Date: June 17, 1998
LEASE ADDENDUM V
Addendum V to Lease Agreement No. 9727 Dated March 10, 1998
By and Between NevStar Gaming and Entertainment Corporation
T/A Mesquite Star Hotel and Casino
And Telerent Leasing Corporation, Raleigh, North Carolina
IT IS MUTUALLY AGREED AND UNDERSTOOD that the following shall become a part
of the above lease agreement:
A. The term of the lease agreement is sixty (60) months with
Lessee's monthly payment being $33,979.87 plus tax for the
first thirty-six (36) months and $12,916.78 plus tax for
the remaining twenty-four (24)months.
B. Lessee shall remit the following advance payments which
include tax: $36,029.95 and $13,820.95 for a total of
$49,850.90 as a condition of approval of this lease.
C. Lessee shall remit a one (1%) origination fee in the amount of
$12,253.15 as a condition of approval of this lease.
IT IS FURTHER AGREED AND UNDERSTOOD that there will be an automatic two (2%)
percent rate increase anytime two payments are not paid within the month
billed. The rate will revert to the original rate when twelve (12)
consecutive payments are paid within the month billed. Any reoccurrence of
the above during the term of the lease will follow the same rules.
The above noted lease agreement includes the following lease schedules:
Lease Addendum II & IV, 2, 4, 4 addendum 1, 9, 11, 15, 16, 16 addendum 1,
17, 17 addendum 1, 18, 23, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37,
38. The following lease schedules shall be deleted: 1, 3, 5, 6, 7, 8, 10,
12, 13, 14, 19, 20, 21, 22, 24, 25.
IT IS FURTHER AGREED AND UNDERSTOOD that the Lessee is responsible for all
freight, installation, service and insurance.
This addendum V supercedes addendum III dated June 9, 1998.
All other terms and conditions shall remain the same.
LESSEE: LESSOR:
NevStar Gaming & Entertainment Corporation Telerent Leasing Corporation
T/A: Mesquite Star Hotel & Casino
Mesquite, Nevada
//Xxxxxxx X. Xxxxxxx
By: Xxxxxxx X. Xxxxxxx By:
Title: Chief Operating Officer, President Title:
Date: Date:
TELERENT COMMITMENT LETTER
April 6, 1998
Xx. Xxxxxxx X. Xxxxxxx, President
NevStar Gaming & Entertainment Corporation
0000 Xxxx Xxxx Xxxx
Xxx Xxxxx, XX 00000
RE: Mesquite Star Hotel and Casino - Mesquite, NV
Dear Xx. Xxxxxxx:
Telerent Leasing Corporation is pleased to offer the following lease
financing commitment:
Lessee: NevStar Gaming & Entertainment Corporation
Amount: Approximately $1,168,168.00
Equipment: "Hard Costs included in the various FF&E Vendor Quotes
previously submitted to Telerent for consideration and
various "Soft Costs".
Term: 36 months at $33,903.44 plus tax
24 months at $11,568.00 plus tax
1 payment at $33,903.44 plus tax and 1 payment at
Advance $11,568.00 plus tax for a total of $45,471.44 plus
Payments: tax.
Co-Lessees: None
Documentation
& Conditions: Properly executed lease agreement and appropriate
addenda. UCC-1 forms, mortgagee's waiver, equipment
vendor cost quotes, and other required documents as
specified on attached Schedule A. 1% origination fee
in the amount of $11,681.66.
Commitment
Expiration: This financing commitment shall remain open through
April 17, 1998. Evidence of your acceptance shall be
acknowledged in the space provided below and returned
to Telerent within the time frame indicated above.
The attached Schedule A shall become part of this commitment letter. Please
initial where indicated.
We sincerely appreciate the opportunity of submitting this commitment letter
to you and look forward to the opportunity of providing some of your
equipment needs.
Thank you.
Very truly yours,
TELERENT LEASING CORPORATION
Xxxxxx Xxxxxx, Assistant Vice President
Credit/Portfolio Manager
RW/mrc
cc: Xxxxx Xxxx, VP Sales
Xxxxxx Xxxxxx, Assistant RVP
ACKNOWLEDGEMENT: THE TERMS AND CONDITIONS OF THIS LETTER SHALL BE VALID FOR
A PERIOD OF 10 DAYS AND BY YOUR ACKNOWLEDGMENT BELOW, YOU AGREE TO THE
CONFIDENTIALITY OF THE INFORMATION CONTAINED HEREIN, ONCE ACCEPTED, THIS
CONSTITUTES A NON-CANCELABLE AGREEMENT.
LESSEE: NEVSTAR GAMING & ENTERTAINMENT CORPORATION
By: //Xxxxxxx X. Xxxxxxx
Xxxxxxx X. Xxxxxxx
TITLE: President, Chief Operating Officer
DATE: 4/12/98
SCHEDULE A TO COMMITMENT LETTER DATED 4/6/98
SUPPLEMENTAL DOCUMENTATION & CONDITIONS:
1. Mortgagee Waiver
2. Title search must be performed confirming clear title to real
estate held by Lessee.
3. Opinion letter required from Lessee's attorney stating that
Telerent will have first lien rights to equipment being leased.
4. A non-refundable one (1%) percent commitment fee is required at the
time of acceptance of this commitment.
5. Hard Cost totaling $511,863.00; Soft Cost totaling $656,305.00
6. Automatic two (2%) percent rate increase anytime two payments are
not paid within the month billed. The rate will revert to the
original rate when twelve (12) consecutive payments are paid within
the month billed. Any reoccurrence of the above during the term of
the lease will follow the same rules.
Initials: JLG
Date: 4/12/98
