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<SEC-DOCUMENT>0000020212-05-000014.txt : 20050712
<SEC-HEADER>0000020212-05-000014.hdr.sgml : 20050712
<ACCEPTANCE-DATETIME>20050712170414
ACCESSION NUMBER:		0000020212-05-000014
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20050706
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20050712
DATE AS OF CHANGE:		20050712

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CHURCHILL DOWNS INC
		CENTRAL INDEX KEY:			0000020212
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-RACING, INCLUDING TRACK OPERATION [7948]
		IRS NUMBER:				610156015
		STATE OF INCORPORATION:			KY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-01469
		FILM NUMBER:		05950851

	BUSINESS ADDRESS:	
		STREET 1:		700 CENTRAL AVE
		CITY:			LOUISVILLE
		STATE:			KY
		ZIP:			40208
		BUSINESS PHONE:		5026364400

	MAIL ADDRESS:	
		STREET 1:		700 CENTRAL AVENUE
		STREET 2:		700 CENTRAL AVENUE
		CITY:			LOUIVILLE
		STATE:			KY
		ZIP:			40208
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>f8k0705hollywoodsigning.htm
<DESCRIPTION>JULY 6, 2005 HOLLYWOOD SIGNING
<TEXT>
<HTML>
<HEAD>
<TITLE>8K July 6, 2005</TITLE>
</HEAD>
<BODY>
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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549 <BR><BR>
<B>FORM 8-K<BR><BR>
CURRENT REPORT<BR>
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934<BR><BR>
Date of Report (Date of earliest event reported): July 6, 2005</B> <BR>
</FONT></P>
<P ALIGN="Center"><IMG SRC="smalllogo.gif" ALIGN="MIDDLE"></P><BR>


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<TR VALIGN="TOP">
     <TD COLSPAN="3" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
        (Exact name of registrant as specified in its charter)</FONT><BR><BR></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<U>KENTUCKY</U><BR>
(State or other jurisdiction of<BR>
incorporation or organization)</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<U> 0-1469</U> <BR>
(Commission File Number)</FONT></TD>
     <TD ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<U> 61-0156015</U><BR>
 (IRS Employer Identification No.)</FONT></TD></TR>

<TR VALIGN="TOP">
     <TD COLSPAN="3" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>
<U>700 Central Avenue Louisville, KY  40208</U><BR>
(Address of principal executive offices)<BR>
(Zip Code)<BR><BR></FONT></TD></TR>

 <TR VALIGN="TOP">
        <TD COLSPAN="3" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<U>(502) 636-4400</U><BR>
Registrant's telephone number, including area code<BR><BR></FONT></TD></TR>

<TR VALIGN="TOP">
        <TD COLSPAN="3" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<U>Not Applicable</U><BR>
(Former name or former address, if changed since last report) </FONT></TD></tr>
</TABLE>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Check the appropriate box below if
the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the
registrant under any of the following provisions (see General Instruction A.2. below): </FONT></P>

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<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#144;</FONT></TD>
     <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=96% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<BR></FONT></TD>
     <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> &#144;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#144;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#144;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<BR></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
</TABLE>
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               &nbsp;</FONT></TD>
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        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Item 1.01 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entry Into a
Material Definitive Agreement.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
July 6, 2005, Churchill Downs California Company (&#147;CDCC&#148;), a wholly owned
subsidiary of Churchill Downs Incorporated (the &#147;Company&#148;), entered into an
Asset Purchase Agreement (the &#147;Purchase Agreement&#148;) with Bay Meadows Land
Company, LLC (the &#147;Purchaser&#148;), pursuant to which CDCC will sell, and Purchaser
will acquire, the Hollywood Park Racetrack horse racing facility and the Hollywood Park
Casino card club casino located in Inglewood, California. Pursuant to the Agreement, the
Purchaser will acquire substantially all of the assets of CDCC used in its operation of
the Hollywood Park Racetrack which includes land, buildings, improvements and equipment,
and the building in which the Hollywood Park Casino is operated and related fixtures (the
&#147;Casino Building&#148;) (the acquired assets associated with the Hollywood Park
Racetrack and the Casino Building are collectively referred to as the &#147;Assets&#148;).
The Assets include approximately 238 acres of land upon which the Hollywood Park Racetrack
and the Casino Building are located. The Hollywood Park Casino is leased by CDCC to
Pinnacle Entertainment, Inc. (the &#147;Casino Lease&#148;), along with a license for
certain trademarks, logos and tradenames (the &#147;License Agreement&#148;), and the
Casino Lease and the License Agreement will be assigned to and assumed by the Purchaser
pursuant to the Agreement. The Hollywood Park Casino is operated under a sublease from
Pinnacle Entertainment, Inc. to Century Gaming Management, Inc. as tenant. Other than the
Casino Building and the Casino Lease and License Agreement, the assets related to the
Hollywood Park Casino are not owned by CDCC and are not included in the assets to be
transferred to Purchaser under the Agreement. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Purchaser agreed to pay CDCC Two Hundred Sixty Million Dollars ($260,000,000) cash for the
Assets, and in addition the Purchaser agreed to assume and perform certain liabilities of
CDCC relating to the Assets, subject to certain adjustments contained in the Agreement.
Upon execution of the Agreement, the Purchaser paid into escrow Ten Million Dollars
($10,000,000) as a deposit to be applied to the purchase price at closing, to occur on
September 23, 2005 unless extended pursuant to the Purchase Agreement. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the Purchase Agreement, the parties agreed to enter into at the closing of the
transactions contemplated by the Purchase Agreement a reinvestment agreement among the
Purchaser, Stockbridge HP Holdings Company, LLC, a subsidiary of the Purchaser, and
Churchill Downs Investment Company (the &#147;Reinvestment Agreement&#148;). Pursuant to
the Reinvestment Agreement, Churchill Downs Investment Company, a wholly owned subsidiary
of the Company, will have the option to reinvest in the Hollywood Park Racetrack business,
in the event of certain triggering events which would allow the Hollywood Park Racetrack
business to engage in electronic gaming, or other significant gaming and/or subsidies not
currently authorized. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Purchase Agreement provides for a liquidated damages payment to CDCC of Fifteen Million
Dollars ($15,000,000) related to the Reinvestment Agreement and other consequential
damages arising as a result of lost profits if, prior to three years after the date of
closing, the Purchaser terminates the Hollywood Park Racetrack business for reason other
than Hollywood Park Racetrack&#146;s allocation of a number of racing dates that is less
than the number of racing dates historically allocated to Hollywood Park Racetrack and the
Purchaser&#146;s determination that continued operation of the business would be
reasonably likely to result in net cash flow (as defined in the Purchase Agreement) of
zero dollars or less during the current or any following year. </FONT></P>

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               &nbsp;</FONT></TD>
</TR>
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        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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</TABLE>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In addition, the Purchaser
agreed to make up to Five Million Dollars ($5,000,000) of capital improvements to
Hollywood Park Racetrack if the allocation of racing dates to Hollywood Park Racetrack for
each of the three years immediately following the closing is not less than the number of
racing dates historically allocated to Hollywood Park Racetrack, and if such improvements
are not made as required by the Purchase Agreement, Purchaser is obligated to pay CDCC
liquidated damages in the amount of Five Million Dollars ($5,000,000) less the amount
actually spent on such improvements. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Purchase Agreement also contains customary representations and warranties, covenants and
conditions, including mutual indemnification provisions relating to the liabilities and
obligations of CDCC and Purchaser. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company expects to use the net proceeds from the sale of the Assets for general corporate
purposes, which may include the reduction of indebtedness. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
foregoing description of the Purchase Agreement, including the description of the
Reinvestment Agreement, is qualified in its entirety by reference to the Purchase
Agreement attached as Exhibit 10.1 hereto, including the Reinvestment Agreement attached
as Exhibit F thereto. A copy of the press release announcing the Agreement is attached as
Exhibit 99.1 to this Current Report on Form 8-K. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<p ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Item 9.01  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial
Statements and Exhibits.</B><BR> </FONT></p>
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<TR VALIGN=TOP>
<TD WIDTH="0%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Exhibit No.</U> </FONT></TD>
<TD WIDTH="85%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Description</U> <BR><BR></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit 10.1</FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Asset Purchase Agreement between Churchill Downs California Company and Bay Meadows
Land Company, LLC dated as of July 6, 2005.<BR><BR> </FONT></TD></TR>

<TR VALIGN=TOP>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit 99.1</FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Press Release dated July 6, 2005.</FONT></TD>
</TR>
</TABLE>
<BR>
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               2</FONT></TD>
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</TR>
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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SIGNATURE </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned hereunto duly authorized.<BR><BR> </FONT></P>

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<TR VALIGN="BOTTOM">
     <Td ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> &nbsp;</FONT></Td>
     <Td ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">CHURCHILL DOWNS
INCORPORATED <BR><BR><BR><BR><BR></FONT></Td></TR>
<TR VALIGN="TOP">
     <TD WIDTH="50%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Date:    July 12, 2005 </FONT></TD>
     <TD WIDTH="50%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> By:<U>/s/Michael W. Anderson&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michael W. Anderson<BR><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice President Finance and Treasurer
</font></TD></TR>
</TABLE>

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               3</FONT></TD>
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</TR>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Note for Edgar filing: Include the
following after the signature page to Exhibit 10.1: </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibits and schedules to Exhibit
10.1, other than Exhibit F - Reinvestment Agreement (without the exhibits thereto), have
been intentionally omitted because they are not material. The registrant agrees to furnish
such omitted exhibits and schedules supplementally to the Commission upon request. </FONT></P>


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               4</FONT></TD>
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</TR>
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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>3
<FILENAME>item101hwpurchaseagreement.htm
<DESCRIPTION>HOLLYWOOD PARK PURCHASE AGREEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>Hollywood Park Purchasing Agreement</TITLE>
</HEAD>
<BODY>


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ASSET PURCHASE
AGREEMENT </FONT></H1>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>between </I></FONT></P>

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<p ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>CHURCHILL DOWNS
CALIFORNIA COMPANY, </B><BR>a Kentucky corporation,</FONT></p>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>and </I></FONT></P>

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<p ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>BAY MEADOWS LAND
COMPANY, LLC</B><BR>a Delaware limited
liability company  </FONT></p>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dated as of July 6, 2005 </FONT></P>

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<TR>
      <TD COLSPAN="5" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>TABLE OF CONTENTS</B></FONT> </TD></TR>
<TR>
      <TD WIDTH="10%">&nbsp; </TD>      </TR>
<TR>
      <TD>&nbsp; </TD>
</TR>
<TR VALIGN="TOP">
     <TD WIDTH="10%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="10%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="10%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="61%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="9%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Page</U></FONT></TD></TR>
<TR>
      <TD>&nbsp; </TD>
      </TR>

<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1.</FONT></TD>
     <TD ALIGN="Left" COLSPAN="3"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">DEFINITIONS</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1</FONT></TD></TR>
<TR>
      <TD>&nbsp; </TD> </TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2.</FONT></TD>
     <TD ALIGN="Left" COLSPAN="3"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">TRANSFER OF ASSETS</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">9</FONT></TD></TR>
<TR>
      <TD>&nbsp; </TD>
      <TD> </TD>
      <TD> </TD>
      <TD> </TD>
      <TD> </TD></TR>

<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> 2.1</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Transfer of Assets</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">9</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2.1.1 </FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Real Property</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">9</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2.1.2</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Personal Property</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">9</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2.1.3</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Inventory</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">10</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2.1.4</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Intellectual Property Rights</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">10</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2.1.5</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Cash and Accounts</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">11</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2.1.6</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Accounts Receivable and Accounts Payable</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">11</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2.1.7</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Books and Records</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">11</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2.1.8</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Assigned Contracts</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">11</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2.1.9</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Permits and Licenses</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">12</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2.1.10</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Vehicles</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">12</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2.1.11</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Readerboard Signs</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">12</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2.1.12</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">SCOTWINC</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">12</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2.1.13</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Goodwill</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">12</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2.1.14</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Prepaid Expenses</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">12</FONT></TD>
</TR><TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2.1.15</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Claims Against Third Parties</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">12</FONT></TD>
</TR><TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2.1.16</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> Insurance Proceeds</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">12</FONT></TD></TR>
<TR>
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2.2</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Assets Not Transferred</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">13</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> </FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2.2.1 </FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> Excluded Personal Property and Prepaid Deposits</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">13</FONT></TD></TR>

<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2.2.2</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Claims Against Third Parties </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">13</FONT></TD></TR>

<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2.2.3</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> Insurance</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">13</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2.2.4</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> Unrelated Information</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">13</FONT></TD></TR>

<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2.2.5</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Certain Contracts and Licenses </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">14</FONT></TD></TR>

<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2.2.6</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Eual Wyatt Employment Contract </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">14</FONT></TD></TR>
<TR>
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">3.</FONT></TD>
     <TD ALIGN="Left" COLSPAN="3"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">CLOSING, PURCHASE PRICE, ASSUMPTION OF LIABILITIES</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">14</FONT></TD></TR>
<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">3.1</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Closing</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">14</FONT></TD></TR>
<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">3.2</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Stimultaneous Delivery: Conditions Concurrent</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">14</FONT></TD></TR>
<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">3.3</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Purchase Price</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">14</FONT></TD></TR>

<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">3.3.1</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Purchase Price</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">14</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">3.3.2</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Assumed Liabilities</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">15</FONT></TD></TR>
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      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assigned Contracts</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">15</FONT></TD></TR>
<TR>
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Post-Closing Operations</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">15</FONT></TD></TR>

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                i</FONT></TD>
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<TR>
      <TD COLSPAN="5" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>TABLE OF CONTENTS<BR>(Continued)</B></FONT> </TD></TR>
<TR>
      <TD>&nbsp; </TD>
      </TR>
<TR>
      <TD>&nbsp; </TD>
</TR>
<TR VALIGN="TOP">
     <TD WIDTH="10%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="10%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="10%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="61%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="9%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Page</U></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specific Undertakings</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">15</FONT></TD></TR>
<TR>
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Condition of the Assets</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">15</FONT></TD></TR>
<TR>
      <TD>&nbsp; </TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Environmental Conditions</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">15</FONT></TD></TR>
<TR>
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities on Balance Sheet</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">16</FONT></TD></TR>
<TR>
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and Accounts</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">16</FONT></TD></TR>
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      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">3.4</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Non-Assumption of Certain Liabilities</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">16</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">3.4.1</FONT></TD>
      <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Tax Liabilities</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">16</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">3.4.2</FONT></TD>
      <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Indemnification Obligations</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">16</FONT></TD></TR>
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     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">3.4.3</FONT></TD>
      <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Litigation</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">16</FONT></TD></TR>
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     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">3.4.4</FONT></TD>
      <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Workers' Compensation Claims</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">16</FONT></TD></TR>
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     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">3.4.5</FONT></TD>
      <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Certain Employee Liabilities</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">16</FONT></TD></TR>
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     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">3.4.6</FONT></TD>
      <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Liabilities Relating to the Excluded Assets</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">17</FONT></TD></TR>
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     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">3.4.7</FONT></TD>
      <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Brokers, etc.</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">17</FONT></TD></TR>
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     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">3.4.8</FONT></TD>
      <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Debt</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">17</FONT></TD></TR>
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     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">3.4.9</FONT></TD>
      <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Affiliates</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">17</FONT></TD></TR>
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     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">3.4.10</FONT></TD>
      <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Certain Environmental Liabilities</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">17</FONT></TD></TR>
<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">3.5</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Deliveries at Closing</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">17</FONT></TD></TR>
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      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">3.6</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Tax Allocation</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">20</FONT></TD></TR>
<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">3.7</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Costs and Prorations</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">21</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">3.7.1</FONT></TD>
      <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Costs</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">21</FONT></TD></TR>
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     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">3.7.2</FONT></TD>
      <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Prorations</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">21</FONT></TD></TR>
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      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxes</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">21</FONT></TD></TR>
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      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid Items, Deposits and Utilities</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">22</FONT></TD></TR>
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      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rent22</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">22</FONT></TD></TR>
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      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assigned Contracts</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">22</FONT></TD></TR>
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      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purse Payments</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">22</FONT></TD></TR>
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     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">3.7.3</FONT></TD>
      <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Closing Statement</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">23</FONT></TD></TR>
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      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">4.</FONT></TD>
     <TD ALIGN="Left" COLSPAN="3"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">REPRESENTATIONS AND WARRANTIES OF SELLER</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">24</FONT></TD></TR>
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      <TD>&nbsp; </TD></TR>
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     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">4.1</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Organization, Corporate Power, and Authority</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">24</FONT></TD></TR>
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      <TD COLSPAN="5" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>TABLE OF CONTENTS<BR>(Continued)</B></FONT> </TD></TR>
<TR>
      <TD>&nbsp; </TD>
      </TR>
<TR>
      <TD>&nbsp; </TD>
</TR>
<TR VALIGN="TOP">
     <TD WIDTH="10%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="10%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="10%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="61%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="9%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Page</U></FONT></TD></TR>
<TR>
      <TD>&nbsp; </TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> 4.2</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Authorization of Agreements</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">24</FONT></TD></TR>

<TR>
      <TD>&nbsp; </TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> 4.3</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Effect of Agreement</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">25</FONT></TD></TR>
<TR>
      <TD>&nbsp; </TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> 4.4</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Governmental Approvals</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">25</FONT></TD></TR>
<TR>
      <TD>&nbsp; </TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> 4.5</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Licenses</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">25</FONT></TD></TR>
<TR>
      <TD>&nbsp; </TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> 4.6</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Condition of Real Property and Assets; Diligence Materials</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">25</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(i)</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">AS-IS, WHERE IS</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">25</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(ii)</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">DUE DILIGENCE MATERIALS</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">26</FONT></TD></TR>
<TR>
      <TD>&nbsp; </TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> 4.7</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Compliance with Laws</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">26</FONT></TD></TR>
<TR>
      <TD>&nbsp; </TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> 4.8</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Financial Statements</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">27</FONT></TD></TR>
<TR>
      <TD>&nbsp; </TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> 4.9</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Hazardous Substances</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">27</FONT></TD></TR>
<TR>
      <TD>&nbsp; </TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> 4.10</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Environmental Matters</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">27</FONT></TD></TR>
<TR>
      <TD>&nbsp; </TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> 4.11</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Personal Property; Liens</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">27</FONT></TD></TR>
<TR>
      <TD>&nbsp; </TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> 4.12</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Leases</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">27</FONT></TD></TR>
<TR>
      <TD>&nbsp; </TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> 4.13</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Intentionally Omitted</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">28</FONT></TD></TR>
<TR>
      <TD>&nbsp; </TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> 4.14</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Foreign Person Status</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">28</FONT></TD></TR>
<TR>
      <TD>&nbsp; </TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> 4.15</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Eminent Domain:  Zoning; Street Changes; Other Litigation</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">28</FONT></TD></TR>
<TR>
      <TD>&nbsp; </TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> 4.16</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Absence of Certain Changes or Events</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">28</FONT></TD></TR>
<TR>
      <TD>&nbsp; </TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> 4.17</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Material Contracts</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">29</FONT></TD></TR>
<TR>
      <TD>&nbsp; </TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> 4.18</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Litigation</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">29</FONT></TD></TR>
<TR>
      <TD>&nbsp; </TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> 4.19</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Assets</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">29</FONT></TD></TR>
<TR>
      <TD>&nbsp; </TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> 4.20</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Commissions</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">30</FONT></TD></TR>
<TR>
      <TD>&nbsp; </TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> 4.21</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Labor Relations and Collective Bargaining Agreements</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">30</FONT></TD></TR>
<TR>
      <TD>&nbsp; </TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> 4.22</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Severance Obligations</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">30</FONT></TD></TR>
<TR>
      <TD>&nbsp; </TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> 4.23</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Employee Benefit Plans</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">30</FONT></TD></TR>
<TR>
      <TD>&nbsp; </TD>
</TR>
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        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                iii</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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<TR>
      <TD COLSPAN="5" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>TABLE OF CONTENTS<BR>(Continued)</B></FONT> </TD></TR>
<TR>
      <TD>&nbsp; </TD>
      </TR>
<TR>
      <TD>&nbsp; </TD>
</TR>
<TR VALIGN="TOP">
     <TD WIDTH="10%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="10%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="10%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="61%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="9%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Page</U></FONT></TD></TR>
<TR>
      <TD>&nbsp; </TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> 4.24</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Guaranties</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">31</FONT></TD></TR>
<TR>
      <TD>&nbsp; </TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> 4.25</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Foreign Corrupt Practices Act</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">31</FONT></TD></TR>
<TR>
      <TD>&nbsp; </TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> 4.26</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Intellectual Property Rights</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">31</FONT></TD></TR>
<TR>
      <TD>&nbsp; </TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> 4.27</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Insurance</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">33</FONT></TD></TR>
<TR>
      <TD>&nbsp; </TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> 4.28</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Taxes</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">33</FONT></TD></TR>
<TR>
      <TD>&nbsp; </TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> 4.29</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">LFR Levine&#149;Fricke</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">33</FONT></TD></TR>
<TR>
      <TD>&nbsp; </TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> 4.30</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Accounts Receivables</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">33</FONT></TD></TR>
<TR>
      <TD>&nbsp; </TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">5.</FONT></TD>
     <TD ALIGN="Left" COLSPAN="3"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">REPRESENTATIONS AND WARRANTIES OF BUYER</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">33</FONT></TD></TR>
<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">5.1</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Organization, Power and Authority</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">33</FONT></TD></TR>
<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">5.2</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Authorization of Agreement</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">34</FONT></TD></TR>
<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">5.3</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Effect of Agreement</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">34</FONT></TD></TR>
<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">5.4</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Approvals</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">34</FONT></TD></TR>
<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">5.5</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Commissions</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">34</FONT></TD></TR>
<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">5.6</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Financing</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">34</FONT></TD></TR>
<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">5.7</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Buyer's Investigation</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">34</FONT></TD></TR>
<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">5.8</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Environmental Investigation</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">35</FONT></TD></TR>
<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">5.9</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">OFAC List</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">34</FONT></TD></TR>
<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">5.10</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">LFR Levine&#149;Fricke</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">35</FONT></TD></TR>
<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">6.</FONT></TD>
     <TD ALIGN="Left" COLSPAN="3"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">COVENANTS OF SELLER</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">35</FONT></TD></TR>
<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">6.1</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Preliminary Title Report</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">35</FONT></TD></TR>
<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">6.2</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Conduct of Racetrack Business</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">36</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">6.2.1</FONT></TD>
      <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Ordinary Course</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">36</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">6.2.2</FONT></TD>
      <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Maintain Insurance</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">36</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">6.2.3</FONT></TD>
      <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Purchase or Sale of Assets</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">36</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">6.2.4</FONT></TD>
      <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Maintenance of Assets</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">36</FONT></TD></TR>
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     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">6.2.5</FONT></TD>
      <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Assigned Contracts</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">36</FONT></TD></TR>
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                iv</FONT></TD>
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        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
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<TR>
      <TD COLSPAN="5" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>TABLE OF CONTENTS<BR>(Continued)</B></FONT> </TD></TR>
<TR>
      <TD>&nbsp; </TD>
      </TR>
<TR>
      <TD>&nbsp; </TD>
</TR>

<TR VALIGN="TOP">
     <TD WIDTH="10%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="10%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="10%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="61%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="9%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Page</U></FONT></TD></TR>

<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">6.2.6</FONT></TD>
      <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Employment Contracts</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">36</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">6.2.7</FONT></TD>
      <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Collective Bargaining Agreements</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">36</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">6.2.8</FONT></TD>
      <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Maintain Licenses</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">36</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">6.2.9</FONT></TD>
      <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Zoning</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">37</FONT></TD></TR>
<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">6.3</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Access</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">37</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">6.3.1</FONT></TD>
      <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Actions with Agencies</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">37</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">6.3.2</FONT></TD>
      <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Correcting Damage</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">38</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">6.3.3</FONT></TD>
      <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Indemnity</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">38</FONT></TD></TR>
<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">6.4</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Consents</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">38</FONT></TD></TR>
<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">6.5</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Collective Bargaining Agreements</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">39</FONT></TD></TR>
<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">6.6</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Racing Dates; Redevelopment</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">39</FONT></TD></TR>
<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">6.7</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Notices of Certain Events</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">39</FONT></TD></TR>
<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">6.8</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Updated Disclosure Schedule</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">39</FONT></TD></TR>
<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">6.9</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Intentionally omitted</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">39</FONT></TD></TR>
<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">6.10</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Seller's Obligation to Seek Indemnification from Pinnacle in Certain Circumstances</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">40</FONT></TD></TR>
<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">7.</FONT></TD>
     <TD ALIGN="Left" COLSPAN="3"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">COVENANTS OF BUYER</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">40</FONT></TD></TR>
<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">7.1</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Permits and Consents</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">40</FONT></TD></TR>
<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">7.2</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Access to Books and Records</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">40</FONT></TD></TR>
<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">7.3</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Cooperation in Third-Party Litigation</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">41</FONT></TD></TR>
<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">7.4</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Race Track Operator License</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">41</FONT></TD></TR>
<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">8.</FONT></TD>
     <TD ALIGN="Left" COLSPAN="3"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">CONDITIONS PRECEDENT</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">42</FONT></TD></TR>
<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">8.1</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Conditions Precedent to Obligations of Buyer</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">42</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">8.1.1</FONT></TD>
      <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">HSR Act</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">42</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">8.1.2</FONT></TD>
      <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Accuracy of Representations and Warranties</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">42</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">8.1.3</FONT></TD>
      <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Compliance with Covenants</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">42</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">8.1.4</FONT></TD>
      <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Actions or Proceedings</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">42</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">8.1.5</FONT></TD>
      <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Opinion of Counsel for Seller</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">43</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">8.1.6</FONT></TD>
      <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Consents Obtained</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">43</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">8.1.7</FONT></TD>
      <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Title Insurance</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">43</FONT></TD></TR>

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                v</FONT></TD>
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        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
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      <TD COLSPAN="5" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>TABLE OF CONTENTS<BR>(Continued)</B></FONT> </TD></TR>
<TR>
      <TD>&nbsp; </TD>
 </TR>
<TR>
      <TD>&nbsp; </TD>
</TR>

<TR VALIGN="TOP">
     <TD WIDTH="10%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="10%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="10%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="61%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="9%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Page</U></FONT></TD></TR>

<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">8.1.8</FONT></TD>
      <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Environmental Matters</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">43</FONT></TD></TR>

<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">8.1.9</FONT></TD>
      <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Reliance Letter</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">43</FONT></TD></TR>


<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">8.1.10</FONT></TD>
      <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Estoppel Certificate</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">43</FONT></TD></TR>
<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR>

