HOLLYWOOD PARK, INC
Exhibit 10.50
To Form 10-Q, June 30, 1998
MEMORANDUM OF AMENDED AND RESTATED
----------------------------------
OPTION AGREEMENT
----------------
THIS MEMORANDUM OF OPTION AGREEMENT (this "MEMORANDUM"), is made as of this
4th day of June, 1998, by and between DANIEL WEBSTER, a resident of the
Commonwealth of Kentucky, MARSHA S. WEBSTER, a resident of the Commonwealth of
Kentucky, WILLIAM G. DIUGUID, a resident of the Commonwealth of Kentucky, SARA
T. DIUGUID, a resident of the Commonwealth of Kentucky, J.R. SHOWERS, III, a
resident of the State of Indiana, and CAROL A. SHOWERS, a resident of the State
of Indiana (collectively, "LANDLORD"), and PINNACLE GAMING DEVELOPMENT CORP., a
Colorado corporation ("TENANT"), for the purpose of evidencing their execution
of a certain Amended and Restated 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
---------
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, 1998, or on December 31, 1999 or 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 Amended
and Restated Option Agreement as of the date first above written.
"LANDLORD"
__/s/ Daniell Webster____________
Daniel Webster
__/s/ Marsha Webster_____________
Marsha Webster
__/s/ William G. Diuguid____________
William G. Diuguid
__/s/ Sara T. Diuguid______________
Sara T. Diuguid
__/s/ J. R. Showers III______________
J.R. Showers, III
__/s/ Carol A. Showers_______________
Carol A. Showers
"TENANT"
PINNACLE GAMING DEVELOPMENT CORP.
By: __/s/ Robert F. List________________
Robert F. List, Treasurer
2
STATE OF KY )
) SS:
COUNTY OF Gallatin )
Before me, a Notary Public in and for said County and State, personally
appeared DANIEL WEBSTER, who being first duly sworn by me upon his oath,
acknowledged the execution of the foregoing as his voluntary act and deed.
WITNESS my hand and Notarial Seal this 4th day of June, 1998.
/s/ Tina M. Logodon
---------------------------------
Notary Public - Signature
Tina M. Logodon
---------------------------------
Notary Public - Printed
My Commission Expires: My County of Residence:
03/02/02 Gallatin
- --------------------------- ---------------------------------
STATE OF KY )
) SS:
COUNTY OF Gallatin )
Before me, a Notary Public in and for said County and State, personally
appeared MARSHA WEBSTER, who being first duly sworn by me upon her oath,
acknowledged the execution of the foregoing as her voluntary act and deed.
WITNESS my hand and Notarial Seal this 4th day of June, 1998.
/s/ Tina M. Logodon
---------------------------------
Notary Public - Signature
Tina M. Logodon
---------------------------------
Notary Public - Printed
My Commission Expires: My County of Residence:
003/02/02 Gallatin
- --------------------------- ---------------------------------
3
STATE OF KY )
) SS:
COUNTY OF Gallatin )
Before me, a Notary Public in and for said County and State, personally
appeared WILLIAM G. DIUGUID, who being first duly sworn by me upon his oath,
acknowledged the execution of the foregoing as his voluntary act and deed.
WITNESS my hand and Notarial Seal this 4th day of June, 1998.
/s/ Tina M. Logodon
---------------------------------
Notary Public - Signature
Tina M. Logodon
---------------------------------
Notary Public - Printed
My Commission Expires: My County of Residence:
03/02/02 Gallatin
- --------------------------- ---------------------------------
STATE OF KY )
) SS:
COUNTY OF Gallatin )
Before me, a Notary Public in and for said County and State, personally
appeared SARA T. DIUGUID, who being first duly sworn by me upon her oath,
acknowledged the execution of the foregoing as her voluntary act and deed.
WITNESS my hand and Notarial Seal this 4th day of June, 1998.
/s/ Tina M. Logodon
---------------------------------
Notary Public - Signature
---------------------------------
Notary Public - Printed
My Commission Expires: My County of Residence:
03/02/02 Gallatin
- --------------------------- ---------------------------------
4
STATE OF KY )
) SS:
COUNTY OF Gallatin )
Before me, a Notary Public in and for said County and State, personally
appeared J.R. SHOWERS, III, who being first duly sworn by me upon his oath,
acknowledged the execution of the foregoing as his voluntary act and deed.
WITNESS my hand and Notarial Seal this 4th day of June, 1998.
/s/ Tina M. Logodon
---------------------------------
Notary Public - Signature
Tina M. Logodon
---------------------------------
Notary Public - Printed
My Commission Expires: My County of Residence:
03/02/02 Gallatin
- --------------------------- ---------------------------------
STATE OF KY )
) SS:
COUNTY OF Gallatin )
Before me, a Notary Public in and for said County and State, personally
appeared CAROL A. SHOWERS, who being first duly sworn by me upon her oath,
acknowledged the execution of the foregoing as her voluntary act and deed.
WITNESS my hand and Notarial Seal this 4th day of June, 1998.
/s/ Tina M. Logodon
---------------------------------
Notary Public - Signature
Tina M. Logodon
---------------------------------
Notary Public - Printed
My Commission Expires: My County of Residence:
03/02/02 Gallatin
- --------------------------- ---------------------------------
5
STATE OF INDIANA KY )
) 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.
/s/ Lorretta K. Cook
---------------------------------
Notary Public - Signature
Lorretta K. Cook
---------------------------------
Notary Public - Printed
My Commission Expires: My County of Residence:
08/23/01 Marion
- --------------------------- ---------------------------------
6