EX-10.1
from 8-K
2 pages
Re: Option Agreement, Dated as of June 24, 2006 (The “Original Agreement”), by and Between Sahara Las Vegas Corp., a Nevada Corporation (“Optionor”), and Lvti LLC, a Delaware Limited Liability Company (“Optionee”), as Amended by That Certain First Amendment to Option Agreement, Dated as of September 13, 2006 (The “First Amendment”), as Further Amended by That Certain Second Amendment to Option Agreement, Dated as of December 15, 2006 (The “Second Amendment”), as Further Amended by That Certain Third Amendment to Option Agreement, Dated as of March 27, 2007 (The “Third Amendment”), as Further Amended by That Certain Fourth Amendment to Option Agreement, Dated as of March 30, 2007 (The “Fourth Amendment”), and as Further Amended by That Certain Fifth Amendment to Option Agreement, Dated as of June 4, 2007 (The “Fifth Amendment”, and Collectively With the First Amendment, the Second Amendment, the Third Amendment, the Fourth Amendment, and the Original Agreement, the “Agreement”) Gentlemen: Reference Is Made Herein to the Above-Captioned Agreement. Initially Capitalized Terms Used and Not Otherwise Defined Herein Shall Have the Respective Meanings Assigned Thereto in the Agreement. Clause (III) of Paragraph 2.2 of the Agreement Requires That a Carry Option Payment in the Amount of $2,866,677.00 Shall Be Paid by Optionee to Optionor on or Before June 2, 2008 (The “Required June Payment”). Time Is of the Essence as to Each and Every Provision of the Agreement. Optionee Failed to Make the Required June Payment on or Before June 2, 2008 as Required by the Terms of the Agreement. as Such, Optionee Has Materially Breached the Terms of the Agreement and Is in Material Default Thereunder. Please Be Advised That Optionor Hereby Terminates the Agreement Due to the Failure of Optionee to Make the Required June Payment as and When Due in Accordance With the Agreement
12/34/56