Hollywood Park, Inc.
Exhibit 10.48
To Form 10-Q, June 30, 1998
MEMORANDUM OF
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OPTION AGREEMENT
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THIS MEMORANDUM OF OPTION AGREEMENT (this "MEMORANDUM"), is made as of this
2nd day of June, 1998, by and between THE WEBSTER FAMILY LIMITED PARTNERSHIP,
a(n) ___________ family limited partnership and THE DIUGUID FAMILY LIMITED
PARTNERSHIP, a(n) _____________ family limited partnership (collectively, the
"LANDLORD"), and PINNACLE GAMING DEVELOPMENT CORP., a Colorado corporation
("TENANT"), for the purpose of evidencing their execution of a certain Option
Agreement dated of even date herewith (the "AGREEMENT").
AGREEMENT:
1. Pursuant to the Agreement, Tenant and Landlord have agreed that Tenant
shall have the right or option to lease and Landlord shall have the obligation
to lease to Tenant upon the occurrence of certain conditions more particularly
described in the Agreement certain real property in Switzerland County, Indiana,
as more particularly described on EXHIBIT A attached hereto and made a part
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hereof (the "REAL ESTATE"), together with all rights, privileges, interest,
easements, hereditaments, appurtenances, fixtures and improvements now or
hereafter belonging, appertaining, located on, attached to, or used in
connection with the Real Estate (collectively, the "APPURTENANCES") (the Real
Estate, together with the Appurtenances, being referred to herein as the
"PROPERTY"); provided, however, Tenant's right to lease the Property shall
expire on December 31, 1999, or on December 31, 2000 in the event Tenant extends
the Agreement, or such later time as the parties may agree.
2. It is the intention of the parties hereto that this instrument shall
be recorded in the office of the recorder of Switzerland County, State of
Indiana for the purpose of effecting and affording record and constructive
notice of the contractual interest of Tenant under the Agreement in and to the
Property.
IN WITNESS WHEREOF, the parties have executed this Memorandum of Option
Agreement as of the date first above written.
"LANDLORD"
THE WEBSTER FAMILY LIMITED PARTNERSHIP,
a(n) ___________ family limited partnership
By: /s/ Daniel Webster
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Daniel Webster, General Partner
By: /s/ Marsha Webster
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Marsha Webster, General Partner
THE DIUGUID FAMILY LIMITED PARTNERSHIP,
a(n) ____________ family limited partnership
By: /s/ Wm. G. Diuguid
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William G. Diuguid, General Partner
By: /s/ Sara T. Diuguid
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Sara T. Diuguid, General Partner
"TENANT"
PINNACLE GAMING DEVELOPMENT CORP.,
a Colorado corporation
By: /s/ Robert F. List
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Robert F. List, Treasurer
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STATE OF KENTUCKY )
) SS:
COUNTY OF GALLATIN )
Before me, a Notary Public in and for said County and State, personally
appeared DANIEL WEBSTER, known to me to be a General Partner of THE WEBSTER
FAMILY LIMITED PARTNERSHIP, who being first duly sworn by me upon his oath,
acknowledged the execution of the foregoing Memorandum of Option Agreement for
and on behalf of said entity.
WITNESS my hand and Notarial Seal this 4th day of June, 1998.
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/s/ Tina M. Logodon
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Notary Public - Signature
Tina M. Logodon
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Notary Public - Printed
My Commission Expires: My County of Residence:
03/03/02 Gallatin
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STATE OF KENTUCKY )
) SS:
COUNTY OF GALLATIN )
Before me, a Notary Public in and for said County and State, personally
appeared MARSHA WEBSTER, known to me to be a General Partner of THE WEBSTER
FAMILY LIMITED PARTNERSHIP, who being first duly sworn by me upon her oath,
acknowledged the execution of the foregoing Memorandum of Option Agreement for
and on behalf of said entity.
WITNESS my hand and Notarial Seal this 4th day of June, 1998.
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/s/ Tina M. Logoden
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Notary Public - Signature
Tina M. Logoden
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Notary Public - Printed
My Commission Expires: My County of Residence:
03/03/02 Gallatin
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STATE OF KENTUCKY )
) SS:
COUNTY OF Gallatin )
Before me, a Notary Public in and for said County and State, personally
appeared WILLIAM G. DIUGUID, known to me to be a General Partner of THE DIUGUID
FAMILY LIMITED PARTNERSHIP, who being first duly sworn by me upon his oath,
acknowledged the execution of the foregoing Memorandum of Option Agreement for
and on behalf of said entity.
WITNESS my hand and Notarial Seal this 4th day of June, 1998.
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/s/ Tina M. Logoden
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Notary Public - Signature
Tina M. Logoden
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Notary Public - Printed
My Commission Expires: My County of Residence:
03/02/02 Gallatin
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STATE OF KENTUCKY )
) SS:
COUNTY OF GALLATIN )
Before me, a Notary Public in and for said County and State, personally
appeared SARA T. DIUGUID, known to me to be a General Partner of THE DIUGUID
FAMILY LIMITED PARTNERSHIP, who being first duly sworn by me upon his oath,
acknowledged the execution of the foregoing Memorandum of Option Agreement for
and on behalf of said entity.
WITNESS my hand and Notarial Seal this 4th day of June, 1998.
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/s/ Tina M. Logoden
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Notary Public - Signature
Tina M. Logoden
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Notary Public - Printed
My Commission Expires: My County of Residence:
03/03/02 Gallatin
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STATE OF INDIANA )
) SS:
COUNTY OF Marion )
Before me, a Notary Public in and for said County and State,
personally appeared ROBERT F. LIST, known to me to be the Treasurer of PINNACLE
GAMING DEVELOPMENT CORP., who being first duly sworn by me upon his oath,
acknowledged the execution of the foregoing Memorandum of Option Agreement for
and on behalf of said entity.
WITNESS my hand and Notarial Seal this 4th day of June, 1998.
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/s/ Loretta K. Cook
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Notary Public - Signature
Loretta K. Cook
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Notary Public - Printed
My Commission Expires: My County of Residence:
08/23/01 Marion
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