<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">8.2</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Conditions Precedent to Obligations of Sellerr</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">43</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">8.2.1</FONT></TD>
      <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">HSR Act</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">43</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">8.2.2</FONT></TD>
      <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Accuracy of Representations and Warranties</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">43</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">8.2.3</FONT></TD>
      <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Compliance with Covenants</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">43</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">8.2.4</FONT></TD>
      <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Opinion of Counsel for Buyer</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">43</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">8.2.5</FONT></TD>
      <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Consents Obtained</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">44</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">8.2.6</FONT></TD>
      <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Purchase Price</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">44</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">8.2.7</FONT></TD>
      <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Environmental Matters</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">44</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">8.2.8</FONT></TD>
      <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Buyer's Environmental Insurance</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">44</FONT></TD></TR>
<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">9.</FONT></TD>
     <TD ALIGN="Left" COLSPAN="3"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">SURVIVAL OF REPRESENTATIONS; INDEMNIFICATION</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">44</FONT></TD></TR>
<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">9.1</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Survival of Representations</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">44</FONT></TD></TR>
<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">9.2</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Agreements to Indemnify</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">45</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">9.2.1</FONT></TD>
      <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">General Indemnity</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">45</FONT></TD></TR>

<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seller's General Indemnity</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">45</FONT></TD></TR>
<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR>

<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buyer's General Indemnity</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">45</FONT></TD></TR>
<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limitations on Indemnification</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">45</FONT></TD></TR>
<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waiver and Release</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">46</FONT></TD></TR>
<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Physical Conditiony</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">47</FONT></TD></TR>

<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">9.2.2</FONT></TD>
      <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Conflict</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">47</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">9.2.3</FONT></TD>
      <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Subrogation</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">48</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">9.2.4</FONT></TD>
      <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Other Indemnification Provisions</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">48</FONT></TD></TR>
<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">9.3</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Conditions of Indemnification</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">48</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">9.3.1</FONT></TD>
      <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Notice</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">48</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">9.3.2</FONT></TD>
      <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Assumption of Defense</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">49</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">9.3.3</FONT></TD>
      <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Claim Adverse to Indemnifying Party</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">50</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">9.3.4</FONT></TD>
      <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Cooperation</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">50</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">9.3.5</FONT></TD>
      <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Damages</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">50</FONT></TD></TR>
<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">9.4</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Calculation of Losses</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">50</FONT></TD></TR>
<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">9.5</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Remedies Exclusive</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">51</FONT></TD></TR>


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                vi</FONT></TD>
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        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
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<TR>
      <TD COLSPAN="5" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>TABLE OF CONTENTS<BR>(Continued)</B></FONT> </TD></TR>
<TR>
      <TD>&nbsp; </TD>
      </TR>
<TR>
      <TD>&nbsp; </TD>
</TR>

<TR VALIGN="TOP">
     <TD WIDTH="10%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="10%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="10%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="61%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="9%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Page</U></FONT></TD></TR>

<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">10.</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">TERMINATION</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">51</FONT></TD></TR>
<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">10.1</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Injunction</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">51</FONT></TD></TR>
<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">10.2</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Mutual Agreement</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">51</FONT></TD></TR>
<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">10.3</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Required Consents</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">51</FONT></TD></TR>
<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">10.4</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Material Breach</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">51</FONT></TD></TR>
<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">10.5</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Environmental Termination</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">51</FONT></TD></TR>
<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">10.6</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Uncured Asset Loss</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">51</FONT></TD></TR>
<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">10.7</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Effects of Termination</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">52</FONT></TD></TR>
<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">11.</FONT></TD>
     <TD ALIGN="LEFT" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">OTHER COVENANTS</FONT></TD>
     <TD ALIGN="Left" ><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">53</FONT></TD></TR>
<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">11.1</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Announcements</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">53</FONT></TD></TR>
<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">11.2</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Employment Matters</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">53</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">11.2.1</FONT></TD>
      <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Offers of Employment</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">53</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">11.2.2</FONT></TD>
      <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Retention of Liabilities</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">54</FONT></TD></TR><TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">11.2.3</FONT></TD>
      <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Multiemployer Plans</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">55</FONT></TD></TR>
<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">11.3</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Cooperation</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">55</FONT></TD></TR>
<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">11.4</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Excluded Assets</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">55</FONT></TD></TR>
<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">11.5</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Tax Cooperation</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">56</FONT></TD></TR>
<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">11.6</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Racetrack Business</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">56</FONT></TD></TR>
<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">11.7</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Commercially Reasonable Efforts</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">56</FONT></TD></TR>
<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">11.8</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Removal of Signage and Logos</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">56</FONT></TD></TR>
<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">11.9</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Race Tickets</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">56</FONT></TD></TR>
<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">12.</FONT></TD>
     <TD ALIGN="LEFT" COLSPAN="3"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">PHASE II ENVIRONMENTAL DILIGENCE PRIOR TO CLOSING</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">57</FONT></TD></TR>
<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">12.1</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Buyer Submission of Phase II Workplan</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">57</FONT></TD></TR>
<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">12.2</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Allocation of Remediation Costs</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">59</FONT></TD></TR>
<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">12.3</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Dispute Resolution</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">59</FONT></TD></TR>
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      <TD>&nbsp; </TD></TR>

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                vii</FONT></TD>
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<TR>
      <TD COLSPAN="5" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>TABLE OF CONTENTS<BR>(Continued)</B></FONT> </TD></TR>
<TR>
      <TD>&nbsp; </TD>
      </TR>
<TR>
      <TD>&nbsp; </TD>
</TR>

<TR VALIGN="TOP">
     <TD WIDTH="10%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="10%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="10%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="61%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="9%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Page</U></FONT></TD></TR>

<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">13.</FONT></TD>
     <TD ALIGN="LEFT" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">MISCELLANEOUS</FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">60</FONT></TD></TR>
<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">13.1</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Bulk Transfer Laws</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">60</FONT></TD></TR>
<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR><TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">13.2</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Expenses</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">60</FONT></TD></TR>
<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR>

<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">13.3</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Waivers</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">60</FONT></TD></TR>
<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">13.4</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Amendments, Supplements</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">60</FONT></TD></TR>
<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">13.5</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Entire Agreement</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">60</FONT></TD></TR>
<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">13.6</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Binding Effect, Benefitss</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">61</FONT></TD></TR>
<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">13.7</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Assignability</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">61</FONT></TD></TR>
<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">13.8</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Notices</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">61</FONT></TD></TR>
<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">13.9</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Governing Law:  Jurisdiction</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">62</FONT></TD></TR>
<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">13.10</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Attorneys' Fees</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">62</FONT></TD></TR>
<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">13.11</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Rules of Construction</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">62</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">13.11.1</FONT></TD>
      <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Headings</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">62</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">13.11.2</FONT></TD>
      <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Tense and Case</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">62</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">13.11.3</FONT></TD>
      <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Severability</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">62</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">13.11.4</FONT></TD>
      <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Knowledge</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">63</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">13.11.5</FONT></TD>
      <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Agreement Negotiated</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">63</FONT></TD></TR>
<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">13.12</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Counterparts</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">63</FONT></TD></TR>
<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">13.13</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Specific Performance</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">63</FONT></TD></TR>
<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">13.14</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Cooperation in Exchange</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">63</FONT></TD></TR>
<TR VALIGN="TOP">
      <TD>&nbsp; </TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">13.15</FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">No Merger</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">64</FONT></TD></TR>
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      <TD>&nbsp; </TD></TR>
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                viii</FONT></TD>
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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2> </FONT></H1>

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<TR VALIGN=Bottom>
     <TH> </TH>
     <TH COLSPAN="4">EXHIBITS LIST</TH>
</TR>
<TR>
      <TD>&nbsp; </TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="5%">&nbsp; </TD>
     <TD WIDTH="13%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit A</FONT></TD>
     <TD WIDTH="4%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="76%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Assignment and Assumption of Lease Agreement</FONT></TD>
     <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
      <TD>&nbsp; </TD></TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit B</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Assignment and Assumption of License Agreement</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
      <TD>&nbsp; </TD></TR><TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit C</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Assignment and Assumption of Parking License Agreement</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
      <TD>&nbsp; </TD></TR><TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit D</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Bill of Sale and Assignment and Assumption Agreement</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
      <TD>&nbsp; </TD></TR><TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit E</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Description of Land</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
      <TD>&nbsp; </TD></TR><TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit F</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Reinvestment Agreement</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
      <TD>&nbsp; </TD></TR><TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit G</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Simulcast Agreement</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
      <TD>&nbsp; </TD></TR><TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit H</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Transaction Financial Statements and Balance Sheet</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
      <TD>&nbsp; </TD></TR><TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit I</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Intentionally Omitted</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
      <TD>&nbsp; </TD></TR><TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit J</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Permitted Liens and Title Exceptions</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
      <TD>&nbsp; </TD></TR><TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit K</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Work Plan</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
      <TD>&nbsp; </TD></TR><TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit L</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Form of Estoppel (Casino Lease)</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
      <TD>&nbsp; </TD></TR><TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit M</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>License Agreement</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
      <TD>&nbsp; </TD></TR><TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit N</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Escrow Agreement</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
</TABLE>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
ASSET PURCHASE AGREEMENT (together with the exhibits and schedules hereto, the
&#147;<B>Agreement</B>&#148;) is entered into as of July 6, 2005 by and between CHURCHILL
DOWNS CALIFORNIA COMPANY, a Kentucky corporation (&#147;Seller&#148;), and BAY MEADOWS
LAND COMPANY, LLC, a Delaware limited liability company (&#147;<B>Buyer</B>&#148;), with
reference to the following facts: </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>RECITALS </FONT></H1>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,</FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          Seller is the owner of certain assets more particularly described in this
          Agreement, including, without limitation, both real and personal property,
          tangible and intangible, used by it in the operation of a horse racing facility
          known as Hollywood Park Racetrack. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          Seller desires to sell, and Buyer desires to purchase, all of Seller&#146;s
          assets as described in this Agreement, and Buyer desires to assume certain of
          Seller&#146;s liabilities as described in this Agreement, all on the terms and
          conditions set forth herein. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW,
THEREFORE, in consideration of the premises and the mutual covenants hereinafter set
forth, the parties agree as follows: </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;<B>1.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <B><U>DEFINITIONS</U></B><U></U>. The following terms shall have the following
          meanings when used in this Agreement: </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>1999
Asset Purchase Agreement</B>&#148; shall mean that certain Asset Purchase Agreement
between Hollywood Park, Inc. and Churchill Downs Incorporated dated as of May&nbsp;5,
1999. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Affiliate</B>&#148;
or &#147;<B>Affiliates</B>&#148; shall mean, with respect to any Person, any Person
directly or indirectly controlling, controlled by or under direct or indirect common
control with such other Person, either through the ownership of all or part of any Person
or by means of contract or management rights or otherwise. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Allocation
Statement</B>&#148; shall have the meaning set forth in Section&nbsp;3.6. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Assets</B>&#148;
shall have the meaning set forth in Section&nbsp;2.1. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Asset
Loss</B>&#148; shall have the meaning set forth in Section&nbsp;10.6. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Assigned
Contracts</B>&#148; shall have the meaning set forth in Section&nbsp;2.1.8. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Assignment
and Assumption of Lease Agreement</B>&#148; shall mean an Assignment and Assumption
Agreement substantially in the form of <U>Exhibit A</U> hereto, pursuant to which Buyer
shall assume all of the right, title and interest as &#147;landlord&#148; under the Casino
Lease, and shall agree to perform and discharge all obligations arising thereunder, in
each case arising or occurring after the Closing Date. </FONT></P>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Assignment
and Assumption of License Agreement</B>&#148; shall mean an Assignment and Assumption
Agreement substantially in the form of <U>Exhibit B</U> hereto, pursuant to which Buyer
shall assume all of the right, title and interest as &#147;licensor&#148; under the
License Agreement, and shall agree to perform and discharge all obligations arising
thereunder in each case arising or occurring after the Closing Date. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Assignment
and Assumption of Parking License Agreement</B>&#148; shall mean an Assignment and
Assumption Agreement substantially in the form of <U>Exhibit C</U> hereto, pursuant to
which Buyer shall assume all of the right, title and interest as &#147;licensee&#148;
under the Parking License Agreement, and shall agree to perform and discharge all
obligations arising thereunder, in each case arising or occurring after the Closing Date. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Assumed
Liabilities</B>&#148; shall have the meaning set forth in Section 3.3.2. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Backup
Files</B>&#148; shall have the meaning set forth in Section 2.1.2(c). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Bill
of Sale</B>&#148; shall mean a Bill of Sale and Assignment and Assumption Agreement
substantially in the form of <U>Exhibit D</U> hereto, pursuant to which Seller shall
assign to Buyer all Personal Property items set forth therein and Buyer shall acquire same
and assume and agree to pay, perform and discharge when due the Assumed Liabilities. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Buyer
Indemnified Party</B>&#148; or &#147;<B>Buyer Indemnified Parties</B>&#148; shall have the
meanings set forth in Section 9.2.1(a). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Buyer
Plan</B>&#148; shall have the meaning set forth in Section 11.2.1. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Casino
Building</B>&#148; shall mean that certain building, including the &#147;pavilion&#148;
portion thereof, as delineated on <U>Exhibit E</U>, commonly known as 3883 W. Century
Boulevard, Inglewood, California 90303, in which the &#147;Hollywood Park Casino&#148; is
operated, and all fixtures, built-in apparatuses, built-in equipment, built-in appliances
and fittings of every kind located on the Casino Building or used in the operation of the
Casino Business, halls, dining rooms, lounges, offices, lobbies and all other public
spaces, lavatories, basements, cellars, vaults and other portions of the Casino Building,
such as heating and air conditioning systems and facilities used to provide any utility
services, refrigeration, ventilation, garbage disposal, recreation or other services
thereto, and all leasehold improvements of tenants, if any. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Casino
Business</B>&#148; shall mean the operation of the casino known as the &#147;Hollywood
Park Casino&#148; in and about the Casino Building. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Casino
Lease</B>&#148; shall mean that certain lease dated September 10, 1999 pursuant to which
Seller has leased the Casino Building to Pinnacle. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Casino
Operator</B>&#148; shall mean Century Gaming Management, Inc., the tenant under the Casino
Sublease. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Casino
Sublease</B>&#148; shall mean a Lease between Pinnacle and the Casino Operator pursuant to
which the Casino Operator subleases the assets of the Casino Business and operates the
Casino Business. </FONT></P>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>CDCFOC</B>&#148;
shall mean Churchill Downs California Fall Operating Company, a Kentucky corporation. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>CHRB</B>&#148;
shall have the meaning set forth in Section 4.1. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Closing</B>&#148;
and &#147;<B>Closing Date</B>&#148; shall have the respective meanings set forth in
Section&nbsp;3.1. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Closing
Statement</B>&#148; shall have the meaning set forth in Section&nbsp;3.7.3. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Collective
Bargaining Agreement</B>&#148; shall mean those collective bargaining agreements to which
Seller is a party that cover employees of the Racetrack Business and are listed on Section
4.21 of the Disclosure Schedule. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Contract(s)</B>&#148;
shall mean any contract, agreement, option, lease, license, sales order, purchase order or
other legally binding commitment, whether written or oral, pertaining to the operation of
the Racetrack Business. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Debt</B>&#148;
shall mean any indebtedness of Seller, whether or not contingent, in respect of borrowed
money or evidenced by bonds, notes, debentures or other similar instruments or letters of
credit (or reimbursement agreements in respect thereof) or banker&#146;s acceptances or
the balance deferred and unpaid of the purchase price of any Asset, if and to the extent
any of the foregoing indebtedness (other than letters of credit) would appear as a
liability upon a balance sheet of Seller prepared in accordance with GAAP, including the
indebtedness secured by the Deed of Trust dated April 2, 2003, from Seller to Bank One,
Kentucky, NA, in the amount of $250,000,000, and all indebtedness of others secured by a
lien on any Asset (whether or not such indebtedness is assumed by Seller) and, to the
extent not otherwise included, any guaranty by Seller of any indebtedness of any other
Person. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Deposit</B>&#148;
shall have the meaning set forth in Section 3.3.1. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Diligence
Materials</B>&#148; shall mean the documents, information, reports, studies, financial
information and other materials posted in the virtual data room which was established at
http://66.45.42.20/invite/926-00-42212, and to which access was provided to both Buyer and
the other selected bidders interested in the Transactions, as listed in Section 1 of the
Disclosure Schedule. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Disclosure
Schedule</B>&#148; shall mean the schedules delivered to Buyer by or on behalf of the
Seller, containing all lists, descriptions, exceptions and other information and materials
as included therein. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Employee
Benefit Plan</B>&#148; shall have the meaning set forth in Section&nbsp;4.23. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Environmental
Claim or Claims</B>&#148; shall mean any actions, suits, demands, demand letters,
directives, claims, liens, investigations, proceedings or notices of noncompliance or
violation asserted by a third party or governmental agency alleging potential liability
arising out of, based on, or resulting from the presence or release into the environment
of any Hazardous Substances, at or onto the Real Property. </FONT></P>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Environmental
Laws</B>&#148; shall mean all laws (including, without limitation, common law), statutes,
decrees, injunctions, permits, regulations, rules, ordinances, by-laws, orders, judgments
or determinations of any governmental or judicial authority at the federal, state or local
level, in effect as of the Closing Date, which regulate or relate to the protection or
clean-up of the environment, the use, treatment, storage, transportation, generation,
manufacture, processing, distribution, handling or disposal of, or emission, discharge or
other release or threatened release of Hazardous Substances, the preservation or
protection of waterways, groundwater, drinking water, air, wildlife, plants or other
natural resources, or the health and safety of persons or property, including, without
limitation, protection of the health and safety of employees, other than laws, statutes,
regulations, rules, ordinances, by-laws, orders or determinations pertaining to land use
planning, zoning matters, and development entitlements. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Environmental
Remediation Cost Estimate</B>&#148; shall have the meaning set forth in Section 12.1(e). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>ERISA</B>&#148;
shall mean the Employee Retirement Income Security Act of 1974, as amended. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>ERISA
Affiliate</B>&#148; shall have the meaning set forth in Section&nbsp;4.23. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Estimated
Working Capital</B>&#148; shall have the meaning set forth in Section 3.7.3(a). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Excluded
Assets</B>&#148; shall have the meaning set forth in Section 2.2. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Excluded Liabilities</B>&#148;
shall have the meaning set forth in Section 3.4. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Extended
Closing Date</B>&#148; shall have the meaning set forth in Section 10.6. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Final
Closing Statement</B>&#148; shall have the meaning set forth in Section 3.7.3(b). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Final Remediation
Cost Estimate&#148;</B> shall have the meaning set forth in Section 12.1(e). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Final
Working Capital</B>&#148; shall have the meaning set forth in Section 3.7.3(b). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;GAAP&#148;
</B>means generally accepted accounting principles in the United States as in effect from
time to time, applied on a consistent basis. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Governmental
Authority</B>&#148; shall have the meaning set forth in Section 4.7. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Grant
Deed</B>&#148; shall have the meaning set forth in Section&nbsp;3.5(a)(1). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Hazardous
Substances</B>&#148; shall mean any pollutant, contaminant, chemical, waste and any toxic,
infectious, carcinogenic, reactive, corrosive, ignitable, or flammable chemical or
chemical compound or hazardous substance, material or waste, whether solid, liquid or gas,
including, without limitation, any quantity of asbestos in any form, urea formaldehyde,
PCBs, radon gas, crude oil or any fraction thereof, all forms of natural gas, petroleum
products or by-products or derivatives, radioactive substance or material, pesticide waste
waters, sludges, slag and any other substance, material or waste that is subject to
regulation, control or remediation under any Environmental Laws, including but not limited
to any common law. </FONT></P>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Hired
Employee</B>&#148; shall have the meaning set forth in Section&nbsp;11.2.1. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>HP
Plan</B>&#148; shall have the meaning set forth in Section 11.2.1. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>HSR</B>&#148;
or &#147;<B>HSR Act</B>&#148;, each as used herein, shall mean the Hart-Scott-Rodino
Antitrust Improvements Act of 1976, as the same may be amended from time to time. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Improvements</B>&#148;
shall mean, collectively, all buildings, structures and improvements of any kind and
nature located on the Land, other than the Casino Building, and all fixtures and built-in
equipment located on such buildings, structures and improvements, including all built-in
apparatuses, built-in equipment, built-in appliances and fittings of every kind located on
or used in the operation of the Racetrack Business, horse stalls, stables, tack rooms,
fencing, halls, dining rooms, lounges, offices, lobbies and all other public spaces,
lavatories, basements, cellars, vaults and other portions of such buildings, structures
and improvements, such as heating and air conditioning systems and facilities used to
provide any utility services, parking services, refrigeration, ventilation, garbage
disposal, recreation or other services thereto, and all landscaping and leasehold
improvements of tenants, if any. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Indemnification
Cap</B>&#148; shall have the meaning set forth in Section 9.2.1(c). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Indemnification Threshold</B>&#148;
shall have the meaning set forth in Section 9.2.1(c). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Indemnified
Party</B>&#148; shall mean, with respect to any Losses, the party seeking indemnity
hereunder. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Indemnifying
Party</B>&#148; shall mean, with respect to any Losses, the party from whom indemnity is
being sought hereunder. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Intellectual
Property Assets</B>&#148; shall have the meaning set forth in Section&nbsp;2.1.4(a). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Intellectual Property
Rights</B>&#148; shall mean all patent rights, copyrights, moral rights, trademark,
service mark, and trade name rights (including all goodwill associated therewith), rights
under unfair competition law, trade secret rights (including customer lists and customer
databases), privacy rights, publicity rights, and all similar intellectual and industrial
property rights now known or hereafter existing under the laws of the United States or any
other jurisdiction (including all rights under common law and in applications and
registrations pertaining to the foregoing). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Internal
Revenue Code</B>&#148; shall have the meaning set forth in Section&nbsp;3.5(a)(9). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Inventories</B>&#148;
shall mean, collectively, all feed supplies, hay, stock, health care and veterinary
supplies, food and beverage items, provisions in storerooms, other merchandise intended
for sale or resale, fuel, mechanical supplies, stationery and other expensed supplies, and
all other goods, materials and supplies used or intended for use at, or held for sale
(whether on or off site) in connection with, the Racetrack Business, to the extent owned
or held by Seller, including, without limitation, (i)&nbsp;food and liquor in unbroken
packages, (ii)&nbsp;raw and uncooked food, unopened beverages and other salable
merchandise, (iii)&nbsp;reserve stocks of operating supplies not in use, and
(iv)&nbsp;engineering and maintenance supplies. </FONT></P>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Land</B>&#148;
shall mean that certain real property more particularly described in <U>Exhibit E</U>. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Laws</B>&#148; shall
have the meaning set forth in Section 4.7. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Leases</B>&#148;
shall mean the leases or subleases to which Seller or an Affiliate of Seller is lessor or
sublessor and affecting any portion of the Assets which constitute Assigned Contracts. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>License
Agreement</B>&#148; shall mean that certain License Agreement dated September 10, 1999
together with each of the exhibits attached thereto, all of which is attached hereto as
<U>Exhibit M</U>, pursuant to which Seller has granted to Pinnacle an exclusive license to
use certain of the Hollywood Park trademarks, tradenames, logos and marks, as more
particularly described therein. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Licenses</B>&#148;
shall mean, collectively, all governmental permits, franchises, licenses and approvals
relating to the Assets or the use, occupancy and operations of the Racetrack Business or
any other portion of the Assets, including all environmental, gaming and racing permits
and licenses, certificates of occupancy, certificates of compliance, food handlers
permits, liquor licenses, any certificates of unofficial bodies, such as the National Fire
Prevention Association and such other certificates as may be required or customary in the
jurisdiction where the Assets are located or which pertain thereto, including, without
limitation, those licenses listed on Section 2.1.9 of the Disclosure Schedule. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Lien</B>&#148;
shall mean with respect to any property or asset, any mortgage, claim, charge, lease,
covenant, easement, encumbrance, security interest, lien, option, pledge, rights of
others, restriction or other adverse claim of any kind (whether on voting, sale, transfer,
disposition or otherwise) in respect of such property or asset, whether imposed by
agreement, understanding, law, equity or otherwise. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>LLF</B>&#148;
shall mean LFR Levine&#149;Fricke. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Loss</B>&#148;
or &#147;<B>Losses</B>,&#148; each as used herein, shall mean all demands, claims, actions
or causes of action, assessments, losses, damages, costs, expenses, liabilities,
encumbrances, liens, expenses of investigation and defense of any claim, judgments,
awards, fines, sanctions, penalties, charges and amounts paid in settlement (net of
insurance proceeds actually received), including reasonable costs, fees and expenses of
attorneys, accountants and other agents of such Person. </FONT></P>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Material
Adverse Effect</B>&#148; shall mean any event, change, circumstances, effect or state of
facts that is materially adverse to (i) the financial condition, business or results of
operations of the Racetrack Business or the Assets, taken as a whole, or (ii) the ability
of the Seller to perform its obligations under this Agreement or to consummate the
transactions contemplated hereby, <U>provided,</U> <U>however</U>, that &#147;Material
Adverse Effect&#148; shall not include the effect of any circumstance, change,
development, event or state of facts arising out of or attributable to any of the
following, either alone or in combination: (1) the market in which the Racetrack Business
operates generally, (2) general economic or political conditions, (3) the public
announcement of this Agreement or the consummation of the transactions contemplated
hereby, or (4) any changes in applicable laws, regulations or accounting rules. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Material
Asset</B>&#148; shall have the meaning set forth in Section&nbsp;6.7(d). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Material Contracts</B>&#148;
shall have the meaning set forth in Section&nbsp;4.17. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Monument
Letter</B>&#148; shall mean that certain Letter dated March&nbsp;30, 2005 pursuant to
which the Shapiro family has been granted the right to remove and relocate the remains of
Native Diver and the monument above his grave in the event Hollywood Park Racetrack ceases
to operate as a racetrack. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Multiemployer
Plan</B>&#148; shall have the meaning set forth in Section&nbsp;4.23. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Net
Cash Flow</B>&#148; means the annual net income of the Racetrack Business for the relevant
12&nbsp;month period ending on December&nbsp;31 of each calendar year during the term of
this Agreement, (A) <I>plus</I> to the extent deducted in computing such net income, (i)
net interest expense, and (ii) depreciation and amortization (including amortization of
goodwill and other intangibles), and (B) <I>minus </I>maintenance related capital
expenditures incurred in the ordinary course of business (but no such deduction shall be
taken for other capital expenditures not incurred in the ordinary course of business), all
as determined in accordance with GAAP. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Other
Consents</B>&#148; shall have the meaning set forth in Section 6.4(b). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Other Source
Payments</B>&#148; shall have the meaning set forth in Section 9.4. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Parking
License Agreement</B>&#148; shall mean that certain license agreement dated September 28,
2004 pursuant to which Wal-Mart Stores, Inc. has agreed to allow patrons of the Racetrack
Business to park on certain adjacent property. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Permitted
Liens</B>&#148; shall have the meaning set forth in Section 4.11(b). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Person</B>&#148;
means an individual, corporation, partnership, limited liability company, association,
trust, estate or other entity or organization. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Personal
Property</B>&#148; shall have the meaning set forth in Section 2.1.2. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Phase
II Period</B>&#148; shall have the meaning set forth in Section 12.1(a). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Phase II
Report</B>&#148; shall have the meaning set forth in Section 12.1(e). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Phase
II Testing</B>&#148; shall have the meaning set forth in Section 12.1. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Pinnacle</B>&#148;means Pinnacle Entertainment,
Inc., a Delaware corporation,  formerly known as Hollywood Park,
Inc. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Preliminary
Closing Statement</B>&#148; shall have the meaning set forth in Section 3.7.3(a). </FONT></P>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Potential
Contributor</B>&#148; shall have the meaning set forth in Section 9.2.1(c)(iii). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Purchase
Price</B>&#148; shall have the meaning set forth in Section&nbsp;3.3.1. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Racetrack
Business</B>&#148; shall mean the operation of the Hollywood Park Racetrack on a portion
of the Real Property. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Racetrack
Employees</B>&#148; shall mean the employees currently employed by Seller and who perform
services in connection with the Racetrack Business. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Racetrack
Operator License</B>&#148; shall have the meaning set forth in Section 7.4. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Readerboard
Signs</B>&#148; shall have the meaning set forth in Section 2.1.11. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Real
Property</B>&#148; shall have the meaning set forth in Section&nbsp;2.1.1. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Reinvestment
Agreement</B>&#148; shall mean that certain Reinvestment Agreement substantially in the
form of <U>Exhibit F</U> hereto. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Required
Consents</B>&#148; shall have the meaning set forth in Section 6.4(a). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Required Working
Capital</B>&#148; shall have the meaning set forth in Section 3.7.3(a). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Schedule
Update</B>&#148; shall have the meaning set forth in Section 6.8. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Scheduled
Intellectual Property Assets</B>&#148; shall have the meaning set forth in
Section&nbsp;2.1.4(a). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>SCOTWINC</B>&#148;
shall mean Southern California Offtrack Wagering Incorporated, a California corporation. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Seller
Employee Benefit Plan</B>&#148; shall have the meaning set forth in Section 4.23. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Seller Indemnified
Party</B>&#148; and &#147;<B>Seller Indemnified Parties</B>&#148; shall have the meanings
set forth in Section 9.2.1(b). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Simulcast
Agreement</B>&#148; shall mean that certain Simulcast Agreement substantially in the form
of <U>Exhibit G </U>hereto. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Surviving
Plans</B>&#148; shall have the meaning set forth in Section&nbsp;11.2.3. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Termination
Notice</B>&#148; shall have the meaning set forth in Section 7.4(b). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Title
Company</B>&#148; shall have the meaning set forth in Section&nbsp;6.1. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Title Policy</B>&#148;
shall have the meaning set forth in Section&nbsp;6.1. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Track
Improvements</B>&#148; shall have the meaning set forth in Section 11.6. </FONT></P>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Transactions</B>&#148;
shall mean the transactions contemplated by the Transaction Documents. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Transaction
Financial Statements and Balance Sheet</B>&#148; shall mean the unaudited income statement
and balance sheet of the Racetrack Business as of March 31, 2005, each prepared by Seller
and attached hereto as <U>Exhibit H</U>; and, if requested by Buyer in writing within 10
days from the date hereof, Seller shall also deliver an audited income statement and
balance sheet of the Racetrack Business as of December 31, 2004, provided that Buyer shall
be required to pay to Seller upon demand an amount equal to the cost of such audit. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Transaction
Documents</B>&#148; shall mean this Agreement, the Grant Deed, the Bill of Sale, the
Assignment and Assumption of License Agreement, the Assignment and Assumption of Lease
Agreement, the Assignment and Assumption of Parking License Agreement, the Reinvestment
Agreement, the Simulcast Agreement and the Closing Statement and such other documents as
the parties shall mutually agree are necessary to complete the Transactions. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Withdrawal
Liability Cap</B>&#148; shall have the meaning set forth in Section 11.2.3. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Work
Plan</B>&#148; shall have the meaning set forth in Section 12.1. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Working
Capital</B>&#148; means as of any date, (i) current assets minus (ii) current liabilities
of the Racetrack Business on such date excluding the effect of any provision for deferred
income tax assets or liabilities. </FONT></P>


