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EXHIBIT 10.37
RECORDING REQUESTED BY AND
WHEN RECORDED RETURN TO:
Jesse Sharf, Esq.
Gibson, Dunn & Crutcher LLP
333 So. Grand Avenue
Los Angeles, CA 90071
AMENDMENT TO 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 Deed of Trust, Assignment of Rents, Leases and Security
Agreement dated as of January 30, 1996 (the "Deed of Trust") by Coast Hotels and
Casinos, Inc., a Nevada corporation (the "Company"), whose address is 4500 West
Tropicana Avenue, Las Vegas, Nevada 89103, 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 101
East Fifth Street, 12th Floor, St. Paul, Minnesota 55101, which Deed of Trust is
recorded with the Official Records of Clark County, Nevada, as Book No. 960130,
Instrument No. 00397 and encumbers, inter alia, certain property in Clark
County, as described in Schedule A to the recorded Deed of Trust.
W I T N E S S E T H
WHEREAS, the Company and Trustee entered into the 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 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, the Company, 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 Deed of Trust as reflected
herein.
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:
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AGREEMENT
1. The Deed of Trust is hereby amended by deleting the following
sections in their entirety therefrom:
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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 Deed of Trust is hereby further 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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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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Existing Section Number New Section Number Caption
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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
the Company 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 HOTELS AND CASINOS, INC.
By: /s/ MICHAEL J. GAUGHAN
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Name: Michael J. Gaughan
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Title: Chief Executive Officer
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FIRSTAR BANK OF MINNESOTA, N.A.
By: /s/ FRANK P. LESLIE III
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Name: Frank P. Leslie III
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Title: Vice President
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STATE OF NEVADA )
) SS:
COUNTY OF CLARK )
On March 22, 1999, before me, a Notary Public in and for said state, personally
appeared Michael J. Gaughan, 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/ LISA A. HARRIS
- -------------------------------- LISA A. HARRIS
(SEAL) Notary Public Nevada
My appt. exp. Dec. 13, 2000
No. 97-1797-1
STATE OF CALIFORNIA )
) SS:
COUNTY OF LOS ANGELES )
On March 22, 1999, before me, a Notary Public in and for said state, personally
appeared Frank P. Leslie III, (or 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/ ROBIN A. CHASE
- -------------------------------- ROBIN A. CHASE
(SEAL) Commission #1111768
Notary Public -- California
Los Angeles County
My Comm. Expires Sep. 29, 2000
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