Exhibit 10.48
THIRD ADDENDUM TO LEASE AND
AGREEMENT - SPRING 1995
(LOWER LOTS)
This Third Addendum to Lease and
Agreement – Spring 1995 (Lower Lots) (hereinafter referred to
as this “ Third Addendum ”) is made effective
the 22 nd day of April, 2003, between Andrianakos
Limited Liability Company, a Colorado limited liability company,
the “ Lessor ,” and Isle of Capri Black Hawk,
L.L.C., a Colorado limited liability company, the “
Lessee .”
RECITALS
:
WHEREAS, Andrianakos Limited Liability Company
and Anchor Coin d/b/a Colorado Central Station Casino entered into
that certain Lease and Agreement – Spring 1995 (Lower Lots)
dated August 15, 1995, as amended by Addendum to Lease and
Agreement – Spring 1995 (Lower Lots) dated April 4,
1996, and by Second Addendum to Lease and Agreement – Spring
1995 (Lower Lots) effective as of March 21, 2003 (hereinafter
collectively referred to as the “ Lower Lot
Lease ”);
WHEREAS, Andrianakos Limited Liability
Company and Anchor Coin d/b/a Colorado Central Station Casino
entered into that certain Spring 1995 – Amended and Restated
Vacant Ground Lease For Parking Lot Purposes and Agreement (Upper
Lot) dated August 15, 1995 and Lease Addendum dated
May 1, 2000 (hereinafter referred to as the “ Upper
Lot Lease ”);
WHEREAS, Anchor Coin d/b/a Colorado Central
Station Casino assigned the Upper Lot Lease to
CCSC/Blackhawk, Inc. effective January 1, 2002 and
CCSC/Blackhawk, Inc. d/b/a Colorado Central Station Casino and
Andrianakos Limited Liability Company further amended the Upper Lot
Lease by a Second Addendum to Spring 1995 – Amended and
Restated Vacant Ground Lease for Parking Lot Purposes and Agreement
(Upper Lot) dated effective April 22, 2003;
WHEREAS, Anchor Coin d/b/a Colorado
Central Station Casino assigned the Lease to
CCSC/Blackhawk, Inc. effective January 1, 2002;
WHEREAS, CCSC/Blackhawk, lnc., assigned
the Lower Lot Lease and the Upper Lot Lease and conveyed the
real property described on Schedule 1 (the “ Isle Real
Property ”) to Isle of Capri Black Hawk, L.L.C.
immediately prior to the effectiveness of this Third Addendum;
WHEREAS, the parties desire to add additional
real property, including but not limited to, the Isle Real
Property to the Property, as such term is defined in the Lower Lot
Lease (hereinafter referred to as the “Lower Lot
Property”), and to clarify the exact legal description of the
property leased under the Lower Lot Lease; and
WHEREAS, the parties desire to otherwise
amend and supplement the Lower Lot Lease as set forth herein.
1
NOW THEREFORE, be
it agreed as follows:
AGREEMENT
:
1.
Contemporaneous with the effective date of this Third Addendum, the
Lessee shall execute a Special Warranty Deed conveying the Isle
Real Property to Lessor free and clear of any liens or encumbrances
except for easements, restrictions and covenants of record and
shall deliver such deed to Lessor.
2.
Notwithstanding any contrary provision of the Lower Lot Lease or
any amendments thereto, the parties agree that the Lower Lot
Property, as the term “Property” is defined in the
Lower Lot Lease (and which shall mean and refer to the property
demised under . the Lower Lot Lease as the “Lower
Lot Property”), shall be the real property described on the
attached Exhibit A , which is incorporated herein by
this reference. All previous definitions of the Property, as used
in the Lower Lot Lease, are hereby deleted.
3.
The parties acknowledge that the total monthly rent under the Lower
Lot Lease from and after April 1, 2003 (after adjustment in
accordance wi