     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;<B>2.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <B><U>TRANSFER OF ASSETS</U></B><U></U></FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1
<U>Transfer of Assets</U>. Subject to the terms and conditions of this Agreement, on the
Closing Date, Seller will sell, convey, transfer, assign and deliver to Buyer (and cause
CDCFOC to sell convey, transfer, assign and deliver to Buyer), and Buyer will purchase
from Seller, free and clear of all Liens, other than Permitted Liens, all of those assets
of Seller described below, which comprise all of the assets of Seller, specifically
including those assets which are owned by Seller and used or useable in connection with,
or otherwise necessary to operate, the Racetrack Business (the &#147;<B>Assets</B>&#148;),
as the same shall exist on the Closing Date (except the Excluded Assets, as defined in
Section 2.2): </FONT></P>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.1
<U>Real Property</U>. That certain real property in the City of Inglewood, County of Los
Angeles, State of California, consisting of approximately 238 acres, as delineated on
<U>Exhibit E</U>, including the Land, Improvements thereon, the Casino Building and all
rights, privileges and easements which are appurtenant to such real property (the
&#147;<B>Real Property</B>&#148;). </FONT>
</TD>
</TR>
</TABLE>
<BR>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.2
<U>Personal Property</U>.  </FONT>
</TD>
</TR>
</TABLE>


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               <TD ALIGN=RIGHT WIDTH=15%></TD>
               <TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               All tangible personal property, including, but not limited to, the Swaps statue,
               machinery and equipment including computer equipment (but not certain licensed
               software installed therein except to the extent assigned as Intellectual
               Property Assets under Section&nbsp;2.1.4 of this Agreement) and communications
               equipment, furniture, supplies, inventory and trade fixtures reflected on the
               Transaction Financial Statements and Balance Sheet or otherwise located on the
               Real Property on the Closing Date and used in the Racetrack Business (other than
               the personal property items, software, computer and other equipment and prepaid
               deposits (prorated pursuant to Section 3.7.2(b)) herein, in each case as set
               forth on Section 2.2.1 of the Disclosure Schedule). </FONT></P></TD>
               </TR>
               </TABLE>
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               <TD ALIGN=RIGHT WIDTH=15%></TD>
               <TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               Any leases relating to tangible personal property and service agreements
               relating to such leases, including, but not limited to, machinery and equipment,
               furniture and tools, inventory, trade fixtures and supplies, located on the Real
               Property or used or usable in the Racetrack Business, including those personal
               property leases and service agreements relating to such leases listed on Section
               2.1.2(b) of the Disclosure Schedule. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
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               <TD ALIGN=RIGHT WIDTH=15%></TD>
               <TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               Seller agrees to use its reasonable best efforts to take, or cause to be taken,
               all actions and to do, or cause to be done, all things necessary or desirable to
               provide Buyer with (a) a complete list of computer software (including any
               operating system, middleware, server or database) that is necessary for, used or
               held for use in connection with the Racetrack Business and (b) a list of
               software that is specifically excluded from the Assets and deemed to be Excluded
               Assets as soon as commercially reasonable (but in no event later than thirty
               (30) days after the date hereof). During such 30-day period, authorized
               representatives of both Buyer and Seller shall interview the employees who are
               computer users as part of the Racetrack Business, identify applications and data
               files that they use which are necessary for or used in connection with the
               Racetrack Business, and cooperate to prepare a comprehensive list of such data
               that is not (i) subject to existing privacy policies, (ii) proprietary
               information covered by Section 2.2.4 hereof or (iii) non-transferrable pursuant
               to the terms of applicable software licenses. Seller also agrees that is shall,
               within such 30-day period, make a back-up copy of all such remaining computer
               software, digital files and other information systems (i.e., data that is not
               subject to deletion under clauses (i), (ii) and (iii) of the foregoing sentence)
               (the &#147;<B>Backup Files</B>&#148;). Such Backup Files shall be made available
               to Buyer as and when reasonably required for purposes of migrating the remaining
               data on or after the Closing Date to any cleaned or new hard drives in the
               systems transferred to Buyer at Closing. In addition to, and not in limitation
               of the foregoing, Seller shall, at its sole cost and expense, be responsible for
               obtaining to the extent reasonably possible and with the reasonable assistance
               of Buyer any transferrable software licenses required to enable Buyer to use the
               Backup Files from and after the Closing Date </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.3
<U>Inventory</U>. All Inventory reflected on the Transaction Financial Statements and
Balance Sheet or otherwise located on the Real Property on the Closing Date or used or
usable in the Racetrack Business. </FONT>
</TD>
</TR>
</TABLE>
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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.4
<U>Intellectual Property Rights</U>.</FONT>
</TD>
</TR>
</TABLE>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
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               <TD ALIGN=RIGHT WIDTH=15%></TD>
               <TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               All Intellectual Property Rights owned by or licensed to Seller which are
               necessary for, used or held for use in connection with the Racetrack Business
               (collectively, the &#147;<B>Intellectual Property Assets</B>&#148;), subject to
               (i)&nbsp;all of the terms and conditions of the licenses or other agreements by
               which Seller holds, uses, or exploits those Intellectual Property Assets
               identified on Section 4.26 of the Disclosure Schedule (<B>&#147;Scheduled
               Intellectual </B> <B>Property Assets&#148;</B>), (ii)&nbsp;any existing licenses
               granted by Seller and other obligations related to the Intellectual Property
               Assets as of the Closing Date identified on Section 4.26 of the Disclosure
               Schedule, including, without limitation, the License Agreement (together with
               each of the exhibits attached thereto), (iii)&nbsp;the royalty obligations,
               contracts, claims and other restrictions on the exercise of such Intellectual
               Property Assets, actual and potential, identified on Section 4.26 of the
               Disclosure Schedule, and (iv) any restrictions, conditions, terms or limitations
               arising under the Scheduled Intellectual Property Assets or arising by operation
               of law with respect to the Scheduled Intellectual Property Assets regarding the
               transfer of such Scheduled Intellectual Property Assets. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD ALIGN=RIGHT WIDTH=15%></TD>
               <TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               All Intellectual Property Rights owned by Seller and relating to the Casino
               Business, subject to (i) any existing licenses granted by Seller and other
               obligations related to the Intellectual Property Assets as of the Closing Date
               identified on Section 4.26 of the Disclosure Schedule, including, without
               limitation, the License Agreement (together with each of the exhibits attached
               thereto), (ii) the royalty obligations, contracts, claims and other restrictions
               on the exercise of such Intellectual Property Assets, actual and potential,
               identified on Section 4.26 of the Disclosure Schedule, and (iii) any
               restrictions, conditions, terms or limitations regarding the transfer of such
               Scheduled Intellectual Property Assets. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.5
<U>Cash and Accounts</U>. Working Capital, cash on hand and cash equivalents of Seller
(relating to the Racetrack Business), including, but not limited to, petty cash, bank
accounts and temporary cash investments, in an amount sufficient to operate the Racetrack
Business consistent with past practices of Seller. </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.6
<U>Accounts Receivable and Accounts Payable</U>. All accounts, notes, receivables, and
refund claims, and all accounts payable, relating to the Racetrack Business. </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.7
<U>Books and Records</U>. All books and records including current employee manuals,
personnel records relating to or containing performance reviews and similar evaluations
(but excluding medical records) and all files, documents, papers, customer and supplier
lists, data bases, architectural plans, drawings and specifications, advertising and
promotional materials and information relating to any management and accounting procedures
and guidelines specific to the Racetrack Business, whether in hard copy or digital format,
used in or relating to the Racetrack Business, pertaining to the Assets, the Assumed
Liabilities or otherwise to the Racetrack Business that are related to continuing the
operation of the Racetrack Business as a going concern, subject to the Seller retaining
copies of the same. </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.8
<U>Assigned Contracts</U>. All rights of Seller and CDCFOC under all Contracts relating to
the Racetrack Business relating to periods after the Closing Date (the &#147;<B>Assigned
Contracts</B>&#148;), including, but not limited to, (a) Material Contracts listed in
Section 4.17 of the Disclosure Schedule, (b) Collective Bargaining Agreements, (c) all
unfilled orders outstanding as of the Closing Date for the purchase of raw materials,
goods or services by Seller and all unfilled orders outstanding as of the Closing Date for
the sale of goods or services by Seller, (d)&nbsp;other Contracts entered into in the
ordinary course of business of the Racetrack Business through the Closing Date and
(e)&nbsp;the Monument Letter; provided, however, that any Contract that requires the
consent to assignment of a party thereto and for which such consent has not been obtained
prior to the Closing shall not be transferred or assigned on the Closing Date but shall be
handled as provided in Section&nbsp;6.4. </FONT>
</TD>
</TR>
</TABLE>
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        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.9
<U>Permits and Licenses</U>.  All transferable Licenses.</FONT>
</TD>
</TR>

<TR>
      <TD>&nbsp; </TD></TR>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.10
<U>Vehicles</U>.  All vehicles  reflected on the Transaction  Financial  Statements and Balance
         Sheet and supporting schedules thereto.</FONT>
</TD>
</TR>
<TR>
      <TD>&nbsp; </TD></TR>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.11
<U>Readerboard  Signs</U>.  The  two  readerboard  signs  located  adjacent  to the 405 and 105
         freeways (the "Readerboard Signs")</FONT>
</TD>
</TR><TR>
      <TD>&nbsp; </TD></TR>

 <TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.12
<U>SCOTWINC</U> All of the  transferable  interests  and rights,  if any, in SCOTWINC held by
         Seller.</FONT>
</TD>
</TR><TR>
      <TD>&nbsp; </TD></TR>
 </TABLE>
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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.13
<U>Goodwill</U>. All goodwill specific to the Racetrack Business or the Assets, together
with the right to represent to third parties that Buyer is the successor of the Racetrack
Business. </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.14
<U>Prepaid Expenses</U>. All prepaid expenses, including, without limitation, taxes,
leases and rentals (in all cases subject to proration, if applicable, in accordance with
Section 3.7.2 hereof). </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.15
<U>Claims Against Third Parties</U>. All rights, claims, credits, causes of action or
rights of set off against third parties arising with respect to events or breaches
occurring or arising after the Closing Date under the Assigned Contracts and, to the
extent assignable, all of Seller&#146;s right, title and interest in and to any
contractors&#146;, suppliers&#146;, materialmens&#146; and builders&#146; guarantees and
warranties of workmanship and/or materials respecting the Racetrack Business. </FONT>
</TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.16
<U>Insurance Proceeds</U>. If an Asset Loss occurs with respect to an asset which is
material to the Casino Building or an asset which is material to the operation of the
Racetrack Business and such Asset Loss is not cured by Seller prior to the Closing Date or
the Extended Closing Date (as defined in Section 10.6), and if Buyer waives its rights or
is deemed to have waived its rights under Section 10.6 to terminate this Agreement as a
result thereof, all rights in and to net insurance proceeds attributable to such Asset
Loss (if and to the extent that the Asset Loss was an insured loss) or condemnation awards
(net of the costs and expenses incurred by Seller in collecting same), plus the amount of
any deductible or retention with respect to any such insured Asset Loss. </FONT>
</TD>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Assets shall include all assets
described above that are acquired by Seller in the ordinary course of business consistent
with past practices for use in connection with the Racetrack Business between the date
hereof and the Closing Date (except to the extent such assets would constitute Excluded
Assets), but shall exclude assets of the type described above that are disposed of, sold
or consumed after the date hereof in the ordinary course of business on a basis consistent
with past practice. If, for any reason, any Excluded Assets are physically transferred to
Buyer, or Buyer otherwise gains access to any such Seller property as a result of the
transactions contemplated herein, no assignment or license of such property to Buyer shall
be implied and, as between Buyer and Seller, all ownership interests and other rights of
any kind in such property shall remain with Seller. If Buyer knowingly comes into
possession of, or gains access to, any Seller information or property which is not part of
the Assets to be conveyed hereunder, Buyer shall (a)&nbsp;treat any such information as
the confidential information of Seller, (b)&nbsp;promptly upon discovery by Buyer of its
possession of such Seller information or property notify Seller that Buyer possesses or
has access to such information or property, and (c)&nbsp;cooperate fully with Seller to
return to Seller or destroy such property promptly, as Seller may direct at its option.
Specifically, but without limitation, any information stored on the computers transferred
to Buyer hereunder, or transferred to Buyer by any other electronic media, but not
otherwise expressly transferred by this Section 2.1 shall, as between Buyer and Seller,
remain the sole and exclusive property of Seller. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2
<U>Assets Not Transferred</U>. Notwithstanding anything to the contrary contained herein,
the following assets and properties of Seller are specifically excluded from the Assets
and shall be retained by it (the &#147;<B>Excluded Assets</B>&#148;): </FONT></P>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.1
<U>Excluded Personal Property and Prepaid Deposits</U>. The personal property items,
including personal property items to which Seller&#146;s logo is permanently affixed and
from which it cannot be removed or painted over, software, computer and other equipment
and prepaid deposits, in each case, as set forth on Section 2.2.1 of the Disclosure
Schedule; </FONT>
</TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.2
<U>Claims Against Third Parties</U>. Claims or rights against third parties, except those
arising with respect to events or breaches occurring or discovered after the Closing Date
under the Assigned Contracts; provided, however, that any rights of indemnification,
contribution or reimbursement that may exist under the Assigned Contracts in respect of
liabilities or obligations retained by the Seller hereunder shall be Excluded Assets; </FONT>
</TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.3
<U>Insurance</U>. All insurance policies maintained by Seller or its parent and rights
thereunder, including but not limited to rights to any cancellation value as of the
Closing Date and any prepaid business insurance premiums set forth on Section 2.2.3 of the
Disclosure Schedule; </FONT>
</TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.4
<U>Unrelated Information</U>. Employee medical records, proprietary business information
and records which are not used exclusively in the Racetrack Business, including, but not
limited to, management procedures and guidelines (other than those which are specific to
the Racetrack Business) and proprietary financial reporting formats, accounting procedures
and strategic plans; and </FONT>
</TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.5
<U>Certain Contracts and Licenses</U>. All non-transferable Licenses listed on Section
2.2.5 of the Disclosure Schedule, and the rights of any Seller under (i)&nbsp;any Contract
to the extent relating to any non-transferable Licenses, and (ii)&nbsp;any Contract that
requires the consent to assignment of a party thereto and for which such consent has not
been obtained pursuant to the provisions of Section&nbsp;6.4(c) prior to the Closing;
provided that any such Contract shall be assigned upon receipt of any necessary consents. </FONT>
</TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.6
<U>Eual Wyatt Employment Contract</U>. Seller agrees that the Employment Agreement by and
between Hollywood Park Operating Company and Eual Wyatt dated as of January&nbsp;1, 1999,
shall be terminated at Closing and any obligations thereunder shall be Excluded Assets
hereunder. </FONT>
</TD>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Buyer acknowledges that all property
or assets belonging to the tenant under the Casino Lease or the Casino Operator,
including, without limitation, any signage located in or on the Casino Building, are
assets of the Casino Operator and not Seller, and thus are not included in the conveyances
hereunder. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3. <U>CLOSING, PURCHASE
PRICE, ASSUMPTION OF LIABILITIES</U>. </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1
<U>Closing</U>. The consummation of the purchase and sale of the Assets (the
&#147;<B>Closing</B>&#148;) shall occur on September 23, 2005, unless extended (i) by the
mutual written agreement of Buyer and Seller, (ii) by Seller pursuant to Section&nbsp;10.6
of this Agreement or (iii) by Buyer and Seller to allow for the determination of the Final
Remediation Cost Estimate pursuant to Article 12. The date upon which the Closing shall
occur is sometimes referred to in this Agreement as the &#147;<B>Closing Date</B>.&#148;
Subject to the terms and conditions of this Agreement, Seller shall deliver possession of
the Assets to Buyer on the Closing Date, free and clear of all Liens (except Permitted
Liens). The parties agree that time is of the essence. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2
<U>Simultaneous Delivery: Conditions Concurrent</U>. All documents and other items to be
delivered at the Closing shall be deemed to have been delivered simultaneously, and no
delivery shall be effective until all such items have been delivered. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3
<u>Purchase Price.</u></FONT></P>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.1
<U>Purchase Price</U>. The purchase price for the Assets (collectively, the
&#147;<B>Purchase </B> Price&#148;), shall be (a)&nbsp;$260,000,000 in cash; plus
(b)&nbsp;the assumption of the Assumed Liabilities, minus (c) the amount of the reduction
referenced in Section 12.2, if any, in the event neither Buyer nor Seller terminates this
Agreement pursuant to Article 12 hereto. Buyer has, on the date hereof, paid into escrow
by wire transfer of immediately available funds the sum of Ten Million Dollars
($10,000,000) (such amount, together with any interest or dividends earned thereon shall
be referred to herein as the <B>&#147;Deposit</B>&#148;), which amount shall be held in
escrow and applied to the Purchase Price on the Closing Date. If the Closing fails to
occur and this Agreement is terminated by Seller as a result of Buyer&#146;s material
breach, the Deposit shall be immediately released to Seller upon such termination. If the
Closing fails to occur and this Agreement is terminated by Buyer as a result of
Seller&#146;s material breach, or if this Agreement is terminated by either party in
accordance with Article 10 (other than as a result of termination by Seller after a
material breach by the Buyer) or by either party in accordance with Article 12 hereof, the
Deposit shall be immediately returned to Buyer upon such termination. The parties shall
execute an escrow agreement with the Title Company substantially in the form of
<U>Exhibit&nbsp;N </U> simultaneously with the execution of this Agreement. </FONT>
</TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.2
<U>Assumed Liabilities</U>. On the terms and subject to the conditions set forth in this
Agreement, at the Closing, Buyer shall assume and become responsible for the liabilities
and obligations of Seller relating to the Racetrack Business, whether absolute,
contingent, accrued or otherwise (collectively, the &#147;<B>Assumed
Liabilities</B>&#148;), including the following: </FONT>
</TD>
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               <TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               <U>Assigned Contracts</U>. Any and all liabilities, obligations and commitments
               arising or occurring after the Closing Date under the Assigned Contracts. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD ALIGN=RIGHT WIDTH=15%></TD>
               <TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               <U>Post-Closing Operations</U>. All liabilities and obligations arising out of
               events or transactions after the Closing in connection with the operation of the
               Racetrack Business by Buyer. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD ALIGN=RIGHT WIDTH=15%></TD>
               <TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               <U>Specific Undertakings</U>. Any and all liabilities, obligations and
               commitments of Seller specifically undertaken by Buyer pursuant to any other
               provision of this Agreement. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD ALIGN=RIGHT WIDTH=15%></TD>
               <TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               <U>Condition of the Assets</U>. All liabilities arising as a consequence of the
               physical, structural or seismic condition of the Assets on and after the Closing
               Date. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD ALIGN=RIGHT WIDTH=15%></TD>
               <TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               <U>Environmental Conditions</U>. Other than the Excluded Liabilities, any and
               all liabilities, claims, demands, losses, costs, damages, injuries, obligations,
               judgments, actions, causes of action, fines, assessments, penalties, or
               expenses, including consultants&#146; and attorneys&#146; fees, as a result of
               the presence of any Hazardous Substance in, on or about the Real Property,
               including without limitation those liabilities, claims, demands, losses, costs,
               damages, injuries, obligations, judgments, actions, causes of action, fines,
               assessments, penalties, or expenses, including consultants&#146; and
               attorneys&#146; fees, arising as a result of any redevelopment or demolition
               activities of Buyer, or any subsequent buyers, in, on or about the Real
               Property. Such assumed liability also includes without limitation any
               liabilities, claims, demands, losses, costs, damages, injuries, obligations,
               judgments, actions, causes of action, fines, assessments, penalties, or
               expenses, including consultants&#146; and attorneys&#146; fees, associated with
               (1) claims for investigation or remediation of any Hazardous Substances on the
               Real Property; (2) claims for property damages by subsequent buyers or neighbors
               due to Hazardous Substances on the Real Property or migrating from the Real
               Property; (3) claims for natural resource damages by any Governmental Authority
               due to the presence of any Hazardous Substance on the Real Property or migrating
               from the Real Property; and (4) claims of personal injury by any individual as a
               result of the presence of any Hazardous Substance on the Real Property or
               migrating from the Real Property<U>.</U> </FONT></P></TD>
               </TR>
               </TABLE>
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               <TD ALIGN=RIGHT WIDTH=15%></TD>
               <TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               <U>Liabilities on Balance Sheet</U>. All accounts payable and other liabilities
               of the Seller relating to the Racetrack Business on the Closing Date that are
               set forth on the Transaction Financial Statements and Balance Sheet, subject to
               changes to the amounts of such payables in the ordinary course of business and
               to the provisions of Sections 3.7.3 and 6.2.10. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD ALIGN=RIGHT WIDTH=15%></TD>
               <TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               <U>Cash and Accounts</U>. Any and all restrictions, obligations and guidelines
               pertaining to the Working Capital, cash on hand and cash equivalents of Seller
               (relating to the Racetrack Business) transferred to Buyer pursuant to Section
               2.1.5 above that are listed on Section 3.3.2(g) of the Disclosure Schedule. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4
<U>Non-Assumption of Certain Liabilities</U>. Buyer is not assuming, and shall not be
deemed to have assumed any liabilities, obligations or commitments of Seller, whether
contingent or non-contingent, liquidated or unliquidated, asserted or unasserted (other
than the Assumed Liabilities set forth above), all of which shall remain the liabilities,
obligations and commitments of Seller (such liabilities collectively, the
&#147;<B>Excluded Liabilities</B>&#148;). The Excluded Liabilities include: </FONT></P>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.1
<U>Tax Liabilities</U>.  Liabilities for any taxes relating to periods prior to the Closing:
        </FONT></TD>
</TR>



