joint
Venture") in Miami, Florida, that intends to own and operate a gaming vessel off
the coast of Florida; and
WHEREAS, Concorde desires to obtain funds and commercial credit for
operation of its business against its future revenues from the Joint Venture and
its other gaming operations; and
WHEREAS, BHL Capital has allowed Concorde to use certain real estate
that BHL Capital owns, referred to herein as "Copper Oaks", as collateral for
some of Concorde's financing with the understanding that it will receive certain
fees, as described below, for doing so.
NOW, THEREFORE, in consideration of the mutual covenants set forth
herein, the parties agree as follows:
1. COMPENSATION. Concorde hereby agrees to pay BHL Capital on the
first business day of each month $10,625.00 for as long as Concorde uses Copper
Oaks as collateral for Concorde's financing. The fees shall equal $349.32 per
day and the monthly payment shall be pro rata in the event Copper Oaks is
released as collateral during a partial month.
2. TAXES. If at anytime BHL Capital shall be required to pay any
state, federal, or local sales or excise tax on sales or services performed
hereunder, the amount of the tax so paid by BHL Capital shall be charged to
Concorde's account.
3. SUCCESSORS AND ASSIGNS. This agreement shall be binding upon
the parties hereto and their successors and assigns.
In witness whereof, the parties have executed this agreement at ▇▇▇▇
▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇▇ effective the day and year first written
above.
BHL CAPITAL CORPORATION CONCORDE GAMING CORPORATION
/s/ ▇▇▇▇▇ ▇. ▇▇▇▇ /s/ ▇▇▇▇▇ ▇. ▇▇▇▇
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▇▇▇▇▇ ▇. ▇▇▇▇, President ▇▇▇▇▇ ▇. ▇▇▇▇, CEO & President
