Exhibit 10.58
The Charles Town H.B.P.A., Inc.
P.O. Box 581
Charles Town, WV 25414
March 19, 1997
West Virginia Lottery Commission
Mr. Richard Boyle
312 MacCorkle Avenue, S.E.
P.O. Box 2067
Charleston, WV 25327
Dear Mr. Boyle:
This letter constitutes a Letter Agreement by and between PNGI Charles
Town Gaming Limited Liability Company, a West Virginia Limited Liability
Company, and The Charles Town H.B.P.A., Inc., a West Virginia Corporation, that
the net terminal income from Video Lottery Terminals operated by PNGI Charles
Town Gaming Limited Liability Company at Charles Town Racetrack shall be
distributed in accordance with the provisions of Section 29-22A-10(c) of the
Race Track Video Lottery Act, as such statutory provision shall be in effect on
the date of execution of this Letter Agreement, or as hereinafter amended from
time to time by the West Virginia Legislature, either at any regular or special
session.
This Letter Agreement is binding upon the signatories thereof for a
period from the date of its execution through June 30, 1997, and for a period of
one (1) year from July 1, 1997 through June 30, 1998, inclusive, and shall
become binding and effective upon the date of final execution by all of the
parties thereto, and shall not be amended, revised, extended, or superceded,
either by the actions of the parties, inaction, or default or inability to
negotiate the statutorily mandated annual renewal of the Letter Agreement by the
signatories hereto, without the execution in writing of an Agreement by all of
the signatories hereto.
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The undersigned, Jay Fortney, is President/General Manager of PNGI
Charles Town Gaming Limited Liability Company, a West Virginia Limited Liability
Company, and has the authority to bind the Limited Liability Company.
The undersigned, Raymond J. Funkhouser, II, is President of The Charles
Town H.B.P.A., Inc., a West Virginia Corporation, and has the authority to bind
the members of that Corporation.
Witness the following signatures and seals as of the 20th day of
March, 1997.
PNGI CHARLES TOWN GAMING
LIMITED LIABILITY COMPANY,
A West Virginia Limited Liability Company
By: /s/ Jay Fortney
---------------------------------
Jay Fortney, its President and
General Manager
CHARLES TOWN H.B.P.A., INC.,
a West Virginia Corporation
By: /s/ Raymond J. Funkhouser,II
---------------------------------
it's President
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STATE OF WEST VIRGINIA
COUNTY OF JEFFERSON, to-wit:
I, Charlotte L. Burner , a notary public for the County/City and State
aforesaid, certify that JAY FORTNEY, whose name is signed to the foregoing as
President and General Manager of PNGI CHARLES TOWN GAMING LIMITED LIABILITY
COMPANY, a West Virginia Limited Liability Company, dated the 20th day of March
, 1997 acknowledged the same on behalf of the Limited Liability Company as its
General Manager and President before me in the County/City aforesaid.
Given under my hand and official seal this 20th day of March, 1997.
/s/ Charlotte L. Burner
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Notary Public
My commission expires on November 27, 2001
STATE OF WEST VIRGINIA
COUNTY OF JEFFERSON, to-wit:
I, Patricia M. Evans, a notary public for the County/City and State
aforesaid, certify that RAYMOND J. FUNKHOUSER, II, whose name is signed to the
foregoing as President of THE CHARLES TOWN H.B.P.A., INC., a West Virginia
Corporation, dated the 20th Day of March , 1997 acknowledged the same on behalf
of the Corporation as its President before me in the County/City aforesaid.
Given under my hand and official seal this 20th day of March, 1997.
/s/ Patricia M. Evans
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Notary Public
My commission expires on September 18, 2006
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