<TR>
      <TD> &nbsp;</TD></TR>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.2
<U>Indemnification  Obligations</U>. Seller's  obligations  to indemnify  Buyer as provided in Article&nbsp;9;
</FONT>
</TD>
</TR>
<TR>
      <TD> &nbsp;</TD></TR>
</TABLE>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.3
<U>Litigation</U>. Except as otherwise provided in Article&nbsp;9, all liabilities with
respect to litigation, actions, proceedings or arbitrations whether pending on the Closing
Date or asserted after the Closing Date, but in each case only to the extent the same
relate to or arise from events which occurred prior to such Closing Date, including,
without limitation, the actions described on Section&nbsp;3.4.3 of the Disclosure Schedule
but excluding any of the Assumed Liabilities in Section 3.3.2(e); </FONT>
</TD>
</TR>
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<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.4
<U>Workers&#146; Compensation Claims</U>. All liabilities for workers&#146; compensation
claims brought by Seller&#146;s former employees and all such claims brought by
Seller&#146;s current employees, to the extent such claims relate to, or arise from,
events which occurred on or prior to the Closing; </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.5
<U>Certain Employee Liabilities</U>. All liabilities (a) to the extent such liabilities
relate to former employees of the Seller and current employees of the Seller who are not
Hired Employees (other than as explicitly provided with respect to WARN liabilities in
Section 11.2.2 of this Agreement), (b)&nbsp; which relate to Collective Bargaining
Agreements for periods prior to the Closing Date, (c) to the extent such liabilities
relate to Hired Employees but which relate to periods prior to the Closing Date (other
than as explicitly provided with respect to WARN liabilities in Section 11.2.2 of this
Agreement), (d)&nbsp;with respect to any agreement entered into by Seller prior to the
date hereof relating to any change of control or severance payment or any additional
compensation or bonus paid or payable to any current employee to maintain his or her
employment in connection with the Racetrack Business through the Closing Date, other than
&nbsp;as referenced in Section&nbsp;3.3.2(h) of this Agreement, (e) as set forth in
Section 9.2.4 of this Agreement or as otherwise provided for in this Agreement, or
(f)&nbsp;with respect to any plans, programs or policies of Seller or its Affiliates that
provide for retirement benefits or equity-based or deferred compensation and any awards
granted thereunder; </FONT>
</TD>
</TR>
</TABLE>
<BR>
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        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                16</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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</TABLE>
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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.6
<U>Liabilities Relating to the Excluded Assets</U>. All liabilities or obligations arising
prior to, on or after the Closing Date with respect to or in connection with the Excluded
Assets; </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.7
<U>Brokers, etc</U>. Any commissions or expenses owed to Lazard Freres &amp; Co., LLC, or
fees of any other broker, finder, investment banker, attorney or other intermediary or
advisor employed by Seller or any of its Affiliates in connection with the Transactions
contemplated hereby or otherwise; </FONT>
</TD>
</TR>
</TABLE>
<BR>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.8
&nbsp;<U>Debt</U>.&nbsp;  All Debt;</FONT>
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.9
 <U>Affiliates</U>.  Any liability,  whether currently in existence or arising  hereafter,  owed
         by Seller to any of its  Affiliates,  other than those  arising in respect of  Contracts  to be assumed by
         Buyer hereunder; and</FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.10
<U>Certain Environmental Liabilities</U>. Any and all liabilities, claims, demands,
losses, costs, damages, injuries, obligations, judgments, actions, causes of action,
fines, assessments, penalties or expenses, including consultants&#146; and attorneys&#146;
fees resulting from (a) the direct or indirect disposal or arrangement for the disposal of
Hazardous Substances from the Real Property to, at or onto a location other than the Real
Property from September&nbsp;10,&nbsp;1999 through the Closing Date, including without
limitation to the Dominguez Channel Watershed/Consolidated Slip, or (b) any property
owned, leased or operated by Seller (other than the Real Property). </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Notwithstanding the provisions of
Sections&nbsp;3.4.3 and 3.4.5 hereof, in the event a court orders equitable relief with
respect to such Excluded Liabilities which equitable relief Seller could no longer comply
with due to its sale of the Assets which would be affected by such equitable relief, Buyer
shall be responsible for complying with such order and Seller shall reimburse Buyer for
the actual out-of-pocket cost thereof; provided, however, that Buyer shall not voluntarily
agree to any such equitable relief (if it intends to seek reimbursement from Seller)
unless it shall first have advised Seller as to the proposed equitable relief and Seller
shall have consented thereto (such consent not to be unreasonably withheld). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5
<U>Deliveries at Closing</U>. At Closing, Seller and Buyer shall each deliver to the other
such instruments and funds as are necessary to consummate the purchase and sale of the
Assets and the assignment and assumption of the Assumed Liabilities, including the
following: </FONT></P>
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        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                17</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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               <TR VALIGN=TOP>
        <TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> &nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a)</FONT></TD>
               <TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Seller shall deliver to Buyer:</FONT></TD></TR>

</TABLE>

<BR>
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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1. </FONT></TD>
               <TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               A duly executed and acknowledged grant deed (&#147;<B>Grant Deed</B>&#148;),
               sufficient to convey to Buyer fee title to the Real Property. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2. </FONT></TD>
               <TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Two (2) counterpart copies of the Bill of Sale and Assignment and Assumption
               Agreement, duly executed by Seller and CDCFOC. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3. </FONT></TD>
               <TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Two (2) counterpart copies of the Assignment and Assumption of License
               Agreement, duly executed by Seller. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4. </FONT></TD>
               <TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Two (2) counterpart copies of the Assignment and Assumption of Lease Agreement,
               duly executed by Seller. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5. </FONT></TD>
               <TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Two (2) counterpart copies of the Assignment and Assumption of Parking License
               Agreement, duly executed by Seller, together with the Consent to Assignment and
               Assumption of Parking License attached thereto duly executed by the Licensor
               under and as defined in the Parking License Agreement. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6. </FONT></TD>
               <TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Two (2) counterpart copies of the Simulcast Agreement duly executed by Seller. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7. </FONT></TD>
               <TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Two (2) counterpart copies of the Reinvestment Agreement duly executed by
               Seller. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8. </FONT></TD>
               <TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Such other instruments of transfer necessary or appropriate to transfer and vest
               in Buyer all of Seller&#146;s right, title and interest in and to the Assets. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9. </FONT></TD>
               <TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               An affidavit directed to Buyer giving Seller&#146;s taxpayer identification
               number and confirming under penalty of perjury that Seller is not a
               &#147;foreign person,&#148; which affidavit shall be sufficient to relieve Buyer
               of any withholding obligation under Section&nbsp;1445 of the Internal Revenue
               Code of the United States (&#147;<B>Internal Revenue Code</B>&#148;) (provided,
               however, that if Seller fails to deliver such affidavit, Buyer&#146;s remedy
               shall be to withhold from the Purchase Price in accordance with law). </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10. </FONT></TD>
               <TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               A California Real Estate Withholding Exemption Certificate (Form 593-C), which
               shall be sufficient to relieve Buyer of any withholding obligation under the
               California Revenue and Taxation Code (provided however that if Seller fails to
               deliver such Certificate, Buyer&#146;s remedy shall be to withhold from the
               Purchase Price in accordance with law). </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11. </FONT></TD>
               <TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Originals or copies of any warranties and guaranties received by Seller and to
               be assigned to Buyer, but only to the extent in Seller&#146;s possession or
               readily available to Seller, from any contractors, subcontractors, suppliers or
               materialmen in connection with any construction, repairs or alterations of the
               Improvements and the Casino Building. </FONT></TD>
               </TR>
               </TABLE>
               <BR>
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<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                18</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
</TABLE>
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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12. </FONT></TD>
               <TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Originals or copies of all Assigned Contracts and all transferable Licenses, if
               any, to be assigned to Buyer pursuant to this Agreement. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13. </FONT></TD>
               <TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               All existing as-built plans and specifications for the Improvements and the
               Casino Building which are in the possession or under the control of Seller. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14. </FONT></TD>
               <TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               The Closing Statement, duly executed by Seller. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15. </FONT></TD>
               <TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               The opinion of counsel to Seller referred to in Section&nbsp;8.1.5. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16. </FONT></TD>
               <TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               A short-form trademark assignment of U.S. Registration 1,850,076 for HOLLYWOOD
               PARK duly executed by Seller. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17. </FONT></TD>
               <TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               A list of all accounts receivable and prepaid expenses as of the Closing Date. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18. </FONT></TD>
               <TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               The keys to all locks located on or in the Assets (and any and all cards,
               passwords, devices or things necessary to access the Assets). </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19. </FONT></TD>
               <TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Releases or acceptable pay-off letters for any Liens securing Debt. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20. </FONT></TD>
               <TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               An estoppel certificate from the tenant under the Casino Lease, substantially in
               the form attached hereto as <U>Exhibit L</U>. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>21. </FONT></TD>
               <TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Certificates of title duly endorsed to Buyer as to each motor vehicle included
               in Assets. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>22. </FONT></TD>
               <TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Such other instruments and documents as may be reasonably required for Seller to
               perform its obligations hereunder or as may be reasonably required by the Title
               Company. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
        <TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> &nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b)</FONT></TD>
               <TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Buyer shall deliver to Seller:</FONT></TD></TR>

</TABLE>
<BR>
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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1. </FONT></TD>
               <TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               The Purchase Price (not including the Assumed Liabilities), in cash or
               immediately available funds. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2. </FONT></TD>
               <TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Two (2) counterpart copies of the Bill of Sale and Assignment and Assumption
               Agreement, duly executed by Buyer. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3. </FONT></TD>
               <TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Two (2) counterpart copies of the Assignment and Assumption of License
               Agreement, duly executed by Buyer. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4. </FONT></TD>
               <TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Two (2) counterpart copies of the Assignment and Assumption of Lease Agreement,
               duly executed by Buyer. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5. </FONT></TD>
               <TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Two (2) counterpart copies of the Assignment and Assumption of Parking License
               Agreement, duly executed by Buyer. </FONT></TD>
               </TR>
               </TABLE>
               <BR>
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<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
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<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                19</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
</TABLE>
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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6. </FONT></TD>
               <TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Two (2) counterpart copies of the Closing Statement, duly executed by Buyer. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7. </FONT></TD>
               <TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Two (2) counterpart copies of the Simulcast Agreement duly executed by Buyer. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8. </FONT></TD>
               <TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Two (2) counterpart copies of the Reinvestment Agreement duly executed by Buyer. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9. </FONT></TD>
               <TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               The opinion of counsel to Buyer referred to in Section&nbsp;8.2.4. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10. </FONT></TD>
               <TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               A copy of the environmental insurance policy referenced in Section 8.2.8 (or
               other evidence of the binding thereof). </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11. </FONT></TD>
               <TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               The form of reseller certificate that complies with the requirements of the
               California Taxation and Revenue Code and other applicable state taxation laws. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12. </FONT></TD>
               <TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Such other instruments and documents as may be reasonably required for Buyer to
               perform its obligations hereunder or as may be reasonably required by the Title
               Company. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6
<U>Tax Allocation</U>. As soon as practicable after the Closing, Buyer shall deliver to
Seller, after consultation with Seller, a statement (the &#147;<B>Allocation
Statement</B>&#148;), allocating the Purchase Price (including Assumed Liabilities, to the
extent properly taken into account under Section&nbsp;1060 of the Internal Revenue Code)
to broad categories constituting components of the Assets in accordance with Section 1060
of the Internal Revenue Code. If within 10 days after delivery of the Allocation Statement
Seller notifies Buyer in writing that Seller objects to the allocation set forth in the
Allocation Statement, Buyer and Seller shall use commercially reasonable efforts to
resolve such dispute within 20 days. If the parties are unable to reach an agreement
during such 20 day period, the allocation of the Purchase Price shall be determined by
appraisal to be performed by a &#147;Big-Four&#148; accounting firm mutually acceptable to
Buyer and Seller. The costs of the appraisal shall be borne equally by Buyer and Seller.
Each party will report timely the purchase and sale of the Assets in accordance with the
Allocation Statement (adjusted, if necessary, to reflect any such accounting firm
appraisal and any post-Closing adjustments to the Purchase Price) for all federal, state,
local and other tax purposes. Buyer and Seller agree to file any additional information
return required to be filed pursuant to Section 1060 of the Internal Revenue Code in
accordance with the Allocation Statement (as so adjusted). Not later than 30 days prior to
the filing of its Form 8594 relating to this transaction, each party shall deliver to the
other party a copy of such Form 8594. </FONT></P>
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<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                20</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
</TABLE>
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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 border=0>
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<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Costs and Prorations</U></FONT></TD>
     <TD ALIGN="Left" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
     </TABLE>
<BR><BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7.1
<U>Costs</U>.  Costs of the Closing shall be allocated as follow:  Seller shall pay:</FONT></TD>
               </TR>
               </TABLE>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a) </FONT></TD>
               <TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               the costs of preparing and recording the Grant Deed and all other documents
               (other than those relating to Buyer&#146;s financing, if any) to be recorded at
               the Closing; </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b) </FONT></TD>
               <TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               all state and local documentary transfer, stamp, or similar taxes, if any,
               imposed in connection with the transfer of the Real Property; </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(c) </FONT></TD>
               <TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               all trustee&#146;s and other fees in connection with any deeds of trust which
               shall be reconveyed at Closing; and </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(d) </FONT></TD>
               <TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               the cost of preparing the Preliminary Title Report and the premiums for a CLTA
               Owner&#146;s Title Policy in the amount of the portion of the Purchase Price
               allocated to the Real Property. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

                           Buyer shall pay:

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a) </FONT></TD>
               <TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               all state and local sales or use taxes imposed in connection with the transfer
               of the Personal Property (as such term is described in Section 2.1.2); </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b) </FONT></TD>
               <TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               the cost of preparation and recordation of its mortgage, deed of trust, or other
               applicable financing instruments, if any; </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(c) </FONT></TD>
               <TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               the cost of any new surveys conducted by Buyer; </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(d) </FONT></TD>
               <TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               the costs incurred by Buyer to obtain a liquor license for the Racetrack
               Business; </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(e) </FONT></TD>
               <TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               the portion of the premium for the Title Policy not chargeable to Seller as
               provided above, including the incremental cost of the ALTA Title Policy and all
               endorsements thereto specified by Buyer; and </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(f) </FONT></TD>
               <TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               the HSR filing fee. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>All other costs, if any, shall be
apportioned in the customary manner for real estate transactions in Los Angeles County. </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7.2
<U>Prorations</U>. At Closing, the parties shall prorate as of the Closing Date, the
following with respect to the Racetrack Business and the Assets: </FONT>
</TD>
</TR>
</TABLE>
<BR>
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<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                21</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
</TABLE>
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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=15%></TD>
               <TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               <U>Taxes</U>: Real estate taxes, assessments, personal property taxes and rent
               tax, if any, on all or any portion of the Real Property, based on the regular
               and supplemental tax bills for the calendar year in which the Closing occurs. In
               the event that the aggregate amount of the property taxes payable in respect of
               the Assets are not ascertainable as of the Closing Date, then the parties will
               prorate such taxes on the basis of the latest available tax bill and will make
               such post-Closing adjustment as may be necessary when the aggregate amount of
               the taxes are determined. All taxes and assessments relating to periods prior to
               and through the Closing shall be paid by Seller and Buyer shall be responsible
               for all taxes and assessments relating to periods after the Closing. Seller
               shall pay any supplemental tax bills or taxes or assessments levied by the
               taxing authorities or received subsequent to the Closing Date to the extent
               applicable to periods prior to the Closing Date. If any supplemental real estate
               taxes are levied for the taxable period up to and including the Closing Date,
               the parties will, immediately after the Closing or the issuance of the
               supplemental real estate tax bill (whichever last occurs), prorate between
               themselves, in cash, without interest and to the date of the Closing Date, the
               supplemental real estate taxes shown by such bill. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=15%></TD>
               <TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               <U>Prepaid Items, Deposits and Utilities</U>. All prepaid items and deposits
               applicable to the ownership of the Assets or operation of the Racetrack Business
               covering periods prior to and after the Closing Date, including without
               limitation, the items referenced in Section&nbsp;2.1.14 of this Agreement and
               the items listed on Section&nbsp;3.7.2 of the Disclosure Schedule and all
               utilities including gas, water, sewer, electricity, telephone and other
               utilities supplied to the Improvements. All meters shall be read as of the
               Closing Date. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=15%></TD>
               <TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               <U>Rent</U>. Base rent and any common area charges payable by the tenant under
               the Casino Lease. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=15%></TD>
               <TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               <U>Assigned Contracts</U>. Amounts payable under Assigned Contracts shall be
               prorated on an accrual basis. Seller shall pay when due all amounts for which a
               bill has been received by Seller prior to the Closing Date. For any such bills
               received after the Closing Date, Seller agrees to pay its prorated share when
               due or to promptly reimburse Buyer if paid by Buyer. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, from and after the Closing Date the parties agree as follows: </FONT></P>

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               <TD ALIGN=RIGHT WIDTH=15%></TD>
               <TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               <U>Purse Payments</U>. Seller hereby represents, warrants and covenants with
               Buyer that Seller does not include any &#147;purse&#148; overpayments (or
               underpayments) under its race meet agreements with horsemen in Seller&#146;s
               working capital calculations. Accordingly, Buyer hereby covenants and agrees
               that, to the extent that such horsemen received credits for purses in excess of
               the amounts generated under any such race meet agreements for Spring and Fall
               meets held prior to the Closing Date, Buyer shall, during the course of the next
               Spring and Fall meet conducted by the Buyer from and after the Closing Date,
               unless Buyer is legally precluded from doing so, (i)&nbsp;use commercially
               reasonable efforts to obtain a credit from the horsemen for such overpayments
               (i.e., a credit or offset against Buyer&#146;s purse obligations to horsemen for
               2006 Fall meet corresponding to any overpayment made by Seller to such horsemen
               during the 2005 Fall meet, and a credit against Buyer&#146;s purse obligations
               to horsemen for the 2006 Spring meet corresponding to any overpayment made by
               Seller during the 2005 Spring meet), (ii) as and when the Buyer receives such
               credits, pay to Seller an amount equal to the amount thereof (within ten (10)
               days from the date such credits are applied), and (iii) provide Seller with
               reasonable access to Buyer&#146;s books and records relating to purse payments
               in order to verify compliance herewith. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>
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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7.3
<u>Closing Statement.</u></FONT></P>

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               <TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               At least ten days prior to the Closing Date, Seller in good faith shall prepare
               and deliver to Buyer (1)&nbsp;a preliminary closing statement consistent with
               the provisions of Section&nbsp;3.7.2 (the <B>&#147;Preliminary Closing
               Statement&#148;</B>) and otherwise consistent with this Agreement and (2)&nbsp;a
               statement of the amount of each component of Working Capital (including accounts
               receivables and related allowances for collectibility as shown on the
               Transaction Financial Statements and Balance Sheet or on the accounting records
               of Seller as of the Closing Date) which it estimates will exist as of
               immediately prior to the Closing, giving effect to the transfer of the Assets
               and assumption of the Assumed Liabilities but excluding the Excluded Assets and
               Excluded Liabilities (the <B>&#147;Estimated Working Capital&#148;</B>),
               together with a representation that such amount was determined in accordance
               with GAAP applied on a basis consistent with those used in preparation of the
               Transaction Financial Statements and Balance Sheet (except as required to comply
               with the definition of Working Capital), it being understood that (and without
               limiting any other adjustments to be made) that the Buyer shall receive cash or
               a credit at Closing equal to the working capital needs of the Racetrack Business
               (based on historical income and expenses) (the &#147;<B>Required Working
               Capital</B>&#148;). The Required Working Capital shall be as agreed to by the
               parties prior to the Closing Date, or, if they fail to reach such an agreement,
               shall be determined by a nationally recognized accounting firm selected by the
               Seller and approved by the Buyer, the cost and expense of which shall be shared
               equally between the parties. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD ALIGN=RIGHT WIDTH=15%></TD>
               <TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               Within sixty (60) days after the Closing Date, Seller shall deliver to Buyer
               (1)&nbsp;a final closing statement consistent with the provisions of
               Section&nbsp;3.7.2 (the <B>&#147;Final </B> <B>Closing Statement&#148;</B>) and
               otherwise consistent with this Agreement and (2)&nbsp;a statement of the amount
               of each component of Working Capital (including accounts receivables and related
               allowances for collectibility as shown on the Transaction Financial Statements
               and Balance Sheet or on the accounting records of Seller as of the Closing Date)
               as of the Closing, giving effect to the transfer of the Assets and assumption of
               the Assumed Liabilities but excluding the Excluded Assets and Excluded
               Liabilities (the <B>&#147;Final Working Capital&#148;</B>), together with a
               representation that such amount was determined in accordance with GAAP applied
               on a basis consistent with those used in preparation of the Transaction
               Financial Statements and Balance Sheet (except as required to comply with the
               definition of Working Capital). Buyer shall cause its employees and the
               employees of the Racetrack Business to assist Seller and its representatives in
               the preparation of the Final Closing Statement and Final Working Capital and
               shall provide Seller and its representatives reasonable access, during normal
               business hours and upon reasonable prior notice, to the personnel, properties,
               books and records of the Buyer and the Racetrack Business for such purpose. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>
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               <TD ALIGN=RIGHT WIDTH=15%></TD>
               <TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               Buyer shall inform Seller of any questions or disputes within five (5) days of
               its receipt of the Final Closing Statement and Final Working Capital. If the
               parties are unable to agree upon the proposed Final Closing Statement and/or
               Final Working Capital, any dispute will be resolved by an independent nationally
               recognized public accounting firm mutually agreeable to the parties. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD ALIGN=RIGHT WIDTH=15%></TD>
               <TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               The Purchase Price shall be adjusted as follows: </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD ALIGN=RIGHT WIDTH=15%></TD>
               <TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               If the Final Working Capital as finally determined pursuant to this
               Section&nbsp;3.7.3 is greater than the Required Working Capital, the Purchase
               Price shall be adjusted upwards in an amount equal to the difference between the
               Final Working Capital and the Required Working Capital, and Buyer shall promptly
               pay such amount to the Seller; and </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD ALIGN=RIGHT WIDTH=15%></TD>
               <TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               If the Required Working Capital is greater than the Final Working Capital as
               finally determined pursuant to this Section 3.7.3, the Purchase Price shall be
               adjusted downwards in an amount equal to the difference between the Required
               Working Capital and the Final Working Capital, and Seller shall promptly pay
               such amount to the Buyer. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD ALIGN=RIGHT WIDTH=15%></TD>
               <TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               If there are any differences between the Preliminary Closing Statement and the
               Final Closing Statement, the Purchase Price shall be adjusted upwards or
               downwards, without any duplication, to reflect any such changes.. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4. <U>REPRESENTATIONS AND
WARRANTIES OF SELLER</U>. </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seller
represents and warrants to Buyer that, except as set forth on any Disclosure Schedule: </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1
<U>Organization, Corporate Power, and Authority</U>. Seller is a corporation duly
organized, validly existing and in good standing under the laws of the Commonwealth of
Kentucky. Seller has all requisite corporate power and authority and all Licenses,
required to own, operate and lease the Assets, to conduct the Racetrack Business (subject
to obtaining the requisite approval of the California Horse Racing Board (the
&#147;<B>CHRB</B>&#148;) with respect to the allocation of racing days and the licensing
of particular meets), to execute and deliver the Transaction Documents to which it is a
party and to perform its respective obligations thereunder. </FONT></P>
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                24</FONT></TD>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2
<U>Authorization of Agreements</U>. The execution, delivery and performance by Seller of
the Transaction Documents to which it is a party, and the consummation by it of the
Transactions, have been duly authorized by all necessary corporate action by the Seller.
This Agreement has been, and each other Transaction Document to which Seller is a party
will be at the Closing, duly executed and delivered by Seller, and constitute, or will,
when delivered, constitute, the legal, valid and binding obligations of Seller,
enforceable against Seller in accordance with their respective terms, except as may be
limited by bankruptcy, insolvency, reorganization, moratorium, and other similar laws and
equitable principles relating to or limiting creditors&#146; rights generally (regardless
of whether considered in a proceeding in equity or at law). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3
<U>Effect of Agreement</U>. The execution, delivery and performance by Seller of the
Transaction Documents to which it is a party, and the consummation by it of the
Transactions, will not violate the Articles of Incorporation or By-laws of Seller, or any
judgment, award or decree to which it is a party, or by which Seller or the Assets are
bound, or result in a breach of or constitute (with due notice or lapse of time or both) a
default under, or give rise to any right of termination, cancellation or acceleration of
any right or obligation of Seller or to a loss of any benefit relating to the Racetrack
Business to which Seller is entitled under any provision of any indenture agreement or
other instrument binding upon Seller or by which any of the Assets is or may be bound, or
result in the creation or imposition of any Lien upon any of the Assets, except
(a)&nbsp;to the extent that the effect thereof is not reasonably likely to have a Material
Adverse Effect, (b)&nbsp;consents and releases which may be required under Seller&#146;s
credit facilities, or (c)&nbsp;consents which may be required for assignment of certain of
the Contracts. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4
<U>Governmental Approvals</U>. The Seller is not required to file, seek or obtain any
approval, authorization, consent or order or action of or filing with any Governmental
Authority in connection with the execution and delivery by Seller of the Transaction
Documents or the consummation by Seller of the Transactions, except (i)&nbsp;for any
filings required to be made under the HSR Act, (ii) where failure to obtain such approval,
authorization, consent, order or action, or to make such filing would not, individually or
in the aggregate, reasonably be expected to have a Material Adverse Effect, (iii) as may
be necessary as a result of any facts or circumstances relating to Buyer or any of its
Affiliates, or (iv) as set forth in Section 5.4 of the Disclosure Schedule. To the
knowledge of Seller, there are no facts relating to the identity or circumstances of
Seller that would prevent or materially delay obtaining any of the Required Consents. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5
<U>Licenses</U>. Section&nbsp;4.5 of the Disclosure Schedule lists all the Licenses held
by the Seller or CDCFOC required for the operation of the Racetrack Business, including
all Licenses relating to horse racing. Seller has delivered or made available to Buyer
true and complete copies of all such Licenses. Seller has received no notice regarding the
suspension, cancellation or termination of any of the Licenses, or any alleged violations
or orders to comply, and to the knowledge of Seller, all such Licenses are valid and in
full force and effect. </FONT></P>
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</TR>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6
<U>Condition of Real Property and Assets; Diligence Materials</U>.</FONT></P>


