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EXHIBIT 10.38
RECORDING REQUESTED BY AND
WHEN RECORDED RETURN TO:
Xxxxx Xxxxx, Esq.
Xxxxxx, Xxxx & Xxxxxxxx LLP
000 Xx. Xxxxx Xxxxxx
Xxx Xxxxxxx, XX 00000
AMENDMENT TO LEASEHOLD DEED OF TRUST,
ASSIGNMENT OF RENTS, LEASES AND SECURITY AGREEMENT
This is an Amendment made effective this 5th day of March, 1999 (this
"Amendment") to the Leasehold Deed of Trust, Assignment of Rents, Leases and
Security Agreement dated as of January 30, 1996 (the "Leasehold Deed of Trust")
by Coast West, Inc., a Nevada corporation (the "Company"), whose address is 0000
Xxxx Xxxxxxxxx Xxxxxx, Xxx Xxxxx, Xxxxxx 00000, to National Title Company, a
Nevada corporation (the "Trustee"), as trustee for the benefit of Firstar Bank
of Minnesota, N.A. (the "Beneficiary"), as beneficiary and successor in interest
to American Bank National Association, with a principal place of business at 000
Xxxx Xxxxx Xxxxxx, 00xx Xxxxx, Xx. Xxxx, Xxxxxxxxx 00000, which Leasehold Deed
of Trust is recorded with the Official Records of Xxxxx County, Nevada, as Book
Xx. 000000, Xxxxxxxxxx Xx. 00000 and encumbers, inter alia, certain property in
Xxxxx County, as described in Exhibit A to the recorded Leasehold Deed of Trust.
W I T N E S S E T H
WHEREAS, the Company and Trustee entered into the Leasehold Deed of
Trust in connection with that certain Indenture dated as of January 30, 1996
(the "Indenture") by and among the Company, Coast Resorts, Inc., a Nevada
corporation, as guarantor, Coast West, Inc., a Nevada corporation, as guarantor,
and the Beneficiary, as trustee, pursuant to which the Company issued
$175,000,000 aggregate principal amount of 13% First Mortgage Notes due 2002
(the "Notes");
WHEREAS, pursuant to Section 9.02 of the Indenture, the Leasehold Deed
of Trust may be amended with the consent of holders representing not less than a
majority in aggregate principal amount of Notes outstanding (the "Requisite
Consents");
WHEREAS, Coast Hotels and Casinos, pursuant to the terms of its Offer to
Purchase and Consent Solicitation Statement dated February 19, 1999, has offered
to purchase outstanding Notes and solicited consents to amend the Indenture and
related security documents (the "Offer") and has received the Requisite
Consents; and
WHEREAS, the parties now desire to amend the Leasehold Deed of Trust as
reflected herein.
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NOW, THEREFORE, BE IT RESOLVED, that in consideration of the premises
herein contained and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:
AGREEMENT
1. The Leasehold Deed of Trust is hereby amended by deleting
therefrom the following sections in their entirety:
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Section Caption
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1.5 Insurance
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1.6 Condemnation
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1.7 Care of Trust Estate
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1.8 Space Leases
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1.9 Further Encumbrance
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1.10 Partial Releases of Trust Estate
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1.11 Further Assurances
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1.16 Use of Land
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1.17 Compliance with Permitted Lien Agreements
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1.18 Defense of Actions
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1.19 Affiliates
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2.2 Performance of Leases
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2.3 Cure by Beneficiary
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6.7 Estoppel Certificates
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6.9 Required Notices
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2. The Leasehold Deed of Trust is hereby amended by deleting
therefrom subsections (d), (e), (f) and (g) of Section 1.12 captioned "Security
Agreement and Financing Statements."
3. Each of the following provisions of the Leasehold Deed of Trust
is hereby renumbered as indicated below:
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Existing Section Number New Section Number Caption
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1.12 1.5 Compliance Certificate
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1.13 1.6 No Amendment to Subordinate
Provisions
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1.14 1.7 Successor Corporation
Substituted
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1.15 1.8 Beneficiary's Cure of
Trustor's Default
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1.20 1.9 Title Insurance
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2.4 2.2 No Merger of Estates
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2.5 2.3 No Assignment of Leases
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Existing Section Number New Section Number Caption
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2.6 2.4 Maintenance of Leases
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2.7 2.5 Treatment of the Leases in
Bankruptcy
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2.8 2.6 Notices
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6.8 6.7 Governing Law
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6.10 6.8 Reconveyance
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6.11 6.9 Attorneys' Fees
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6.12 6.10 Late Charges
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6.13 6.11 Cost of Accounting
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6.14 6.12 Right of Entry
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6.15 6.13 Corrections
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6.16 6.14 Statute of Limitations
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6.17 6.15 Subrogation
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6.18 6.16 Joint and Several Liability
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6.19 6.17 Context
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6.20 6.18 Time
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6.21 6.19 Interpretation
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6.22 6.20 Effect of NRS Section 107.030
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4. This Amendment may be executed in one or more counterparts, all
of which will constitute one and the same instrument.
5. This Amendment shall not become operative until such date that
Coast Hotels and Casinos accepts tendered Notes for purchase pursuant to the
terms of the Offer. The date this Agreement becomes operative shall be dominated
herein as the "Operative Date."
6. Except as amended hereby, the Agreement shall continue in full
force and effect, and the Agreement and this Amendment shall be read together
from and after the Operative Date.
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IN WITNESS WHEREOF, the parties have executed this Amendment as of the
date first set forth above.
COAST WEST, INC.
By: /s/ XXXXXXX X. XXXXXXX
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Name: Xxxxxxx X. Xxxxxxx
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Title: President
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FIRSTAR BANK OF MINNESOTA, N.A.
By: /s/ XXXXX X. XXXXXX III
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Name: Xxxxx X. Xxxxxx III
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Title: Vice President
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STATE OF NEVADA )
) SS:
COUNTY OF XXXXX )
On March 22, 1999, before me, a Notary Public in and for said state, personally
appeared Xxxxxxx X. Xxxxxxx, personally known to me (or proved to me on the
basis of satisfactory evidence) to be the person(s) whose name(s) is/are
subscribed to the within instrument and acknowledged to me that he/she/they
executed the same in his/her/their authorized capacity(ies), and that by
his/her/their signature(s) on the instrument the person(s), or the entity upon
behalf of which the person(s) acted, executed the instrument.
WITNESS my hand and official seal.
/s/ XXXX X. XXXXXX
-------------------------------- XXXX X. XXXXXX
(SEAL) Notary Public Nevada
My appt. exp. Dec. 13, 0000
Xx. 00-0000-0
XXXXX XX XXXXXXXXXX )
) SS:
COUNTY OF LOS ANGELES )
On March 22, 1999, before me, a Notary Public in and for said state, personally
appeared Xxxxx X. Xxxxxx III, (proved to me on the basis of satisfactory
evidence) to be the person whose name is subscribed to the within instrument and
acknowledged to me that he executed the same in his authorized capacity, and
that by his signature on the instrument the person, or the entity upon behalf of
which the person acted, executed the instrument.
WITNESS my hand and official seal.
/s/ XXXXX X. XXXXX
-------------------------------- XXXXX X. XXXXX
(SEAL) Commission #1111768
Notary Public -- California
Los Angeles County
My Comm. Expires Sep. 29, 2000
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