Notice of Exercise of Option under First Amendment to Lease between Palace Station Hotel & Casino, Inc. and Flamingo Associates, Inc.
Palace Station Hotel & Casino, Inc. notifies Flamingo Associates, Inc. of its decision to exercise its option to purchase property as outlined in their First Amendment to Lease agreement dated April 1, 1999. The letter states that escrow will be opened at Nevada Title Company and anticipates closing on March 31, 2003. The parties are to coordinate the closing logistics following this notice.
Exhibit 10.3
Direct Dial: (702) 221-6606
Facsimile: (702) 221-6613
Richard J. Haskins, Esq.
Vice President and General Counsel
January 27, 2003
via facsimile (399-3048) and U.S. mail
Mr. R. Ian Ross
Sterling Realty
19 W. Brooks Avenue, Suite A
North Las Vegas, NV 89030
Re: Notice to Exercise Option (Flamingo Associates Property)
Dear Ian:
Reference is made to that First Amendment to Lease (With Option) dated April 1, 1999 (the “Agreement”), by and between Palace Station Hotel & Casino, Inc. (“Optionee”) and Flamingo Associates, Inc. Capitalized terms used herein and not otherwise defined shall have the meanings ascribed to them in the Agreement.
This letter serves as Optionee’s notice to exercise the Option. Pursuant to Section II.A.1 of the Agreement, Optionee will promptly open Escrow at Nevada Title Company through which Closing will occur. Optionee anticipates that the Closing will occur on March 31, 2003.
Upon receipt of this letter, please contact me to coordinate Closing logistics.
Sincerely,
| /S/ RICHARD J. HASKINS |
| Richard J. Haskins |
| Vice President and General Counsel |
|
|
cc: Jim Shadlaus (via facsimile: 382-9877)
Troy Lochhead (via facsimile: 966-5848)