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               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=5%></TD>
               <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               <U>AS-IS, WHERE IS</U>. EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN THIS
               AGREEMENT, THE SALE OF THE ASSETS HEREUNDER IS AND WILL BE MADE ON AN &#147;AS
               IS, WHERE IS&#148; BASIS AND SELLER HAS NOT MADE, DOES NOT MAKE AND SPECIFICALLY
               NEGATES AND DISCLAIMS ANY REPRESENTATIONS, WARRANTIES OR GUARANTIES OF ANY KIND
               OR CHARACTER WHATSOEVER, WHETHER EXPRESS OR IMPLIED, ORAL OR WRITTEN, PAST,
               PRESENT OR FUTURE OF, AS TO, CONCERNING OR WITH RESPECT TO THE CONDITION OF ANY
               ASSET OR ANY OTHER MATTER WHATSOEVER. Without limiting the generality of the
               foregoing, it is the explicit intent and understanding of each party hereto
               that, except as expressly set forth in this Agreement, neither party hereto, nor
               any of such party&#146;s Affiliates, directors, officers, employees,
               shareholders or other representatives, is making any representation or warranty
               whatsoever (including, without limitation, any implied warranty of
               merchantability, habitability, fitness for particular purpose, title, zoning,
               tax consequences, latent or patent physical or environmental condition,
               utilities, operating history or projections, valuation, governmental approvals,
               the compliance of the Real Property with governmental laws, the truth, accuracy
               or completeness of all documents pertaining to the Real Property or any other
               information provided by or on behalf of Seller to Buyer), whether oral or
               written, express or implied, as to the accuracy or completeness of any
               information regarding the Racetrack Business, the Assets, the Real Property or
               the Assumed Liabilities. Each party hereto hereby agrees that, other than as
               expressly set forth in this Agreement, it is not relying on any statement,
               representation or warranty, whether oral or written, express or implied, made by
               the other party hereto (or such other party&#146;s Affiliates, directors,
               officers, employees, shareholders or other representatives). Buyer has not
               relied and will not rely on, and Seller is not liable for or bound by, any
               express or implied warranties, guaranties, statements, representations or
               information pertaining to the Assets or relating thereto made or furnished by
               Seller or any real estate broker, investment banking firm or agent or contractor
               or consultant representing or purporting to represent Seller, to whomever made
               or given, directly or indirectly, orally or in writing, unless specifically set
               forth in this Agreement. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD ALIGN=RIGHT WIDTH=5%></TD>
               <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               <U>DUE DILIGENCE MATERIALS</U>. EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN THIS
               AGREEMENT, ANY INFORMATION PROVIDED OR TO BE PROVIDED WITH RESPECT TO THE
               CONDITION OF THE ASSETS (INCLUDING, WITHOUT LIMITATION, THE PHYSICAL, FINANCIAL
               OR ENVIRONMENTAL CONDITION) WAS OR WILL BE OBTAINED FROM A VARIETY OF SOURCES
               AND SELLER HAS NOT MADE ANY INDEPENDENT INVESTIGATION OR VERIFICATION OF ANY
               INFORMATION OBTAINED FROM THIRD PARTIES AND MAKES NO (AND EXPRESSLY DISCLAIMS
               ALL) REPRESENTATIONS AS TO THE ACCURACY OR COMPLETENESS OF SUCH INFORMATION. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7
<U>Compliance with Laws</U>. Excluding for purposes hereof the subject matter addressed in
Section 4.9 below, with regard to the use and operation of the Racetrack Business, except
as set forth in the Disclosure Schedule, there is no non-compliance with applicable
statutes, codes, ordinances, rules, regulations, requirements, orders, writs, directives,
injunctions, awards, judgments and decrees (collectively, &#147;<B>Laws</B>&#148;) of any
domestic or foreign court, commission, tribunal or any governmental agency or authority
(collectively, <B>&#147;Governmental Authority</B>&#148;), or with any Licenses required
by Laws issued by any Governmental Authority including without limitation, the regulations
and requirements of the California Racing Board, the California Department of Health, the
Department of Commerce and Consumer Affairs, the California Department of Toxic Substances
Control, the California Regional Water Control Board - Los Angeles Region, the California
State Water Resources Control Board, the City of Inglewood Building Department and any
other county commission or agency, in each case that would have a Material Adverse Effect. </FONT></P>
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</TR>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8
<U>Financial Statements</U>. The Transaction Financial Statements and Balance Sheet have
been, and the monthly financial information to be delivered pursuant to Section&nbsp;6.3
will be, prepared in accordance with accounting principles applied on a consistent basis
(except as may be indicated therein or in the notes thereto), and present fairly the
financial position of the Racetrack Business and the Assets as of the respective dates
thereof and the results of operations and cash flows for the period covered by such
financial statements and balance sheet, subject to normal year-end audit adjustments and
any other adjustments described therein. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.9
<U>Hazardous Substances</U>. Except as set forth in the Diligence Materials, to
Seller&#146;s knowledge, there has been no discharge, disposal, dumping, injection,
deposit, spill, leak, or release of a Hazardous Substance on, at, to, under, in, or from
the surface of the soil or subsurface of the Real Property, that is reasonably anticipated
to have a Material Adverse Effect. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10
<U>Environmental Matters</U>. Except as set forth in the Diligence Materials, to the
Seller&#146;s knowledge, there are no pending Environmental Claims that are reasonably
anticipated to have a Material Adverse Effect. To Seller&#146;s knowledge, Seller has made
available to Buyer all environmental reports in its possession concerning the Real
Property. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.11
<U>Personal Property; Liens</U>.</FONT></P>

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               <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               Seller has good title to, or in the case of leased personal property has valid
               leasehold interests in, all Assets that are personal property. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               No Asset is subject to any Lien, except for the following (collectively,
               &#147;<B>Permitted </B> <B>Liens</B>&#148;): </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               Liens securing indebtedness or other obligations disclosed on the Transaction
               Financial Statement and Balance Sheet; </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               Liens for taxes not yet due and payable or those being contested in good faith
               (and for which adequate accruals or reserves have been established on the
               Transaction Financial Statement and Balance Sheet); </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               with respect to the Real Property, Liens listed in <U>Exhibit&nbsp;J</U> hereto; </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               Liens which do not materially detract from the value of such Assets, or
               materially interfere with any present or intended use of such Assets; and </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               Liens to be released as of the Closing. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12
<U>Leases</U>. Except as set forth on Section&nbsp;4.12 of the Disclosure Schedule, there
are no Leases or other agreements relating to the possession or occupancy of any portion
of the Real Property or operation of the Racetrack Business. Seller has a valid leasehold
interest in each of the Leases set forth on Section 4.12 of the Disclosure Schedule.
Seller has delivered, or otherwise made available to Buyer, true and complete copies of
each of the Leases set forth on Section&nbsp;4.12 of the Disclosure Schedule, including
any amendments, supplements, extensions or other modifications thereof. Neither Seller
nor, to Seller&#146;s knowledge, the other party thereto, is in material breach or default
of any such Lease. Seller has paid or accrued for, or will pay or accrue for prior to the
Closing, all amounts due and owing prior to the Closing under all such Leases requiring
the payment of a specific sum(s) of money on a specific date(s) or as the result of a
specific occurrence(s). </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13
<U>Intentionally Omitted</U>.</FONT></P>

<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.14     "<U>Foreign  Person</U>"  Status.  Seller is not a "foreign  person" within the meaning of section 1445 of the
Internal Revenue Code.</FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15
<U>Eminent Domain: Zoning; Street Changes; Other Litigation</U>. There are no actions,
litigation or proceedings pending, or to Seller&#146;s knowledge, contemplated or
threatened, to take all or any portion of the Real Property, or any interest therein, by
eminent domain or other similar authority, or to modify the zoning of, the Real Property. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.16
<U>Absence of Certain Changes or Events</U>. Since March 31, 2005, the Racetrack Business
has been conducted in the ordinary course of business, consistent with past practice, as
disclosed on the Transaction Financial Statements and Balance Sheet, and Seller has not
with respect to the Racetrack Business or the Assets entered into an agreement or
arrangement with respect to racing dates or incurred any material obligation or liability
(fixed or contingent), except normal trade or business obligations and liabilities
incurred in the ordinary course of business and obligations and liabilities in connection
with the Transactions, and except those obligations and liabilities which would not
reasonably be expected to have a Material Adverse Effect, discharged or satisfied any
material lien, security interest or encumbrance or paid any material obligation or
liability (fixed or contingent), other than pursuant to the terms of such obligation,
mortgaged, pledged or subjected to any material Lien any of the Assets or transferred,
leased or otherwise disposed of any portion of the Assets. In addition, since March 31,
2005, there has not been: </FONT></P>

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               <TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               any event, occurrence, development or state of circumstances or facts which,
               individually or in the aggregate, has had or could reasonably be expected to
               have a Material Adverse Effect; </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               any transaction or commitment made, or any contract or agreement entered into,
               by Seller relating to the Racetrack Business or any Assets (including the
               acquisition or disposition of any assets) or any relinquishment by Seller of any
               contract or other right, in either case material to the Racetrack Business,
               other than transactions and commitments in the ordinary course of business
               consistent with past practices and those contemplated by this Agreement; </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               any (i)&nbsp;employment, deferred compensation, severance, retirement or other
               similar agreement entered into with any current or former officer or employee of
               the Racetrack Business (or any amendment to any such existing agreement),
               (ii)&nbsp;grant of any severance or termination pay to any current or former
               officer or employee of the Racetrack Business or (iii)&nbsp;change in
               compensation or other benefits payable to any current or former officer or
               employee of the Racetrack Business pursuant to any severance or retirement plans
               or policies thereof, other than in the ordinary course of business consistent
               with past practice; </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>
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               <TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               any labor dispute, other than routine individual grievances, or any activity or
               proceeding by a labor union or representative thereof to organize any employees
               of the Racetrack Business, which employees were not subject to a collective
               bargaining agreement as of the date of the Transaction Financial Statement and
               Balance Sheet, or any lockouts, strikes, slowdowns, work stoppages or threats
               thereof by or with respect to employees of the Racetrack Business; or </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               any commitment for a capital expenditure or for additions or improvements to
               property, plant and equipment in excess of $100,000 on an individual basis or in
               excess of $500,000 in the aggregate, other than those listed in Section 4.16(e)
               of the Disclosure Schedule. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.17
<U>Material Contracts</U>. Section&nbsp;4.17 of the Disclosure Schedule sets forth each
executory Contract (collectively, the &#147;<B>Material Contracts</B>&#148;) (a)&nbsp;that
obligates Seller to pay an amount of $100,000 or more and which cannot be terminated at
any time without material penalty, (b)&nbsp;by which any material portion of the Assets
are bound, (c)&nbsp;that is an employment or severance agreement or Collective Bargaining
Agreement or (d) that is a Lease for any Readerboard Signs. Seller has made available to
Buyer true and complete copies of all written Contracts, together with all amendments
thereto, and accurate descriptions of all oral Contracts, listed, or required to be
listed, on Section 4.17 of the Disclosure Schedule. Neither Seller nor, to the knowledge
of the Seller, the other parties thereto is in material breach of any such Material
Contract, each Material Contract is valid and enforceable in accordance with its terms for
the periods stated therein, and there is not under any such Material Contract any existing
material default (including, but not limited to, any payment default) or event of material
default or event that, with notice or lapse of time or both, would constitute such a
material default. Seller has paid or accrued for, or will pay or accrue for prior to the
Closing, all amounts due and owing prior to the Closing under the Assigned Contracts
requiring the payment of a specific sum(s) of money on a specific date(s) or as the result
of a specific occurrence(s). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.18
<U>Litigation</U>. Except as disclosed in Section&nbsp;3.4.3 of the Disclosure Schedule,
there is no material legal, administrative, arbitration or other proceeding, claim,
action, or governmental or regulatory investigation of any nature pending or, to the
knowledge of Seller, threatened against or affecting the Seller, the Racetrack Business or
the Assets. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.19
<U>Assets</U>. The Assets constitute all of the assets and properties used for, and
materially necessary for the operation of, the Racetrack Business as of the date of the
Transaction Financial Statements and Balance Sheet, except as to Assets sold, disposed of
or consumed in the ordinary course of business since such date and the Excluded Assets. </FONT></P>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20
<U>Commissions</U>. Except for Lazard Freres &amp; Co., LLC, whose fees shall be
Seller&#146;s sole responsibility, neither Seller nor any of its directors, officers,
employees or agents have employed, or incurred any liability to, any broker, finder or
agent for any brokerage fees, finder&#146;s fees, commissions or other amounts with
respect to the Transactions. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.21
<U>Labor Relations and Collective Bargaining Agreements</U>. To Seller&#146;s knowledge,
except as set forth in Section&nbsp;4.21 of the Disclosure Schedule, (a)&nbsp;there is no
unfair labor practice charge or complaint or union or employee grievance or arbitration
against Seller pending, or, to Seller&#146;s knowledge, threatened in writing against
Seller; (b)&nbsp;there is no labor strike, dispute, slowdown or stoppage threatened or
pending against Seller; (c)&nbsp;there is no representation claim or petition pending
against Seller before the National Labor Relations Board; (d)&nbsp;Seller and its
Affiliates are in material compliance with all labor laws applicable to Racetrack
Employees; and (e)&nbsp;there has been no material work stoppage during the last five (5)
years in respect to the Racetrack Business. Section 4.21 of the Disclosure Schedule
contains a true and complete list of each Collective Bargaining Agreement to which Seller
or CDCFOC is a party. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.22
<U>Severance Obligations</U>. The consummation of the Transactions (either alone or
together with any other event) will not entitle any current or former Racetrack Employee
to any compensation, bonus, retirement, severance or similar benefit or enhance any such
benefit, or to any acceleration or vesting of any such benefit, with respect to which
Buyer will have any obligation or responsibility (contingent or otherwise), with the
exception of Buyer&#146;s severance obligations to Hired Employees as set forth in Section
11.2.1. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.23
<U>Employee Benefit Plans</U>. To Seller&#146;s knowledge, there are no liens against the
Assets under Section&nbsp;412(n) of the Internal Revenue Code or Sections&nbsp;302(f)
or<B> </B>4068 of ERISA. Except as set forth on Section&nbsp;4.23 of the Disclosure
Schedule, neither Seller nor, to Seller&#146;s knowledge, any corporation, trade, business
or other entity under common control with Seller, within the meaning of
Sections&nbsp;414(b), (c), (m) or (o) of the Internal Revenue Code, or<SUB> </SUB>under
Section&nbsp;4001 of ERISA (an &#147;<B>ERISA Affiliate</B>&#148;) has incurred any
withdrawal liability with respect to any multi-employer plan within the meaning of
Section&nbsp;3(37) of ERISA (a &#147;<B>Multiemployer Plan</B>&#148;) or terminated any
plan subject to Title IV of ERISA. Except as set forth on Section&nbsp;4.23 of the
Disclosure Schedule, neither Seller nor, to Seller&#146;s knowledge, any ERISA Affiliate
has within the six years preceding the date of this Agreement contributed to, or expects
to incur any obligation to contribute to any &#147;single-employer plan&#148; as defined
in Section 4001(a)(15) of ERISA. From and after Closing, except pursuant to applicable
Collective Bargaining Agreements, pursuant to an agreement with, or membership in, the
California Racetrack Federation Association or as provided in this Agreement, Buyer will
have no obligation to contribute to, or any liability in respect of, any Employee Benefit
Plan (as such term is defined below) sponsored or maintained by Seller or any ERISA
Affiliate, or to which Seller or any ERISA Affiliate was obligated to contribute. Buyer
will not be required to contribute after the Closing to any employee benefit plan as
defined in Section&nbsp;3(3)&nbsp;of ERISA to which only one employer contributes directly
or indirectly (with the number of contributing employers being determined under
Sections&nbsp;414(b), (c), (m), (n) and (o) of the Internal Revenue Code). Neither Seller
nor any ERISA Affiliate has incurred any current or projected liability in respect of
post-employment or post-retirement health, medical or life insurance benefits for current,
former or retired employees of the Racetrack Business, except as required to avoid an
excise tax under Section 4980B of the Internal Revenue Code or any similar state or local
law. For purposes of this Agreement, the term &#147;<B>Employee Benefit Plan</B>&#148;
means (i)&nbsp;any employee benefit plan within the meaning of Section&nbsp;3(3)&nbsp;of
ERISA, or (ii)&nbsp;any employment, severance, termination or other agreement or any other
agreement, program, arrangement or policy (whether written or oral) providing for
insurance coverage (including self-insured arrangements), workers&#146; compensation,
disability benefits, supplemental unemployment benefits, vacation benefits, fringe
benefits, retirement, or pension benefits (including, without limitation, any
Multiemployer Plan), or for profit sharing, deferred compensation, bonuses, stock options,
stock appreciation or other forms of incentive compensation or post-retirement insurance,
compensation or benefits. Section 4.23 of the Disclosure Schedules contains a true and
complete list of each Employee Benefit Plan sponsored, maintained or contributed to by
Seller or any ERISA Affiliate under which any current or former employee, consultant or
director of the Racetrack Business has any present or future right to benefits (the
&#147;<B>Seller Employee Benefit Plans</B>&#148;); provided, however, that there shall be
no obligation to list on Section 4.23 of the Disclosure Schedules any Seller Employee
Benefit Plan that is not a single-employer plan and that solely covers current or former
employees of the Racetrack Business whose employment is or was subject to the terms of a
Collective Bargaining Agreement. </FONT></P>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.24
<U>Guaranties</U>. Except as set forth on Section&nbsp;4.24 of the Disclosure Schedule,
there are no guaranties, letters of credit or performance bonds with respect to any
obligations or liabilities of the Racetrack Business or any Asset. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25
<U>Foreign Corrupt Practices Act</U>. To Seller&#146;s knowledge, Seller has not, directly
or indirectly, used any corporate funds for unlawful contributions, gifts, entertainment
or other unlawful expenses relating to political activity, made any unlawful payment to
foreign or domestic government officials or employees or to foreign or domestic political
parties or campaigns from corporate funds, violated any provision of the Foreign Corrupt
Practices Act of 1977, as amended, or made any bribe, rebate, payoff, influence payment,
kickback or other similar unlawful payment. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.26
<U>Intellectual Property Rights</U>.</FONT></P>

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               <TD ALIGN=RIGHT WIDTH=5%></TD>
               <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               Section&nbsp;4.26(a) of the Disclosure Schedule contains a complete and correct
               list of all: U.S. or foreign trademark, service mark, or trade name
               registrations and applications owned by or, for applications, filed on behalf of
               Seller that are material to the Racetrack Business or the Casino Business, or
               that contain the phrase HOLLYWOOD, including an identification of the mark at
               issue, and the registration or application number. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               Section&nbsp;4.26(b) of the Disclosure Schedule contains a complete and correct
               list of all U.S. or foreign copyright registrations and applications owned by,
               or, for applications, filed on behalf of, Seller that are used principally in
               connection with the Racetrack Business or the Casino Business, including an
               identification of the title and nature of the work at issue and its registration
               number (if applicable). </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               Section&nbsp;4.26(c) of the Disclosure Schedule contains a complete and correct
               list of all: (i)&nbsp;agreements granting Seller the right to use any
               Intellectual Property Rights material to the Racetrack Business or the Casino
               Business (excluding commercial off the shelf software that is generally
               available on non-discriminatory pricing terms for an aggregate fee of $25,000 or
               less); and (ii)&nbsp;all agreements by which Seller has licensed to third
               parties any of the Intellectual Property Rights material to the Racetrack
               Business that are assigned to Buyer hereunder. Except as identified on
               Section&nbsp;4.26 of the Disclosure Schedule, to Seller&#146;s knowledge, the
               agreements listed in Section&nbsp;4.26(c) of the Disclosure Schedule are valid
               and binding obligations of Seller, enforceable in accordance with their terms,
               and neither Seller nor any other Person party thereto is in default thereunder.
               Notwithstanding the foregoing, Seller does not represent or warrant that Section
               4.26(c) of the Disclosure Schedule includes agreements that will not have a
               Material Adverse Effect on the Intellectual Property Assets or the use or value
               thereof, where the license of Intellectual Property Rights under such agreements
               is implied rather then express or is incidental to a relationship that does not
               relate primarily to the licensing of Intellectual Property Rights. </FONT></P></TD>
               </TR>
               </TABLE>
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               <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               To Seller&#146;s knowledge, the Intellectual Property Assets constitute
               sufficient rights to practice all Intellectual Property Rights Seller uses in
               the conduct of the Racetrack Business as currently conducted by Seller. There
               exist no material restrictions on the disclosure or use of the Intellectual
               Property Assets, including, to Seller&#146;s knowledge, any such restrictions
               arising in connection with any infringement or alleged infringement, except as
               set forth in any of the agreements listed on Section 4.26(c) of the Disclosure
               Schedule. The consummation of the transactions contemplated by this Agreement
               will not alter, encumber, impair or extinguish any Intellectual Property Assets
               (other than the Excluded Assets), except as set forth in any of the agreements
               listed in Section 4.26(c) of the Disclosure Schedule. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               Seller holds all right, title and interest in and to all Intellectual Property
               Assets owned by Seller, free and clear of any lien other than Permitted Liens.
               All assignments of Intellectual Property Assets to Seller have been duly
               recorded with the appropriate Governmental Authority, except for assignments
               from employees or contractors of Seller, and except for failures to record
               assignments that will not, individually or in the aggregate, give rise to a
               Material Adverse Effect. No material Intellectual Property Assets are invalid or
               unenforceable as a result of any intentional misstatements made by Seller in any
               filings with the Patent &amp; Trademark Office or Copyright Office regarding
               such Intellectual Property Assets. </FONT></P></TD>
               </TR>
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               <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               To Seller&#146;s knowledge: (i)&nbsp;no claim is threatened to the effect that
               the use of the Intellectual Property Assets by Seller infringes, misappropriates
               or otherwise violates any Intellectual Property Rights of another Person and
               (ii)&nbsp;no Person is infringing on any of the Intellectual Property Assets
               owned by Seller. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               (i)&nbsp;No claim has been served upon Seller or, to Seller&#146;s knowledge,
               filed against Seller, alleging that the use of the Intellectual Property Assets
               by Seller infringes, misappropriates, or otherwise violates any intellectual
               property rights of another Person; (ii) to Seller&#146;s knowledge,
               Seller&#146;s current use, sale, or licensing of the Intellectual Property
               Assets does not infringe any Intellectual Property Rights of another Person;
               (iii)&nbsp;none of the Intellectual Property Assets owned by Seller are subject
               to any outstanding order or judgment restricting the use or licensing thereof by
               Seller, and (iv) Seller has not received from another Person any written offer
               to license asserting that Seller&#146;s conduct of its business infringes or
               otherwise violates the Intellectual Property Rights of another Person or other
               written assertion of such infringement or violation. </FONT></P></TD>
               </TR>
               </TABLE>
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               <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               Except as set forth in any of the agreements listed in Section 4.26(c) of the
               Disclosure Schedule: Seller has not granted any material current or contingent
               rights under the Intellectual Property Assets to license, sell, or otherwise
               distribute products or services. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               Seller has taken steps that are reasonable and customary in its industry to
               protect its confidential information and trade secrets, except where the failure
               to take such steps will not give rise to a Material Adverse Effect. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.27
<U>Insurance</U>. The Assets are insured in accordance with Seller&#146;s standard
insurance policies, and all insurance policies maintained by Seller are in full force and
effect and will be in full force and effect as of the Closing. Section 4.27 of the
Disclosure Schedule lists all insurance policies and bonds that are material to the
Racetrack Business. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.28
<U>Taxes</U>. Seller has paid, or will pay (including by payment to Buyer or a taxing
authority pursuant to Section 3.7.2(a)), on a timely basis when due all taxes required to
be paid with respect to taxable periods ending on or prior to the Closing Date (including
the pre-Closing Date portion of any taxable period beginning before and ending after the
Closing Date), the non-payment of which could result in (i) a Lien on any Asset,
(ii)&nbsp;a Material Adverse Effect or (iii) Buyer becoming liable therefor. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.29
<U>LFR Levine&#149;Fricke</U>. Neither Seller, nor its Affiliates, has retained LLF for
consulting or other services during the last three (3) years. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30
<U>Accounts Receivables</U>. The accounts receivable of Seller reflected on the
Transaction Financial Statements and Balance Sheet or on the accounting records
of&nbsp;Seller as of the Closing Date&nbsp; (i)&nbsp;have arisen only from bona fide
transactions in the ordinary course of business, (ii) are reflected properly on
Seller&#146;s books and records, and (ii) unless paid prior to the Closing Date, are or
will be as of the Closing Date&nbsp;current and collectible net of the respective reserves
shown on the Transaction Financial Statements and Balance Sheet or on the accounting
records of Seller as of the Closing Date. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5. <U>REPRESENTATIONS AND
WARRANTIES OF BUYER</U>. </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buyer
represents and warrants to Seller that: </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1
<U>Organization, Power and Authority</U>. Buyer is a limited liability company duly
organized, validly existing and in good standing under the laws of the State of Delaware
and is duly qualified to do business as a foreign entity in the jurisdictions in which
Buyer conducts its business, except where the failure so to qualify will not have a
material adverse effect on Buyer&#146;s ability to perform its obligations under the
Transaction Documents. Buyer has all requisite limited liability company power and
authority to acquire, own, lease and operate the Assets, to conduct the Racetrack Business
and to execute and deliver the Transaction Documents to which it is a party and to perform
its obligations thereunder. </FONT></P>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2
<U>Authorization of Agreement</U>. The execution, delivery and performance by Buyer of the
Transaction Documents to which it is a party, and the consummation by it of the
Transactions, have been duly authorized by all necessary action by Buyer. This Agreement
has been, and each other Transaction Document to which Buyer is a party will be at the
Closing, duly executed and delivered by Buyer and constitute, or will, when delivered,
constitute, the legal, valid and binding obligations of Buyer, enforceable against Buyer
in accordance with their respective terms, except as may be limited by bankruptcy,
insolvency, reorganization, moratorium and other similar laws and equitable principles
relating to or limiting creditors&#146; rights generally (regardless of whether considered
in a proceeding in equity or at law). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3
<U>Effect of Agreement</U>. The execution, delivery and performance by Buyer of the
Transaction Documents to which it is a party, and the consummation by it of the
Transactions, will not violate the organizational documents of Buyer or any judgment,
award or decree to which it is a party, or by which Buyer or its properties or assets are
bound, or conflict with, result in a breach of or constitute (with due notice or lapse of
time or both) a default under, or give rise to any right of termination, cancellation or
acceleration of any right or obligation of Buyer or to a loss of any benefit to which
Buyer is entitled under any provision of any material indenture, material agreement or
other material instrument to which Buyer is a party, or by which Buyer or its properties
or assets are bound, or result in the creation or imposition of any Lien upon any of the
properties or assets of Buyer, except to the extent the effect thereof will not be
materially adverse to Buyer&#146;s ability to fulfill its obligations under the
Transaction Documents to which it is a party. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4
<U>Approvals</U>. Except as set forth in Section&nbsp;5.4 of the Disclosure Schedule and
except for filings pursuant to the HSR Act, no approval, authorization, consent or order
or action of or filing with any Governmental Authority is required to be obtained by Buyer
for the execution and delivery by Buyer of the Transaction Documents to which it is a
party or the consummation by it of the Transactions. Buyer has received all required
consents from its lender(s) necessary for Buyer to execute this Agreement and consummate
the Transactions. To the knowledge of Buyer, there are no facts relating to the identity
or circumstances of Buyer that would prevent or materially delay obtaining any of the
required consents. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5
<U>Commissions</U>. Neither Buyer nor any of its directors, officers, employees or agents
have employed, or incurred any liability to, any broker, finder or agent for any brokerage
fees, finder&#146;s fees, commissions or other amounts with respect to the Transactions. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6
<U>Financing</U>. Buyer has sufficient funds available to consummate the Transactions. To
the extent Buyer&#146;s internal financing sources become unavailable, Buyer will promptly
arrange for alternate financing for the Transactions, which financing will be in place in
time to permit the Closing to occur on September 23, 2005. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7
<U>Buyer&#146;s Investigation</U>. Buyer is a sophisticated and experienced investor in
real estate and will make its own investigation and analysis of the Assets being acquired
hereunder as Buyer deems necessary with respect to the condition, suitability, compliance
with law, and prospects for future development of such Assets for Buyer&#146;s use and all
other aspects of this Transaction. Buyer will rely upon its own (and its
consultants&#146;) inspections, investigations and analyses of the Real Property and other
Assets, and, with the exception of only those express representations and warranties of
Seller set forth herein upon which Buyer shall be entitled to rely, Buyer will not rely in
any way upon any representations, statements, agreements, warranties, studies, reports,
descriptions, guidelines or other information or material furnished by Sellers or its
representatives, whether oral or written, express or implied, of any nature whatsoever
regarding any such matters it being expressly acknowledged that Seller has not verified
the accuracy or completeness of any such information or the qualification of the persons
preparing such information. Buyer acknowledges that Seller has not made any
representations or warranties regarding the condition or suitability of the Assets, except
as expressly set forth in this Agreement. </FONT></P>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8
<U>Environmental Investigation</U>. Buyer represents and warrants to Seller that, subject
to the terms set forth in Article 12 hereof, Buyer has conducted such site investigations
of the Real Property, including, but not limited to, the physical and environmental
conditions thereof, as Buyer deems necessary to satisfy itself as to the condition of the
Real Property and the existence or nonexistence or curative action to be taken with
respect to any Hazardous Substances on the Real Property, and will rely solely upon same
and not upon any information provided by or on behalf of Seller or its agents or employees
with respect thereto, other than such representations, warranties and covenants of Seller
as are expressly set forth in this Agreement. Except as otherwise provided in this
Agreement, upon Closing, on behalf of itself, its lenders, successors,
successors-in-interest and assigns, Buyer shall assume the risk that adverse matters,
including, but not limited to, construction defects and adverse physical and environmental
conditions, may not have been revealed by Buyer&#146;s investigations. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9
<U>OFAC List</U>. Buyer is not identified on the list of specially designated nationals
and blocked persons subject to financial sanctions that is maintained by the U.S. Treasury
Department, Office of Foreign Assets Control and any other similar list maintained by the
Office of Foreign Assets Control pursuant to any authorizing United States law, regulation
or Executive Order of the President of the United States, nor is Buyer subject to trade
embargo or economic sanctions pursuant to any authorizing United States law, regulation or
Executive Order of the President of the United States. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10
<U>LFR Levine&#149;Fricke</U>. Neither Buyer, nor its Affiliates, has retained LLF for
consulting or other services during the last three (3) years. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6. <U>COVENANTS OF SELLER</U>. </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1
<U>Preliminary Title Report</U>. Seller has made (i) that certain preliminary title report
issued by First American Title Insurance Company (the &#147;<B>Title Company</B>&#148;)
(No. NCS-138403-LA2) dated May 25, 2005, and (ii) that certain ALTA survey of the Land
dated June 2, 2005 prepared by Psomas as Job No. 1HOL1701.05 available to Buyer and Buyer
has reviewed same and has signed off on the state of title and shall accept title to the
Land, Improvements and the Casino Building subject to all such agreed-upon title
exceptions, which are limited to those matters listed in <U>Exhibit J</U> attached hereto.
It shall be Buyer&#146;s sole responsibility to have obtained, prior to the execution of
this Agreement, an unconditional commitment of the Title Company to issue its ALTA form of
owner&#146;s policy of title insurance (the &#147;<B>Title Policy</B>&#148;) at Closing in
favor of Buyer insuring Buyer as the fee owner of the Real Property in the amount of the
portion of the Purchase Price allocated to the Real Property, subject to no exceptions
except the exceptions approved by Buyer and listed in <U>Exhibit&nbsp;J</U> hereto, with
endorsements, reinsurance and direct access agreements as reasonably required by Buyer;
provided, however, that Seller at Closing shall provide such Owner&#146;s affidavits and
statements and evidence of authority as may be required for the issuance of the Title
Policy. </FONT></P>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2
<U>Conduct of Racetrack Business</U>. During the period from the date hereof to the
Closing Date, unless Buyer consents otherwise in writing (which consent shall not be
unreasonably withheld or delayed), Seller shall: </FONT></P>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.1
<U>Ordinary Course</U>. Conduct the Racetrack Business only in the ordinary course
consistent with past practice except as contemplated by this Agreement. In addition,
Seller shall file any appropriate applications with the CHRB as required for a license for
the fall 2005 meet to continue to conduct horse racing with pari-mutuel wagering thereon
for the usual and customary race dates of Hollywood Park, and shall use its normal and
customary efforts to obtain such a license; and use commercially reasonable efforts to
preserve intact current business organizations and relationships with third parties and
the current number of racing dates allocated to the Racetrack Business; </FONT>
</TD>
</TR>
</TABLE>
<BR>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.2
<U>Maintain  Insurance</U>.  Maintain  any  insurance  coverage  existing as of the date hereof
         against loss or damage to the Assets;</FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.3
<U>Purchase or Sale of Assets</U>. Not acquire a material amount of assets from any other
Person or sell, lease, license, transfer, encumber or otherwise dispose of any of the
Assets except for any sale, lease, license, transfer or encumbrance in the ordinary course
of business, or agree or commit to do any of the foregoing; </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.4
<U>Maintenance of Assets</U>. Maintain the Assets, in the aggregate, in a condition
comparable to their current condition, reasonable wear, tear and depreciation excepted,
and except for Assets disposed of, sold or consumed in the ordinary course of business; </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.5
<U>Assigned Contracts</U>. Not amend any Material Contract or be in default under any
Material Contract (other than to the extent that the execution of this Agreement and the
consummation of the Transactions may or may be alleged to constitute a default under any
Material Contract); </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.6
<U>Employment Contracts</U>. Not (i)&nbsp;increase the compensation or other remuneration
of any Racetrack Employees without the prior written consent of Buyer, or (ii)&nbsp;enter
into any employment, severance or similar agreement with any Racetrack Employee, other
than for the payment of severance on or prior to the Closing Date, which payments shall be
solely the responsibility of Seller under Section 3.4.5; </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.7
<U>Collective Bargaining Agreements</U>. Not enter into any new, or amend any existing,
Collective Bargaining Agreements, unless Buyer is afforded an opportunity to participate
in negotiations in accordance with Section 6.5; </FONT>
</TD>
</TR>
</TABLE>
<BR>
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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.8
<U> Maintain  Licenses</U>.  Use  commercially  reasonable  efforts to maintain,  preserve,  and
         renew any Licenses consistent with past practices; and</FONT>
</TD>
</TR>
</TABLE>
<BR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.9
<U>Zoning</U>. Not take any action or make any commitment, which relates to the
development, zoning, rezoning or leasing or prospective leasing of the Real Property. </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3
<U>Access</U>. Subject to the other limitations contained in this Agreement, from the date
hereof until the Closing Date, Seller will (a)&nbsp;during ordinary business hours and
upon reasonable notice from Buyer, permit Buyer and its authorized representatives to have
access to the offices, properties, books, records and all Assets in order to make such
inspections, tests, and investigations as Buyer shall deem appropriate, (b)&nbsp;furnish,
as soon as reasonably practicable, to Buyer or its authorized representatives such other
information in Seller&#146;s possession with respect to the Racetrack Business and the
Assets as Buyer may from time to time reasonably request (including monthly financial
information relating to the Racetrack Business as soon as practicable after the end of
each calendar month), and (c)&nbsp;otherwise reasonably cooperate in the examination or
audit of the Racetrack Business by Buyer. Such rights shall be limited by the provisions
of this section. Notwithstanding the foregoing, Buyer shall not be entitled to conduct any
Phase II environmental testing or other testing which would be invasive to the Real
Property, including any drilling, except pursuant to Article 12. After the Closing, Seller
will hold, and will use commercially reasonable efforts to cause its respective officers,
directors, employees, accountants, counsel, consultants, advisors and agents to hold, in
confidence, unless compelled to disclose by judicial or administrative process or by other
requirements of law, all confidential documents and information concerning the Racetrack
Business, except to the extent that such information can be shown to have been
(i)&nbsp;previously known on a non-confidential basis by Seller, (ii)&nbsp;in the public
domain through no fault of Seller or (iii)&nbsp;later lawfully acquired by Seller from
sources other than those related to its prior ownership of the Racetrack Business. The
obligation of Seller to hold any such information in confidence shall be satisfied if
Seller exercises the same care with respect to such information as it would take to
preserve the confidentiality of its own similar information. On and after the Closing
Date, Seller will afford promptly to Buyer and its agents reasonable access to its books
of account, financial and other records (including accountant&#146;s work papers),
information, employees and auditors to the extent necessary or useful for Buyer in
connection with any audit, investigation, dispute or litigation or any other reasonable
business purpose relating to the Racetrack Business; provided that any such access by
Buyer shall not unreasonably interfere with the conduct of the business of Seller. With
respect to Buyer&#146;s activities: </FONT></P>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.1
<U>Actions with Agencies</U>. If prior to the Closing, Buyer shall initiate any inquiry or
request directed at any governmental official with respect to the Real Property, or shall
wish to engage in any discussions with any federal, state or local agency concerning
matters with respect to the Real Property, Buyer shall (i) inform Seller from time to time
of such inquiry, request or discussions, (ii) provide Seller with a reasonable opportunity
to participate in any meetings or discussions, and (iii) keep Seller informed of the
status thereof, provided however, that nothing in this Section shall be deemed to prevent
Buyer or its representatives from requesting, inspecting or reviewing any and all records
of any federal, state or local Governmental Authority or from having contact with any
Governmental Authority for purposes of obtaining the permits and regulatory authorization
necessary to conduct the Phase II Testing. Upon execution of this Agreement, Buyer and its
representatives may have any other contact with a Governmental Authority that would
ordinarily be included in an ASTM E-1527 Phase I Assessment or that is required to conduct
its Phase II Testing. </FONT>
</TD>
</TR>
</TABLE>
<BR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.2
<U>Correcting Damage</U>. Buyer shall immediately repair any and all damage resulting from
the acts or omissions of Buyer or Buyer&#146;s agents, employees, contractors,
representatives or subcontractors relating to the whole or any part of the Real Property. </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.3
<U>Indemnity</U>. Subject to the provisions of Section 3.4 herein, Buyer shall indemnify,
defend and hold Seller harmless from and against any and all claims and Liens arising out
of the respective activities of Buyer and its authorized representatives in and about the
Real Property prior to the Closing or earlier termination of this Agreement. For the sake
of clarity, Buyer shall not be responsible for any Losses arising out of any contamination
identified by Buyer or its authorized representatives if this Agreement is terminated
pursuant to Article 10 or 12 herein. </FONT>
</TD>
</TR>
</TABLE>
<BR>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4
<U><U>Consents</U></U>.</FONT></p>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          Section 6.4(a) of the Disclosure Schedule sets forth each agreement, contract,
          License or other instrument binding upon Seller requiring a consent or other
          action by any Person as a result of the execution, delivery and performance of
          this Agreement, except such consents or actions as would not, individually or in
          the aggregate, have a Material Adverse Effect if not received or taken by the
          Closing Date (the &#147;<B>Required Consents</B>&#148;). </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          Section 6.4(b) of the Disclosure Schedule sets forth each agreement, contract,
          License, or other instrument binding upon Seller requiring a consent or action
          by any Person (other than the Required Consents) as a result of the execution,
          delivery and performance of this Agreement (the &#147;<B>Other
          Consents</B>&#148;). After the date hereof, Seller shall use commercially
          reasonable efforts and cooperate with Buyer to obtain each Other Consent prior
          to Closing. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          As promptly as practicable after the date hereof, Seller shall make all required
          filings with Governmental Authorities necessary in connection with the
          Transactions, and use all reasonable efforts to obtain all permits, approvals,
          authorizations and consents of all third parties, required for Seller to
          consummate the Transactions. Seller shall furnish promptly to Buyer all
          information that is in Seller&#146;s possession and not otherwise available to
          Buyer that Buyer may reasonably request in connection with any such filing to be
          made by Buyer. Seller and Buyer shall use reasonable efforts to obtain such
          consents to the assignment of the Contracts as may be required. Notwithstanding
          anything herein to the contrary, the parties hereto acknowledge and agree that
          at the Closing, Seller will not assign to Buyer any Contract that by its terms
          requires, prior to such assignment, the consent of any other contracting party
          thereto unless such consent has been obtained prior to the Closing Date. With
          respect to each such Contract not assigned on the Closing Date, after the
          Closing Date, Seller shall continue to deal with the other contracting
          party(ies) to such Contract as the prime contracting party, and Buyer and Seller
          shall use reasonable efforts to obtain the consent of all required parties to
          the assignment of such Contract. Such Contract shall be promptly assigned by
          Seller to Buyer after receipt of such consent after the Closing Date, and
          thereafter shall be deemed to be an Assigned Contract for all purposes
          hereunder. If such consent is not a Required Consent or if Buyer nevertheless
          elects to consummate the Closing, Seller and Buyer shall cooperate in an
          arrangement reasonably satisfactory to Buyer and Seller under which Buyer would
          obtain, to the extent practicable, the claims, rights and benefits of each such
          Contract and assume the corresponding obligations thereunder in accordance with
          this agreement, including subcontracting, sub-licensing or sub-leasing to Buyer,
          or under which Seller would enforce for the benefit of Buyer, with Buyer
          assuming Seller&#146;s obligations, any and all claims, rights and benefits of
          Seller against a third party thereto. Seller will promptly pay to Buyer when
          received all monies received by Seller under any Asset or any claim, right or
          benefit arising thereunder not transferred to Buyer pursuant to this
          Section&nbsp;6.4. </FONT></P>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5
<U>Collective Bargaining Agreements</U>. To the extent that any Collective Bargaining
Agreements have a term date which expires prior to the Closing Date, Seller may be
required to enter into negotiations with the respective unions. In such event, Seller
shall keep Buyer informed promptly of the status of negotiations with respect to new
collective bargaining agreements with the unions party to such Collective Bargaining
Agreements and, at Buyer&#146;s option, a representative of Buyer may participate in any
such negotiations. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6
<U>Racing Dates; Redevelopment</U>. Seller agrees that, for a period of three years from
the Closing Date, neither it nor any of its Affiliates shall take or cause to be taken any
action that might result in (i)&nbsp;any decrease in the number of racing dates allocated
to the Racetrack Business or (ii)&nbsp;Buyer&#146;s ability to obtain approval by the City
of Inglewood of a general plan amendment and a conforming zone change so as to provide the
primary entitlement for Buyer&#146;s intended overall development of the Real Property. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7
<U>Notices of Certain Events</U>.  Prior to the Closing Date, Seller shall promptly notify Buyer of:</FONT></P>

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               <TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               any written notice or other written communication from any Person alleging that
               the consent of such Person is or may be required in connection with the
               transactions contemplated by this Agreement; </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               any written notice or other written communication from any Governmental
               Authority in connection with the transactions contemplated by this Agreement; </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=15%></TD>
               <TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               any actions, suits, claims, investigations or proceedings commenced or, to its
               knowledge, threatened against, relating to or involving or otherwise affecting
               Seller or the Racetrack Business or any Asset that, if pending on the date of
               this Agreement, would have been required to have been disclosed pursuant to this
               Agreement or that relate to the consummation of the transactions contemplated by
               this Agreement; and </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=15%></TD>
               <TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               the damage or destruction by fire or other casualty of any Asset material to the
               Racetrack Business or the Casino Building (each, a &#147;<B>Material
               Asset</B>&#148;) or part thereof or in the event that any Material Asset or part
               thereof becomes the subject of any proceeding or, to the knowledge of Seller,
               threatened proceeding for the taking thereof or any part thereof or of any right
               relating thereto by condemnation, eminent domain or similar governmental action. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8
<U>Updated Disclosure Schedule</U>. Prior to the Closing Date, Seller shall update the
Disclosure Schedule by delivering to Buyer a revised Disclosure Schedule showing all
changes since the date of hereof through the Closing Date (each a &#147;<B>Schedule
Update</B>&#148;). If Buyer is unwilling, in its reasonable discretion, to consent to any
Schedule Update or portion thereof, Seller may withdraw the Schedule Update or the
applicable portion. If Seller elects not to withdraw the Schedule Update (or the
applicable portion), Buyer may terminate this Agreement at any time thereafter during such
period between the signing of this Agreement and the Closing Date, in which event the
Deposit shall be immediately returned to Buyer. No later than three days prior to the
Closing, Seller shall provide to Buyer written notice of the information it expects (as of
the date of such notice) to appear on any Schedule Update. Each Schedule Update delivered
to Buyer (and not withdrawn by Seller) shall be deemed to modify the representations and
warranties made herein by Seller as of the Closing Date. </FONT></P>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9
<U>Intentionally Omitted</U>. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10 <U>Seller&#146;s
Obligation to Seek Indemnification from Pinnacle in Certain Circumstances</U>. After the
Closing Date, to the extent that any Environmental Claim (as such term is defined under
the 1999 Asset Purchase Agreement) made against Seller is an Environmental Claim (as such
term is defined under the 1999 Asset Purchase Agreement) for which: (1) Pinnacle (or its
successor) is contractually obligated to indemnify, defend and hold harmless Seller or its
Affiliates under the 1999 Asset Purchase Agreement pursuant to Section 9.2.2 of such
Agreement; and (2) any such Environmental Claim constitutes a matter as to which Buyer is
obligated to indemnify Seller Indemnified Parties under Section 9.2.1(b) of this
Agreement; then Seller shall use commercially reasonable efforts to first seek, or cause
its Affiliates to seek, indemnification for such Environmental Claim from Pinnacle or its
successors, under Section 9.2.2 of the 1999 Asset Purchase Agreement, prior to seeking
indemnification from Buyer under Section 9.2.1(b) hereof. Without limiting the generality
thereof, Buyer acknowledges that the assertion by Pinnacle or any one or more of its
successors of any defense or right, whether arising from the status of Pinnacle or such
successor as a surety or otherwise, which results or may result in a deferral, denial,
suspension or abatement of a claim for indemnity asserted by Seller under the 1999 Asset
Purchase Agreement shall not constitute a defense to the performance of Buyer&#146;s duty
to indemnify Seller under Section 9.2.1(b) hereof. As of the date hereof, Seller is not
aware of any such defense or right. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7. <U>COVENANTS OF BUYER</U>. </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1
<U>Permits and Consents</U>. As promptly as practicable after the date hereof, Buyer shall
make all filings with Governmental Authorities necessary in connection with the
Transactions, and use all reasonable efforts to obtain all permits, licenses, approvals,
authorizations and consents of all third parties required for Buyer to consummate the
Transactions. The parties hereto shall reasonably cooperate with the other party in making
all necessary filings and obtaining all required permits, licenses, approvals,
authorizations and consents and promptly furnish to the other party all information that
is in such party&#146;s possession and not otherwise available to the other party which
such party may reasonably request in connection with any actions to be performed by the
parties to consummate the Transactions. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2
<U>Access to Books and Records</U>. Except as otherwise provided herein, Buyer shall
maintain, or shall caused to be maintained, for at least seven (7) years all original
books, records, files, documents, papers and agreements pertaining to the Assets, the
Assumed Liabilities or to the Racetrack Business before the Closing. If, at any time,
Buyer proposes to dispose of any of such original documents, Buyer shall first provide
Seller with sixty (60) days written notice of such proposal and shall offer to deliver the
original documents it wishes to dispose of to Seller at the expense of Seller. At the end
of such sixty (60) day period, Buyer may, without liability to Seller, dispose of any such
original documents which Seller has not informed Buyer in writing that it desires to
recover. </FONT></P>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3
<U>Cooperation in Third-Party Litigation</U>. After the Closing, Buyer shall provide such
cooperation as Seller or its counsel may reasonably request in connection with
(a)&nbsp;any proceedings for which Buyer may be entitled to indemnification from Seller
under Section&nbsp;9.2 hereof; and (b)&nbsp;the Excluded Liabilities. Such cooperation
shall include, but not be limited to: (i)&nbsp;making available at the reasonable request
of Seller or its counsel and permitting Seller and its counsel, to make and retain copies
of, any and all documents in the possession of or otherwise available to Buyer and
allowing Seller to make inspections of the Real Property; (ii)&nbsp;making available upon
the reasonable request of Seller or its counsel, employees and other persons within the
control of or available to Buyer to consult with and assist Seller and its counsel and to
prepare for and testify in connection with any proceedings, including depositions, trials
and arbitration proceedings; and (iii)&nbsp;making available at the reasonable request of
Seller or its counsel such other resources as may be within the control of or available to
Buyer. Seller shall reimburse Buyer for Buyer&#146;s reasonable, documented out-of-pocket
expenses incurred (including such items as travel costs, and reasonable attorneys&#146;
fees but not including any employee salaries or overhead) in connection with fulfilling
its obligations under this Section&nbsp;7.3. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4
<U>Racetrack Operator License</U>. (a) As promptly as practicable after the date hereof,
Buyer shall apply in writing with the CHRB for a racetrack operator license (the
&#147;<B>Racetrack Operator License</B>&#148;), shall pay all required deposit fees
pursuant to Section 19480 of the California Business and Professional Code and regulations
issued by the Board, and shall use commercially reasonable efforts to pursue and obtain a
Racetrack Operator License. Buyer shall file a Notice of Intention to file pursuant to
Rule l431 of the CHRB at least 120 days prior to the 2005 Fall meet, and shall submit its
application with respect thereto at least 90 days prior to the 2005 Fall meet. Buyer
shall, subject to its right to give a Termination Notice under Section 7.4(b), maintain
its Racetrack Operator License for three years immediately following the Closing Date. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          If in any of the three years immediately following the Closing Date, (i) the
          CHRB shall allocate to Hollywood Park a number of racing dates that is less than
          the number of racing dates historically allocated to Hollywood Park and (ii)
          Buyer determines that continued operation of the Racetrack Business would be
          reasonably likely to result in Net Cash Flow of zero dollars or less during the
          current or any following year, then Buyer may provide to Seller a written notice
          of Buyer&#146;s intent to terminate the Racetrack Business (a
          <B>&#147;Termination Notice&#148;) </B>and, unless Seller notifies Buyer within
          fifteen (15) days that it disagrees with Buyer&#146;s Termination Notice, may
          terminate the Racetrack Business. If Seller disagrees with Buyer&#146;s
          Termination Notice, such dispute shall be resolved by any nationally recognized
          accounting firm within thirty (30) days after Seller notifies Buyer that it
          disagrees with Buyer&#146;s Termination Certificate. Buyer shall provide any
          financial information or other documentation reasonably requested by such
          accounting firm and Buyer and Seller shall each pay 50% of the costs and
          expenses of such accounting firm. The decision of such accounting firm shall be
          final and binding upon Buyer and Seller. </FONT></P>
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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          If, prior to the date that is three years after the Closing Date, Buyer
          terminates the Racetrack Business for any reason other than as expressly
          provided in Section 7.4(b), Buyer expressly and irrevocably acknowledges and
          agrees that Seller would suffer a considerable loss and damages including,
          without limitation, the loss of the benefit of the Reinvestment Agreement and
          other consequential damages arising as a result of lost profits, which the
          Seller and Buyer agree are and will continue to be extremely difficult to
          ascertain with any degree of certainty. Accordingly, the parties agree that in
          the event of such termination, Buyer shall pay to Seller the sum of fifteen
          million dollars ($15,000,000) as liquidated damages in respect of such
          termination of the Racetrack Business. Such amount shall be paid within ten (10)
          days following such termination. Buyer expressly and irrevocably acknowledges
          and agrees that such amount is fair and reasonable under the circumstances
          existing as of the date hereof. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8. <U>CONDITIONS PRECEDENT</U>. </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1
<U>Conditions Precedent to Obligations of Buyer</U>. The obligations of Buyer under this
Agreement are subject, at the option of Buyer, to the satisfaction or waiver of each of
the following conditions on or prior to the Closing Date: </FONT></P>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
8.1.1<U>HSR Act</U>. All waiting periods under the HSR Act shall have expired or terminated. </FONT>
</TD>
</TR>
</TABLE>
<BR>


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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.2
<U>Accuracy of Representations and Warranties</U>. The representations and warranties of
Seller contained in this Agreement or in any certificate delivered to Buyer pursuant
hereto shall be true and correct in all material respects on and as of the Closing Date as
though made at and as of that date (except where such representation and warranty is made
as of a date specifically set forth therein) and Seller shall have delivered to Buyer a
certificate to that effect. </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.3
<U>Compliance with Covenants</U>. Seller shall in all material respects have performed and
complied with all material terms, agreements, covenants and conditions of this Agreement
to be performed or complied with by it at the Closing Date, and Seller shall have
delivered to Buyer a certificate to that effect. </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.4
<U>Actions or Proceedings</U>. There shall not be instituted or pending any action or
proceeding by any Person before any Governmental Authority, (i)&nbsp;seeking to restrain,
prohibit or otherwise interfere with the ownership or operation by Buyer or any of its
Affiliates of all or any material portion of the Assets or the Racetrack Business or
assets of Buyer or any of its Affiliates or to compel Buyer or any of its Affiliates to
dispose of all or any material portion of the Assets or of Buyer or any of its Affiliates
or (ii) seeking to require divestiture by Buyer or any of its Affiliates of any Assets or
any portion of the Racetrack Business. There shall not be any action taken, or any Laws
enacted, enforced, promulgated, issued or deemed applicable to the purchase of the Assets,
by any Governmental Authority, other than the application of the waiting period provisions
of the HSR Act to the purchase of the Assets, that, in the reasonable judgment of Buyer
could, directly or indirectly, result in any of the consequences referred to in
subsections (i) and (ii) of this Section; provided that Buyer acknowledges the application
of this Section to Laws in effect as of the date hereof would not have such consequences. </FONT>
</TD>
</TR>
</TABLE>
<BR>
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                42</FONT></TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.5
<U>Opinion of Counsel for Seller</U>. Buyer shall have received the favorable opinion of
counsel to Seller, dated the Closing Date, to the effect specified in Sections 4.1, 4.2
and 4.3 of this Agreement. </FONT>
</TD>
</TR>
</TABLE>
<BR>
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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.6

<U>Consents Obtained</U>.  Seller shall have obtained all the Required Consents.</FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.7
<U>Title Insurance</U>. Buyer shall have obtained an ALTA extended coverage form of
owner&#146;s title insurance policy, or a binder to issue the same, dated the Closing Date
and in an amount satisfactory to Buyer, insuring or committing to insure, at ordinary
premium rates without any requirement for additional premiums, good and marketable fee
simple title to the Real Property, free and clear of any Liens, except Liens permitted
pursuant to Section 6.1. </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.8
<U>Environmental Matters</U>. Buyer shall not have exercised its right of termination
under Article&nbsp;12 of this Agreement. </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.9
<U>Reliance Letter</U>. Buyer, and only if requested by Buyer&#146;s lender, such lender,
shall have received a reliance letter from ENVIRON International Corporation regarding the
Phase&nbsp;I Environmental Site Assessment and Limited Compliance Assessment dated
April&nbsp;11, 2005. </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.10
<U>Estoppel Certificate</U>. Buyer shall have received an estoppel certificate from the
tenant under the Casino Lease, substantially in the form attached hereto as <U>Exhibit
L</U>. </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.10
<U>Conditions Precedent to Obligations of Seller</U>. The obligations of Seller under this
Agreement are subject, at the option of Seller, to the satisfaction or waiver of each of
the following conditions at or prior to the Closing Date: </FONT>
</TD>
</TR>
</TABLE>
<BR>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.1
<U>HSR Act</U>.  All waiting periods under the HSR Act shall have expired or terminated.</FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.2
<U>Accuracy of Representations and Warranties</U>. The representations and warranties of
Buyer contained in this Agreement or in any certificate delivered to Seller pursuant
hereto shall be true and correct in all material respects on and as of the Closing Date as
though made at and as of that date (except where such representation and warranty is made
as of a date specifically set forth therein), and Buyer shall have delivered to Seller a
certificate to that effect. </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.3
<U>Compliance with Covenants</U>. Buyer shall in all material respects have performed and
complied with all material terms, agreements, covenants and conditions of this Agreement
to be performed or complied with by it at the Closing Date, and Buyer shall have delivered
to Seller a certificate to that effect. </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.4
<U>Opinion of Counsel for Buyer</U>. Seller shall have received the favorable opinion of
counsel to Buyer, dated the Closing Date, to the effect specified in Sections 5.1, 5.2 and
5.3 of this Agreement. </FONT>
</TD>
</TR>
</TABLE>
<BR>
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                43</FONT></TD>
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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.5
<U>Consents Obtained</U>. Each party hereto shall have obtained all the Required Consents,
except where the failure to obtain such consents or approvals is a result of a breach by
Seller. </FONT>
</TD>
</TR>
</TABLE>
<BR>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.6
<U>Purchase  Price</U>.  Buyer shall have  delivered  the  Purchase  Price in  accordance  with Section&nbsp;3.3.
</FONT>
</TD>
</TR>
</TABLE>
<BR>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.7
<U>Environmental  Matters</U>.  Seller shall not have exercised its right of termination  under
         Article 12 of this Agreement.</FONT>
</TD>
</TR>
</TABLE>
<BR>


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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.8
<U>Buyer&#146;s Environmental Insurance</U>. If Buyer obtains an acquisition loan to
finance all or a portion of the Purchase Price and if, in connection with such loan, Buyer
gives the acquisition lender a mortgage or deed of trust in the Real Property,&nbsp;Buyer
shall cause Seller to be named as an additional insured on any environmental
liability&nbsp;insurance policy or policies purchased by Buyer during the time that the
loan obligations remain outstanding relating to the Real Property. Seller agrees it shall
bring a claim under such insurance policy or policies only in connection with
Environmental Claims brought by any acquisition lender for which Buyer has failed to
indemnify Seller pursuant to Section 9.2 of this Agreement. Buyer shall (i) endeavor to
give Seller notice of the terms of the policies and a reasonable opportunity to provide
comments to same, and (ii)&nbsp;provide to Seller a copy of such policy or policies (or
evidence of the binding thereof) promptly after its receipt of the same. </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9. <U>SURVIVAL OF
REPRESENTATIONS; INDEMNIFICATION</U>. </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1
<U>Survival of Representations</U>. The representations or warranties contained herein
shall survive until the date which is one year after the Closing Date and shall then
expire, except for (i) representations, warranties and covenants relating to taxes, which
shall survive until the expiration of the period provided by law during which the tax in
question can be collected by the relevant taxing authority and (ii) the representations
and warranties in Sections&nbsp;4.1, 4.2, 4.3 and 4.20 of this Agreement shall survive
indefinitely or until the latest date permitted by law. The covenants and agreements of
the parties hereto contained in this Agreement (other than those with respect to taxes,
those in this Article 9, and those which by their terms are intended to survive beyond one
year) or in any certificate or other writing delivered in connection herewith shall
survive the Closing for one year or for the shorter period explicitly specified therein,
except that for such covenants and agreements that survive for such shorter period,
breaches thereof shall survive for one year. Notwithstanding the preceding sentence, any
breach of covenant, agreement, representation or warranty in respect of which indemnity
may be sought under this Agreement shall survive the time at which it would otherwise
terminate pursuant to the preceding sentence, if notice of the inaccuracy thereof giving
rise to such right of indemnity specifying in reasonable detail the facts on which the
claim is based shall have been given in accordance with Section 9.3 hereof. Unless written
notice is given in accordance with the previous sentence, any such representation,
warranty or covenant shall, upon the expiration specified in this Section 9.1, be deemed
to be of no further force or effect, as if never made, and no action may be brought based
on the same, whether for breach of contract, tort, indemnification or any other legal
theory. </FONT></P>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2
<U>Agreements to Indemnify</U>.</FONT></p>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.1 <u>General Indemnity</u>.
 </FONT></TD>
               </TR>
               </TABLE>
               <BR>
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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=15%></TD>
               <TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               <U>Seller&#146;s General Indemnity</U>. Effective at and after the Closing and
               subject to the terms and conditions of this Article&nbsp;9, Seller hereby agrees
               to save, indemnify, defend and hold Buyer harmless, on an after-tax basis, from
               and against all Losses incurred by Buyer and Buyer&#146;s employees, directors,
               officers, shareholders and agents or other representatives (each a
               &#147;<B>Buyer Indemnified Party</B>&#148; or collectively, the &#147;<B>Buyer
               Indemnified Parties</B>&#148;) resulting from (i)&nbsp;a breach of any
               representation or warranty by Seller contained in this Agreement, (ii)&nbsp;any
               breach of any covenant of or agreement by Seller contained in this Agreement, or
               (iii)&nbsp;any Excluded Liability. Notwithstanding anything to the contrary
               contained herein, Seller shall not be in breach of any representation or
               warranty made in this Agreement, if prior to the Closing, Buyer had knowledge
               that such representation or warranty was incorrect or untrue. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=15%></TD>
               <TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               <U>Buyer&#146;s General Indemnity</U>. Subject to the terms and conditions of
               this Section&nbsp;9, Buyer hereby agrees to save, indemnify, defend and hold
               Seller harmless, on an after-tax basis, from and against all Losses incurred by
               Seller and Seller&#146;s employees, directors, officers, shareholders and agents
               or other representatives (each a &#147;<B>Seller </B> <B>Indemnified
               Party</B>&#148; or collectively, the &#147;<B>Seller Indemnified
               Parties</B>&#148;) resulting from (i)&nbsp;a breach of any representation or
               warranty by Buyer contained in this Agreement, (ii)&nbsp;any breach of any
               covenant or agreement by the Buyer contained in this Agreement, or (iii) any of
               the Assumed Liabilities. Notwithstanding anything to the contrary contained
               herein, Buyer shall not be in breach of any representation or warranty made in
               this Agreement, if prior to the Closing, Seller had knowledge that such
               representation or warranty was incorrect or untrue. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=15%></TD>
               <TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               <U>Limitations on Indemnification</U>. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=15%></TD>
               <TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               Notwithstanding anything herein contained to the contrary, the Seller shall not
               be liable to any Buyer Indemnified Party for any claim for indemnification under
               Section&nbsp;9.2.1(a)(i) or Section&nbsp;9.2.1(a)(ii) unless and until the
               aggregate amount of all Losses incurred by such party otherwise indemnified
               against under clauses&nbsp;(i) through (ii)&nbsp;of Section&nbsp;9.2.1(a), as
               the case may be, exceeds $1,000,000, (the &#147;<B>Indemnification
               Threshold</B>&#148;) in which case the Seller shall be liable only for the
               Losses in excess of such amount; provided that the aggregate amount of such
               Losses indemnified hereunder by Seller shall not exceed $10,000,000 (the
               &#147;<B>Indemnification Cap</B>&#148;). </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=15%></TD>
               <TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               Seller shall not be obligated to indemnify any Buyer Indemnified Party with
               respect to (x) any Loss to the extent that a specific accrual or reserve for the
               amount of such Loss was reflected on the Transactions Financial Statement and
               Balance Sheet or notes thereto or (y) any Loss relating to a breach of any
               representation, warranty or covenant in this Agreement by Seller, any Affiliate
               thereof, or any of Seller&#146;s directors, officers, employees, shareholders,
               agents or other representative to the extent that Buyer proceeds with the
               Closing notwithstanding knowledge by Buyer or any Affiliate thereof at or prior
               to the Closing of such breach. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>
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                45</FONT></TD>
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        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=15%></TD>
               <TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               If any Buyer Indemnified Party receives any payment from the Seller in respect
               of any Losses pursuant to Section 9.2(a) and the Buyer Indemnified Party could
               have recovered all or a part of such Losses from a third party (a
               &#147;<B>Potential Contributor</B>&#148;) based on the underlying claim asserted
               against Seller, the Buyer Indemnified Party shall assign, on a non-recourse
               basis and without any representation or warranty, such of its rights to proceed
               against the Potential Contributor as are reasonably necessary to permit Seller
               to recover from Potential Contributor the amount of such payment. Any payment
               received in respect of such claim shall be distributed in the following order of
               priority: (a)&nbsp;first, to the Buyer Indemnified Party in the amount of the
               Indemnification Threshold; (b) second, to the Seller in an amount equal to the
               aggregate payments made by Seller to the Buyer Indemnified Party in respect of
               such claim, plus costs and expenses incurred in investigating, defending, or
               otherwise incurred in connection with its rights hereunder; and (c) the balance,
               if any, to the Buyer Indemnified Party. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=15%></TD>
               <TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               The parties shall cooperate with each other with respect to resolving any claim
               or liability with respect to which either party has an obligation to indemnify
               hereunder, including by making commercially reasonable efforts to mitigate or
               resolve any claim or liability. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=15%></TD>
               <TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               <U>Waiver and Release</U>. Except as specifically set forth in this Agreement
               and the Transaction Documents, effective as of the Closing, in the absence of
               fraud or willful misconduct on the part of either party in connection with the
               negotiation, execution or delivery of this Agreement or the consummation of the
               Transactions contemplated hereby or by the Transaction Documents, Buyer, on
               behalf of itself and each of the Buyer Indemnified Parties, on the one hand, and
               Seller on behalf of itself and each of the Seller Indemnified Parties, hereby
               unconditionally and irrevocably waive any rights and claims any of them may have
               against each other hereunder, whether at law or in equity, relating to the
               Racetrack Business, the Assets, the Assumed Liabilities and/or the Transactions
               contemplated hereby. The rights and claims waived and released pursuant to this
               Section 9.2.1(d) include, without limitation, claims for contribution or other
               rights of recovery arising out of or in any way relating to Environmental Laws,
               claims for breach of contract, breach of representation and warranty, breach of
               implied covenants, negligent misrepresentation, any and all other claims for
               breach of duty, any and all claims, demands, causes of action (including without
               limitation causes of action based on statutory or common law), losses, damages,
               liabilities, costs and expenses (including attorneys&#146; fees, expert fees and
               court costs) of any and every kind or character, known or unknown, which Buyer
               could assert or allege against Seller (and Seller&#146;s affiliates,
               subsidiaries, officers, directors, shareholders, employees and agents) at any
               time by reason of or arising out of any Hazardous Substances identified or
               discovered on, in, or under the Real Property, any latent or patent construction
               defects or physical conditions, violations or liability under any applicable
               laws (including, without limitation, any Environmental Laws) and any and all
               other acts, omissions, events, circumstances or matters regarding the Real
               Property. After the Closing, except as specifically set forth in this Agreement
               and the other Transaction Documents, this Section 9 shall constitute the sole
               and exclusive remedy of Buyer or the Buyer Indemnified Parties against the
               Seller, on the one hand, and of Seller or the Seller Indemnified Parties against
               the Buyer, on the other hand, for breach of any representation, warranty,
               covenant or other claim arising out of or in any way relating to this Agreement,
               the Transaction Documents and/or the Transactions contemplated hereby. For the
               sake of clarity, however, nothing provided in this Section 9.2.1(d) or in this
               Agreement shall constitute a waiver of Buyer&#146;s rights to cause Seller to
               comply with Section 6.10 hereto. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>
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                46</FONT></TD>
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<TR VALIGN=TOP>
<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
part of the provisions of this Section 9.2.1(d), but not as a limitation thereon, Buyer
hereby agrees, represents and warrants that, except as otherwise provided in this
Agreement and the other Transaction Documents, the matters released herein are not limited
to matters which are known or disclosed, and Buyer hereby waives with respect to the
matters released herein any and all rights and benefits which it now has, or in the future
may have conferred upon it, by virtue of the provisions of federal, state or local law,
rules or regulations, including, without limitation, Section 1542 of the Civil Code of the
State of California, which provides as follows: </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=20%>&nbsp;</TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
A
GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO
EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR
HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of this Section, Buyer shall be defined as Buyer or Buyer&#146;s officers,
directors, shareholders, affiliates, partners, limited partner, members, employees and
agents. </FONT>
</TD>
</TR>
</TABLE>
<BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=15%></TD>
               <TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               <U>Physical Condition</U>. Except as set forth in Sections&nbsp;9.2.1(a) and
               9.2.2, no indemnification or other claim may be made by Buyer against Seller
               relating to the physical condition of the Real Property, including without
               limitation, the structural or seismic condition thereof. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.2
<U>Accuracy of Representations and Warranties</U>.  <u>Conflict.</u> If a matter arises which is subject to the indemnification provisions of
both 9.2.1 and any other indemnification provisions set forth in this Agreement, the
provisions of 9.2.1 shall apply exclusively.</FONT>
</TD>
</TR>
</TABLE>
<BR>


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                47</FONT></TD>
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</TR>
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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.3
<U>Subrogation</U>. If an Indemnifying Party makes any payment under this Section&nbsp;9
in respect of any Losses, such Indemnifying Party shall be subrogated, to the extent of
such payment, to the rights of the Indemnified Party against any insurer or third party
with respect to such Losses; provided, however, that such Indemnifying Party shall not
have any rights of subrogation with respect to the other party hereto or any of its
Affiliates or any of its or its Affiliates&#146; officers, directors, agents or employees. </FONT>
</TD>
</TR>
</TABLE>
<BR>


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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.4
Other Indemnification Provisions.</FONT>
</TD>
</TR>
</TABLE>
<BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=15%></TD>
               <TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               Without limiting the generality of any provision of this Agreement, Seller shall
               indemnify, defend and hold Buyer harmless from and against all Losses incurred
               by Buyer and Buyer&#146;s employees, directors, officers, shareholders and
               agents resulting from: (a) any taxes imposed with respect to the operation of
               the Racetrack Business for periods prior to and through the Closing Date, (b)
               Seller&#146;s obligation to contribute to or sponsorship of or participation in
               any Seller Employee Benefit Plan (whether arising prior to, on or after the
               Closing Date) or (c) any withdrawal liability under Sections 4063 or 4201 of
               ERISA with respect to any Seller Employee Benefit Plan which has arisen or may
               arise in connection with the consummation of the Transactions, or otherwise with
               respect to a withdrawal by Seller or any of its ERISA Affiliates from any Seller
               Employee Benefit Plan. The indemnification provided in this
               Section&nbsp;9.2.4(a) shall (x) not be subject to the provisions of
               Section&nbsp;9.2.1(c) and (y) survive the expiration provision of this Agreement
               and any applicable statute of limitations. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=15%></TD>
               <TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               Without limiting the generality of any provision of this Agreement, Buyer shall
               indemnify, defend and hold Seller harmless from and against all Losses incurred
               by Seller and Seller&#146;s employees, directors, officers, shareholders and
               agents resulting from: (a) any taxes imposed with respect to the operation of
               the Racetrack Business for periods after the Closing Date, (b) Buyer&#146;s
               obligation to contribute to or sponsorship of or participation in any Employee
               Benefit Plan after the Closing Date or (c) any withdrawal liability arising
               after the Closing Date under Sections 4063 and 4201 of ERISA with respect to a
               withdrawal by Buyer or any of its ERISA Affiliates from any Employee Benefit
               Plan sponsored or maintained by Buyer, subject to the limitations contained in
               Section&nbsp;11.2.3 of this Agreement. The indemnification provided in this
               Section&nbsp;9.2.4(b) shall (x) not be subject to the provisions of
               Section&nbsp;9.2.1(c) and (y) survive the expiration provision of this Agreement
               and any applicable statute of limitations. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3
<U>Conditions of Indemnification</U>. The respective obligations and liabilities of the
Indemnifying Party to the Indemnified Party under Section&nbsp;9.2 shall be subject to the
following terms and conditions: </FONT></P>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3.1
<U>Notice</U>. Within thirty (30) days after receipt of notice of commencement of any
action or the assertion of any claim by a third party or Governmental Authority (but in
any event at least ten (10) days preceding the date on which an answer or other pleading
must be served in order to prevent a judgment by default in favor of the party asserting
the claim), or notice of any other matter for which indemnification may be sought, an
Indemnified Party shall give the Indemnifying Party written notice thereof together with a
copy of any claim, process or other legal pleading and, in the event the notice relates to
any other matter, a reasonably detailed description of the nature of such other matter,
and the Indemnifying Party shall have the right to undertake the defense thereof by
representatives of its own choosing that are reasonably satisfactory to the Indemnified
Party. Notwithstanding the Indemnifying Party&#146;s undertaking of such defense, the
Indemnified Party shall have the right to engage its own counsel, at its own expense, and
participate in the defense of the claim; provided, however, that the Indemnifying Party
shall retain the right in its sole and absolute discretion to make all decisions with
respect to the defense, settlement or compromise of such claim, except as otherwise
provided herein; provided that the Indemnifying Party remains liable for any payments due
under any such settlement or compromise. The failure of the Indemnified Party to give
notice of any claim or other matter within the time period specified herein shall not
adversely affect the Indemnified Party&#146;s right to indemnification hereunder except to
the extent that such failure adversely affects the right of the Indemnifying Party to
assert any reasonable defense to such claim or otherwise results in prejudice&#146;s the
Indemnifying Party. </FONT>
</TD>
</TR>
</TABLE>
<BR>
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                48</FONT></TD>
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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3.2
<U>Assumption of Defense</U>. If the Indemnifying Party, by the fifteenth day after
receipt of notice of any claim or matter (or, pursuant to the parenthetical in
Section&nbsp;9.3.1, by the fifth day preceding the day on which an answer or other
pleading must be served in order to prevent judgment by default in favor of the person
asserting such claim), does not elect to defend against such claim, the Indemnified Party
will (upon further notice to the Indemnifying Party) have the right to undertake the
defense, compromise or settlement of such claim on behalf of and for the account and risk
of the Indemnifying Party (but only to the extent of the indemnification obligation);
provided, however, that the Indemnified Party shall not settle or compromise such claim
without the Indemnifying Party&#146;s consent, which consent shall not be unreasonably
withheld. If after electing not to defend against such claim or proceeding, the
Indemnifying Party seeks to question the manner in which the Indemnified Party defended
such claim or proceeding or the amount of or nature of any such settlement, the
Indemnifying Party shall have the burden to prove by a preponderance of the evidence that
the Indemnified Party did not defend such claim or proceeding in a reasonably prudent
manner. </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the preceding paragraph, the Indemnifying Party shall have the right to assume the defense
of any claim or matter at any time prior to settlement, compromise or final determination
thereof if the Indemnifying Party provides assurances, reasonably satisfactory to the
Indemnified Party, that the Indemnifying Party will be financially able to satisfy such
claim in full (to the extent of the indemnification obligation) if such claim or
proceeding is decided adversely. The Indemnifying Party shall select counsel reasonably
acceptable to the Indemnified Party to conduct the defense of such claim or proceeding. </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Indemnifying Party assumes the defense of any claim or matter in accordance with this
Section&nbsp;9.3, the Indemnifying Party shall be authorized to consent to a settlement
of, or the entry of any judgment arising from, any such claim or matter, without the prior
written consent of the Indemnified Party; provided, however, that: </FONT>
</TD>
</TR>
</TABLE>
<BR>
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               <TD ALIGN=RIGHT WIDTH=15%></TD>
               <TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               the Indemnifying Party shall pay or cause to be paid all amounts arising out of
               such settlement or judgment, or shall obtain and deliver to such Indemnified
               Party prior to the execution of a settlement a general release executed by the
               claimant, which general release shall release the Indemnified Party from any
               liability in such matter; </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD ALIGN=RIGHT WIDTH=15%></TD>
               <TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               the Indemnifying Party shall not be authorized to encumber any of the assets of
               any Indemnified Party or to agree to any restriction that would apply to any
               Indemnified Party or to its conduct of business; and </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               a condition to any such settlement shall be a complete release of such
               Indemnified Party with respect to such claim. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If,
in the reasonable opinion of counsel for the Indemnified Party, there is a conflict of
interest between the Indemnifying Party and the Indemnified Party, the Indemnified Party
may direct the defense with respect to those issues as to which a conflict exists or
potentially exists at the Indemnifying Party&#146;s sole cost and expense. </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3.3
<U>Claim Adverse to Indemnifying Party</U>. Notwithstanding anything to the contrary in
this Section&nbsp;9.3, if there is a reasonable probability that a claim may materially
adversely affect the Indemnifying Party other than as a result of money damages or other
money payments, the Indemnifying Party shall have the right, at its own cost and expense,
to compromise or settle such claim, but the Indemnifying Party shall not, without the
prior written consent of the Indemnified Party, settle or compromise any claim or consent
to the entry of any judgment which does not include as an unconditional term thereof the
giving by the claimant or the plaintiff to the Indemnified Party a release from all
liability in respect of such claim. </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3.4
<U>Cooperation</U>. In connection with any such indemnification, the Indemnified Party
will cooperate in all commercially reasonable requests of the Indemnifying Party. </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3.5
<U>Damages</U>. Notwithstanding anything to the contrary elsewhere in this Agreement or
any other Transaction Document, no party (or its Affiliates) shall, in any event, be
liable to the other party (or its Affiliates) for any consequential damages, including,
but not limited to, loss of revenue or income, cost of capital, or loss of business
reputation or opportunity relating to the breach or alleged breach of this Agreement. </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4
<U>Calculation of Losses</U>. The amount of any Losses payable under Section 9.2 by the
Indemnifying Party shall be net of any amounts recovered by the Indemnified Party in
respect of such Losses under applicable insurance policies or from any other Person
responsible therefor (calculated after reduction for reasonable fees, expenses, and
indirect costs incurred in such recovery) (any such amounts shall be referred to herein as
&#147;<B>Other Source Payments</B>&#148;). If the Indemnified Party receives any Other
Source Payments subsequent to its receipt of an indemnification payment by the
Indemnifying Party hereunder, then such Indemnified Party shall promptly reimburse the
Indemnifying Party making such indemnification payment up to the amount of such Other
Source Payments (to the extent attributable to the Losses in question) actually received
by the Indemnified Party. Nothing in this section shall be construed or interpreted to
mean that an Indemnified Party must seek recovery for any Losses payable under Section 9.2
from applicable or potentially applicable insurance policies or from any other Person
alleged to be responsible therefor, other than as set forth in this Agreement. </FONT>
</TD>
</TR>
</TABLE>
<BR>
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                50</FONT></TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5
<U>Remedies Exclusive</U>. Except as provided herein, the remedies provided in this
Article 9 and Section 6.10 shall be the exclusive remedy for each party for monetary
damages and for any Environmental Claim (whether at law or in equity) between the parties.
None of Seller&#146;s officers, employees, agents, stockholders, consultants, investment
bankers, legal advisers or representatives shall have any liability or obligation to Buyer
in connection with the Transactions contemplated by this Agreement or in respect of any
statement, representation, warranty or assurance of any kind made by Seller, its
representatives or any other Person. None of Buyer&#146;s officers, employees, agents,
stockholders, consultants, investment bankers, legal advisors or representatives shall
have any liability or obligation to Seller in connection with the Transactions
contemplated by this Agreement or in respect of any statement, representation, warranty,
or assurance of any kind made by Buyer, its representatives or any other Person. </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10. <U>TERMINATION</U>. </FONT></H1>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement may be terminated:</FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1
<U>Injunction</U>. By either Buyer or Seller if any court or Governmental Authority of
competent jurisdiction in the United States shall have issued an order (other than a
temporary restraining order), decree, judgment or ruling or taken any other action
restraining, enjoining or otherwise prohibiting the Transactions and such order, decree,
ruling or other action shall have become final and non-appealable. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2
     <U>Mutual Agreement</U>.  By mutual written agreement of Buyer and Seller. </FONT></P>

        <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 10.3     <U>Required  Consents</U>.  By failure to obtain any Required  Consents as of the Closing Date,  subject
to Seller's right to a reasonable extension in order to obtain such Required Consents.</FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4
<U>Material Breach</U>. By either Buyer or Seller, if there has been a material breach on
the part of the other party in its representations, warranties or covenants set forth
herein; provided, however, that if such breach is susceptible to cure the breaching party
shall have twenty (20) business days after receipt of notice from the other party of its
intention to terminate this Agreement pursuant to this Section&nbsp;10.4 in which to cure
such breach. Termination for material breach shall not impair any party&#146;s rights to
pursue any available remedies at law or in equity. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5
<U>Environmental Termination</U>.  By Seller or Buyer pursuant to Article 12. </FONT></P>
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</TR>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6
<U>Uncured Asset Loss</U>. By Buyer, if any loss, damage, impairment, confiscation or
condemnation of all or any portion of the Assets (each, an &#147;<B>Asset Loss</B>&#148;)
occurs with respect to an asset which is material to the Casino Building or an asset which
is material to the operation of the Racetrack Business and such Asset Loss is not cured by
Seller prior to the Closing Date (it being acknowledged that Seller shall not have any
obligation to do so); provided, however, that notwithstanding anything to the contrary set
forth herein, (i)&nbsp;in the event such Asset Loss may be cured within 180 days, but may
not be cured by Seller prior to the Closing Date despite the diligent undertakings of
Seller to cure such Asset Loss prior to the Closing Date, Seller shall have the right to
extend the Closing Date by such reasonable period of time as necessary to cure such Asset
Loss prior to the Closing Date, provided that such time period shall not exceed 180 days
from the date of the Asset Loss (the <B>&#147;Extended Closing Date</B>&#148;), by
providing written notice of such election to Buyer and, notwithstanding anything to the
contrary set forth herein, this Agreement may be terminated by Buyer pursuant to this
Section&nbsp;10.6 solely if such Asset Loss is not cured by Seller by such Extended
Closing Date or (ii)&nbsp;Buyer shall have the right to elect to receive the net insurance
proceeds attributable to such Asset Loss (if and to the extent that such Asset Loss was an
insured loss) in lieu of Seller&#146;s cure of such Asset Loss prior to the Closing Date,
in which event, notwithstanding anything to the contrary set forth herein, Buyer shall be
deemed to have waived its right to terminate this Agreement pursuant to this
Section&nbsp;10.6. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7
<U>Effects of Termination</U>. If this Agreement is terminated pursuant to this
Section&nbsp;10, all obligations of the parties hereunder (except for those pursuant to
Section&nbsp;10 and Sections&nbsp;6.3.3, 11.1, 13.2, 13.8, 13.9 and 13.10) shall terminate
without liability of any party to any other party; provided, however, that no termination
shall relieve any party from any liability arising from or relating to a material breach
prior to termination. </FONT></P>

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<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>IF
THE SALE IS NOT CONSUMMATED DUE TO A MATERIAL BREACH BY BUYER HEREUNDER, THEN SELLER SHALL
</B> <B>BE ENTITLED TO RETAIN THE DEPOSIT AS LIQUIDATED DAMAGES, WHICH RETENTION SHALL
OPERATE TO </B> <B>TERMINATE THIS AGREEMENT AND RELEASE BUYER FROM ANY AND ALL LIABILITY
HEREUNDER, EXCEPT AS </B> <B>PROVIDED IN SECTIONS&nbsp;10, AND SECTIONS 6.3.3, 11.1, 13.2,
13.8, 13.9 AND 13.10. THE PARTIES </B> <B>HAVE AGREED THAT SELLER&#146;S ACTUAL DAMAGES,
IN THE EVENT OF A FAILURE TO CONSUMMATE THIS SALE DUE </B> <B>TO BUYER&#146;S DEFAULT,
WOULD BE EXTREMELY DIFFICULT OR IMPRACTICABLE TO DETERMINE. AFTER </B> <B>NEGOTIATION, THE
PARTIES HAVE AGREED THAT, CONSIDERING ALL THE CIRCUMSTANCES EXISTING ON THE </B> <B>DATE
OF THIS AGREEMENT, THE AMOUNT OF THE DEPOSIT IS A REASONABLE ESTIMATE OF THE DAMAGES THAT
</B> <B>SELLER WOULD INCUR IN SUCH EVENT. BY PLACING THEIR INITIALS BELOW, EACH PARTY
SPECIFICALLY </B> <B>CONFIRMS THE ACCURACY OF THE STATEMENTS MADE ABOVE AND THE FACT THAT
EACH PARTY WAS REPRESENTED </B> <B>BY COUNSEL WHO EXPLAINED, AT THE TIME THIS AGREEMENT
WAS MADE, THE CONSEQUENCES OF THIS </B> <B>LIQUIDATED DAMAGES PROVISION. THE FOREGOING IS
NOT INTENDED TO LIMIT BUYER&#146;S INDEMNITY </B> <B>OBLIGATIONS HEREUNDER.</B> </FONT></TD>
</TR>
</TABLE>
<BR>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Initials: Seller
_______&nbsp;&nbsp;&nbsp;Buyer _______ </FONT></H1>
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</TR>
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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11. <U>OTHER COVENANTS</U>. </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1
<U>Announcements</U>. Each party agrees not to make, nor cause to be made, any news
releases or other public announcements pertaining to the Transactions without first
consulting the other party and attempting to formulate a mutually satisfactory arrangement
for such disclosure, and in any case will make an announcement thereafter without the
consent of the other only to the extent it believes in good faith that disclosure is
required by applicable law or by obligations pursuant to any rules of or listing agreement
with any national securities exchange or the NASDAQ National Market System. The
commencement of litigation relating to this Agreement or any proceedings in connection
therewith shall not be deemed a violation of this Section&nbsp;11.1. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2
<U>Employment Matters</U>.</FONT></P>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.1
<U>Offers of Employment</U>. Section 11.2.1 of the Disclosure Schedule contains a list of
each current Racetrack Employee. Beginning on the date hereof and ending August&nbsp;1,
2005, Seller agrees, upon reasonable notice from Buyer, to allow Buyer to interview those
Racetrack Employees who are department heads and supervisors of department heads. Any such
interviews shall take place during ordinary business hours and shall be conducted in
compliance with applicable law. At the end of such period, Buyer shall provide Seller with
a list of the Racetrack Employees to whom it intends to offer employment. Such offers of
employment will be contingent upon and effective on the Closing Date. Employees who accept
such offers of employment are referred to herein as &#147;Hired Employees.&#148; Buyer
agrees to pay to those Hired Employees listed by name on Section 11.2.1 of the Disclosure
Schedule who remain continuously employed by Buyer on the third anniversary of the Closing
Date a retention bonus as set forth in such section (the &#147;Retention Bonus&#148;). If
within three years following the Closing Date any Hired Employee listed on such schedule
is (i) involuntarily terminated by Buyer without cause (where &#147;cause&#148; means a
willful breach or neglect of a duty, breach of fiduciary duty, insubordination, theft,
fraud, dishonesty, malfeasance or misfeasance in performance of one&#146;s duties,
commission of a felony and/or the material disregard of the policies or procedures of
Buyer), (ii) involuntarily terminated by Buyer due to the cessation of the Racetrack
Business by Buyer, or (iii) constructively terminated by Buyer (where &#147;constructive
termination&#148; means a reduction in base salary, annual bonus opportunity, rank, title,
reporting requirements, authority or duties from that in effect as of the date hereof
(which such action is not cured by Buyer within ten days of receipt of notice from the
employee to Buyer); a failure to pay amounts owed or benefits when due (which failure is
not cured by Buyer within ten days of receipt of notice from the employee to Buyer); or a
relocation of the primary place of employment of more than 20 miles from the location as
of the date hereof; provided, however, that severance benefits for constructively
terminated employees are limited to just those employees designated as eligible on Section
11.2.1 of the Disclosure Schedule), Buyer shall (x)&nbsp;pay the Retention Bonus to such
employee upon termination and (y)&nbsp;provide, through payment by Buyer of all applicable
COBRA premiums, such employee continued medical, dental and vision coverage (as then in
effect for active employees) for a period of six months following termination of
employment to the extent such employee elects COBRA continuation coverage. Subject to the
foregoing obligations following the Closing, each full-time Hired Employee shall be
eligible to receive benefits under Employee Benefits Plans sponsored or maintained by
Buyer or its Affiliates, or to which Buyer or its Affiliates contribute (and for the costs
of which Seller shall not be responsible), on the same basis as similarly situated
employees of Buyer who are employed in its racetrack business. To the extent any Hired
Employee has accrued but unpaid wages (including vacation entitlements) as of the Closing
Date, Seller shall pay to such Hired Employee any such amounts immediately prior to the
Closing Date. Seller shall also pay to each Hired Employee the pro-rata portion of his or
her annual bonus for the year in which the Closing occurs, if any, on or about the date
when any such bonus has ordinarily been paid. Each full-time Hired Employee&#146;s period
of service and compensation history with Seller or its Affiliates shall be counted in
determining eligibility for, and to the extent applicable, the amount and/or vesting of,
vacation benefits or any benefits or practice as to which period of service is a factor,
including benefits under each Employee Benefit Plan maintained or sponsored by Buyer or
its Affiliates, or to which Buyer or its Affiliates contribute to the extent that such
service was recognized under any analogous plan of Seller or its Affiliates immediately
prior to the Closing Date. Each full-time Hired Employee shall be covered as of his date
of hire under any Employee Benefit Plan maintained or sponsored by Buyer or its
Affiliates, or to which Buyer or its Affiliates contribute, providing health care benefits
(whether or not through insurance) without regard to any waiting period or any condition
or exclusion based on any pre-existing conditions, medical history, claims experience,
evidence of insurability, or genetic factors (except to the extent such exclusions or
conditions were applicable under a corresponding Seller Employee Benefit Plan), and shall
receive full credit for any deductible payments made before the Closing Date, to the
extent that such expenses were incurred during a period in which such employee was covered
under a corresponding Seller Employee Benefit Plan. For the avoidance of doubt, except as
otherwise expressly provided in this Agreement, Buyer and its Affiliates shall not assume
or have transferred to them the sponsorship of any of the Seller Employee Benefit Plans or
any other benefit plans or arrangements maintained by Seller or any of its Affiliates. </FONT>
</TD>
</TR>
</TABLE>
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<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seller
shall cause the interests of Hired Employees in the SunTrust Retirement Services 401(k)
Investment Plan (the &#147;<B>HP Plan</B>&#148;) to become fully vested at the Closing
Date and distributable immediately thereafter. In the event a Hired Employee receives an
&#147;eligible rollover distribution&#148; (within the meaning of
Section&nbsp;402(c)(4)&nbsp;of the Internal Revenue Code) from the HP Plan, if Buyer
sponsors a tax-qualified defined contribution plan (&#147;<B>Buyer Plan</B>&#148;), Buyer
shall cause the Buyer Plan to accept a direct rollover of such eligible rollover
distribution (excluding any portion of such eligible rollover distribution comprised of
the outstanding balance of a loan from the HP Plan to such Hired Employee). </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.2
<U>Retention of Liabilities</U>. Seller shall be responsible for all liabilities, if any,
resulting from Seller&#146;s termination of any Racetrack Employee prior to or on the
Closing Date, including, but not limited to, (a)&nbsp;hospitalization or medical claims;
(b)&nbsp;any claim asserting the right to participate in any medical insurance program on
a &#147;self-pay&#148; basis under COBRA or any comparable state or local law;
(c)&nbsp;any claims or litigation resulting from such terminations and/or the sale of the
Assets, regardless of when such claims may be asserted and (d)&nbsp;any severance payments
or benefits. Notwithstanding any other Section of this Agreement, Buyer shall be solely
responsible for all liabilities, if any, under federal and state WARN acts incurred in
connection with the Transactions. Five business days prior to the Closing Date, Seller
shall provide to Buyer a list of all Racetrack Employees whose employment was terminated
during the period beginning on the date hereof and ending on the date such list is
provided, noting the date of termination for each employee and whether such termination
was voluntary or involuntary on the part of the employee. </FONT>
</TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.3
<U>Multiemployer Plans</U>. Seller may withdraw from any of the Multiemployer Plans listed
in Section&nbsp;11.2.3 of the Disclosure Schedule at the Closing Date. With respect to
such Multiemployer Plans listed on Section&nbsp;11.2.3 of the Disclosure Schedule which
Seller shall not elect to so withdraw from (the &#147;<B>Surviving Plans</B>&#148;), Buyer
and Seller shall take all steps necessary under Section 4204 of ERISA so that the
transaction contemplated by this Agreement will not constitute a partial or complete
withdrawal under Section 4201 of ERISA. In addition, between the date hereof and the
Closing Date, Buyer and Seller shall use commercially reasonable efforts so that the
transaction contemplated by this Agreement will not constitute a withdrawal under the
California Race Track Pension Plan. As required by Section 4204(a)(1)(C) of ERISA, the
Seller agrees that if Buyer withdraws in a complete withdrawal, or a partial withdrawal
with respect to operations, with respect to any of the Surviving Plans during the first 5
plan years following the Closing Date, the Seller is secondarily liable for any withdrawal
liability it would have had to the applicable Surviving Plans with respect to the
operations if the liability of the Buyer with respect to such Surviving Plan(s) is not
paid. In addition, the Seller agrees that if Buyer shall withdraw in a complete or partial
withdrawal from the California Race Track Pension Plan and/or any of the Surviving Plans
due to a cessation of the Racetrack Business on or before the last day of the fifth plan
year beginning immediately after the Closing, the Seller shall indemnify and hold the
Buyer harmless from and against any withdrawal liability incurred by Buyer in connection
with such complete or partial withdrawal, provided that the aggregate amount of such
withdrawal liability indemnified hereunder by Seller shall not exceed the amount of the
withdrawal liability that would have been incurred by Seller if Seller had completely
withdrawn from the applicable plan or plans on the Closing Date (the &#147;<B>Withdrawal
Liability Cap</B>&#148;). The Withdrawal Liability Cap shall be calculated in good faith
in accordance with ERISA and agreed upon by Buyer and Seller within ninety days following
the Closing Date. </FONT>
</TD>
</TR>
</TABLE>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3
<U>Cooperation</U>. Each party hereto agrees, both before and after the Closing, to
execute any and all further documents and writings and to perform such other reasonable
actions which may be or become necessary or expedient to effectuate and carry out the
Transactions (which shall not include any obligation to make payments). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4
<U>Excluded Assets</U>. If, after the Closing Date, Excluded Assets, including, but not
limited to, proprietary information of Seller, shall remain on the Real Property, then
Buyer shall take reasonable efforts to deliver such Excluded Assets to Seller at the
expense of Seller and, so long as such information shall remain on the Real Property,
Buyer shall exercise the same reasonable degree of care with respect thereto as it does
with respect to its own property. </FONT></P>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5
<U>Tax Cooperation</U>. After the Closing, the parties shall, and shall cause their
respective Affiliates to, cooperate with each other in the preparation of all tax returns
and shall provide, or cause to be provided, to such other party any records and other
information reasonably requested by such party in connection therewith as well as access
to, and the cooperation of, the auditors of such other party and its Affiliates. After the
Closing, the parties shall, and shall cause their respective Affiliates to, cooperate with
the other party in connection with any tax investigation, tax audit or other tax
proceeding relating to the Racetrack Business or the Assets. Any information obtained
pursuant to this Section&nbsp;relating to taxes shall be kept confidential by the other
party. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6
<U>Racetrack Business</U>. Provided that either (i) the CHRB allocates to Hollywood Park
Racetrack a number of racing dates for each of the three years immediately following the
Closing Date that is not less than the number of racing dates historically allocated to
Hollywood Park Racetrack or (ii)&nbsp;the board of directors of the Thoroughbred Owners of
California provides to the CHRB written support for allocation of such number of racing
dates to Hollywood Park Racetrack, then Buyer agrees to allocate at least five million
dollars ($5,000,000) for certain capital improvements to the racing surfaces and the turf
course of Hollywood Park Racetrack, including a new Polytrack racing surface and turf
course repairs (&#147;<B>Track Improvements</B>&#148;). Buyer shall commence such Track
Improvements no later than one hundred and twenty (120) days following the last day of the
meet first occurring after the date that either of the events set forth in (i) or (ii) of
this Section 11.6 shall have occurred (such 120-day period to be extended if and to the
extent that Buyer is prevented from doing so as a result of events constituting force
majeure or any other circumstances outside of Buyer&#146;s control), and once such Track
Improvements have commenced, they shall be completed as soon as reasonably practicable.
The parties acknowledge and agree that if the Track Improvements are required hereunder
and not completed in accordance herewith, Seller will suffer loss which is extremely
difficult to ascertain. Accordingly the parties agree that in such event Buyer shall be
required to pay to Seller as liquidated damages the amount that is the sum of five million
dollars ($5,000,000) less the amount actually spent on such Track Improvements in
immediately available funds. Buyer expressly and irrevocably acknowledges and agrees that
such sum is fair and reasonable under the circumstances existing as of the date hereof </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.7
<U>Commercially Reasonable Efforts</U>. Each party will use commercially reasonable
efforts (excluding the institution of litigation) to cause all conditions to its
obligations hereunder to be timely satisfied and to perform and fulfill all obligations on
its part to be performed and fulfilled under this Agreement to the end that the
Transactions shall be effected substantially in accordance with the terms of this
Agreement as soon as reasonably practicable. In addition, each party will use reasonable
efforts to ensure that its representations and warranties remain true and correct in all
respects as of the Closing Date. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.8
<U>Removal of Signage and Logos</U>. Each party hereby acknowledges and agrees that Buyer
and Seller shall cooperate to determine the best means of, and Buyer shall be responsible
for, removing the various signs and logos of Seller from the personal property items
described in Sections&nbsp;2.1.2 and 2.1.10. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.9
<U>Race Tickets</U>. Seller agrees that for as long as Seller shall continue to operate
the Kentucky Derby, then (i) for as long as Buyer shall conduct race meets at Hollywood
Park Racetrack, Buyer shall be entitled to purchase tickets to two (2) boxes (with 6 seats
in each, for a total of 12 tickets) each year at the then current market rates, and (ii)
for as long as Buyer shall conduct race meets at Bay Meadows Racetrack, Buyer shall be
entitled to purchase tickets to one (1) box (with 6 seats) each year at the then current
market rate. In addition, Seller agrees that for as long as Seller shall continue to
operate the Kentucky Oaks, then (i) for as long as Buyer shall conduct race meets at
Hollywood Park Racetrack, Buyer shall be entitled to purchase tickets to two (2) boxes
(with 6 seats in each, for a total of 12 tickets) each year at the then current market
rates, and (ii) for as long as Buyer shall conduct race meets at Bay Meadows Racetrack,
Buyer shall be entitled to purchase tickets to one (1) box (with 6 seats) each year at the
then current market rate to the Kentucky Oaks. The box seats for both such events shall be
in locations at least as favorable as the locations provided for use by employees of Bay
Meadows Racing Association and the Hollywood Park Racetrack at the 2005 Kentucky Derby. In
addition, Seller shall to provide box one (1) box (with 6 seats) to both the Kentucky
Derby and Kentucky Oaks (so long as Seller shall continue to operate same) to CAL National
Bank as a sponsor in respect of the operations of the Hollywood Park Racetrack pursuant to
that certain Sponsorship Agreement dated April 1, 2005 between Seller and CAL National
Bank, so long as such sponsorship agreement shall be in effect. Seller shall use
commercially reasonable efforts to satisfy Buyer&#146;s ticket purchase requests for any
additional box seats as may be available for any of Seller&#146;s events, at the then
current market rates and terms. </FONT></P>
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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12. <U>PHASE II
ENVIRONMENTAL DILIGENCE PRIOR TO CLOSING</U> </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1
<U>Buyer Submission of Phase II Work Plan</U>. At Buyer&#146;s option, but in any case
prior to the execution of this Agreement, Buyer shall have provided to Seller and Seller
shall have approved a work plan for any Phase II or other intrusive environmental testing
Buyer deems necessary for purposes of evaluating the subsurface environmental or other
Hazardous Substance conditions on, at, under, in or from the Real Property that may affect
Buyer&#146;s redevelopment plans (such testing, the &#147;<B>Phase II Testing</B>&#148;).
Buyer&#146;s work plan shall include (1) a detailed description of any proposed sampling
of air, soil, soil gas, or groundwater that Buyer seeks to perform, including the location
of any sampling and any proposed analytical methods to evaluate such samples, and (2) an
explanation of the purpose for any such sampling and analyses. If such a work plan shall
have been provided by Buyer and approved by Seller, it shall be attached to this Agreement
as <U>Exhibit&nbsp;K</U> and referred to herein as &#147;<B>Work Plan</B>&#148;. </FONT></P>

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               <TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               After approval by Seller of the Work Plan (which shall occur prior to the date
               hereof), Buyer or Buyer&#146;s agents shall be given access to the Real Property
               to undertake and complete its Phase II Testing (described in the Work Plan) and
               its Phase II Report (as defined below). The Phase II Testing and Phase II Report
               shall be completed by August 1, 2005 unless extended by the mutual agreement of
               Buyer and Seller (the period commencing on the date hereof and ending on August
               1, 2005 (or on such mutually agreed extended date) shall be referred to herein
               as the &#147;<B>Phase II Period</B>&#148;). </FONT></P></TD>
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               <BR>

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               <TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               Seller or Seller&#146;s agents may observe and be present at the Real Property
               when Buyer or Buyer&#146;s agents perform the Phase II Testing. Seller shall
               have the right to obtain split samples at Seller&#146;s own expense and at
               Seller&#146;s sole discretion. Buyer shall contemporaneously provide to Seller,
               copies of all final data, laboratory reports, or analytical results of its
               sampling on the Real Property received by Buyer or Buyer&#146;s agents pursuant
               to this Section. </FONT></P></TD>
               </TR>
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               <TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               Subject to Seller&#146;s approval, which shall not be unreasonably withheld,
               Buyer and its authorized representatives shall have the right to modify the Work
               Plan if, in the course of Buyer&#146;s investigation, circumstances arise that
               require a modification of the Work Plan in order to accurately evaluate the
               environmental or other Hazardous Substance conditions on, at, under, in or from
               the Real Property or Assets. This subsection shall not extend the time period in
               which Buyer must complete all Phase II Testing, which shall not extend beyond
               the Phase II Period. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               In the event that either Seller or Buyer discovers the presence of any Hazardous
               Substance on, at, under, in or from the Real Property or in the groundwater
               thereunder as a result of the Phase II Testing Buyer performs pursuant to this
               Article 12 for which it concludes that any applicable federal, state or local
               law, ordinance, regulation or rule governing the release of hazardous materials,
               toxic chemicals, hazardous substances, hazardous waste, or waste into the soil
               or groundwater, requires a report to be made to a Governmental Authority, then
               Seller, in its sole and absolute discretion, shall determine whether any
               reporting to a Governmental Authority is required, and if Seller determines the
               same is required, Seller shall have the sole and exclusive right and
               responsibility to do so. In the event Seller does report any or all of the
               results of the Phase II Testing, Seller shall notify Buyer promptly of such
               reporting and provide a copy of the public documents that Seller submits to a
               Governmental Authority and all responses received from the applicable
               Governmental Authority, if any. Nothing in this Section 12.1(d), however, shall
               prevent Buyer or its authorized representatives from complying with any
               independent reporting obligation to which they may be subject under any Law. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               Upon the expiration of the Phase II Period, Buyer may elect to (i) waive its
               rights under this Article 12 to seek a purchase price reduction; or
               (ii)&nbsp;deliver to Seller a written estimate of the anticipated costs, if any,
               to investigate or remediate environmental or Hazardous Substance conditions (in
               air, soil, soil gas or groundwater) on, at, under, in or from the Real Property
               in order to complete Buyer&#146;s planned redevelopment of the Real Property
               provided that those costs for redevelopment activities shall not include costs
               for redevelopment activities unrelated to environmental contamination,
               including, but not limited to, grading, compliance with the California
               Environmental Quality Act, demolition, removal of any subsurface structures
               (e.g. pipelines or tanks) or special handling for contaminated demolition debris
               (e.g. asbestos, lead-based paint or contaminated concrete) (such written
               estimate an &#147;<B>Environmental Remediation Cost Estimate</B>&#148;)<U>;</U>
               or (iii) terminate this Agreement and receive the full amount of the Deposit
               from Seller, provided that Buyer shall not be permitted to terminate this
               Agreement pursuant to this Section 12.1(e) unless the Final Environmental
               Remediation Cost Estimate exceeds $20 million as determined either by Buyer and
               Seller together or by LLF. In the event that Buyer prepares an Environmental
               Remediation Cost Estimate, Buyer shall provide that estimate in writing to
               Seller along with copies of all final data, laboratory reports or analytical
               results of its sampling (unless already provided pursuant to Section 12.1(b))
               and an explanation of how Buyer arrived at the estimate and why such costs are
               necessary to bring the Real Property into compliance with all Environmental Laws
               applicable to investigation and remediation of the Real Property if it were
               redeveloped consistent with Buyer&#146;s redevelopment plans (&#147;<B>Phase II
               Report</B>&#148;). If, within ten business days following Seller&#146;s receipt
               of the Environmental Remediation Cost Estimate submitted by Buyer, Seller does
               not approve such estimate, Seller shall so notify Buyer in writing and either,
               at Seller&#146;s option, (i)&nbsp;Seller shall terminate this Agreement, in
               which case Buyer shall receive the full amount of the Deposit from Seller, or
               (ii)&nbsp;the dispute resolution provisions of Section 12.3 below will be used
               to reach an agreed upon Environmental Remediation Cost Estimate. If Seller does
               approve Buyer&#146;s Environmental Remediation Cost Estimate, Seller shall,
               within ten business days following receipt of such estimate, so notify Buyer in
               writing, such estimate shall be deemed a final Environmental Remediation Cost
               Estimate (the &#147;<B>Final Remediation Cost Estimate</B>&#148;) and Buyer and
               Seller shall allocate the Final Remediation Cost Estimate as provided in Section
               12.2 below, subject to Buyer&#146;s right to terminate pursuant to Section
               12.1(e). </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2
<U>Allocation of Remediation Costs</U>. If this Agreement is not terminated by either
party under this Article 12 and a Final Remediation Cost Estimate is agreed upon, Buyer
shall be obligated to absorb and pay for, with no adjustment in the Purchase Price, the
first $2 million of remediation costs set forth in the Final Remediation Cost Estimate. If
the Final Environmental Remediation Cost Estimate exceeds $2 million, Seller shall have
the option of either (i) reducing the Purchase Price by the amount in the Final
Environmental Remediation Cost Estimate that exceeds $2 million, or (2)&nbsp;terminating
this Agreement, in which event Buyer shall receive a return of the Deposit and thereafter
the parties shall have no further obligations to conclude the sale contemplated herein. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3
<U>Dispute Resolution</U>. If Buyer and Seller cannot agree on the Final Environmental
Remediation Cost Estimate, and Seller elects not to terminate this Agreement, then Buyer
and Seller shall follow the steps set forth in this Section 12.3. Buyer and Seller hereby
agree that LLF (i) is a third party, neutral environmental consultant, (ii) has not been
retained by either party or by either party&#146;s Affiliates during the three years prior
to the Closing Date, other than for its services hereunder, (iii) has experience in
remediation of real property in Southern California, (iv) is acceptable to both of them as
the sole and final arbitrator for resolving any disputes regarding the Environmental
Remediation Cost Estimate, and (v) that the parties shall equally share the cost of
LLF&#146;s fees for work performed pursuant to this Section. LLF has agreed to serve in
the capacity as a third party, neutral environmental consultant for purposes of this
section. If within, five business days following Buyer&#146;s receipt of Seller&#146;s
written notification that Seller does not approve Buyer&#146;s Environmental Remediation
Cost Estimate (which written notification shall include Seller&#146;s Environmental
Remediation Cost Estimate and an explanation of how Seller arrived at the estimate) and
Buyer and Seller have failed to reach agreement on the Environmental Remediation Cost
Estimate, then Buyer and Seller shall submit their respective Environmental Remediation
Cost Estimates to LLF. LLF shall review both submissions and within five business days
shall prepare a brief summary of its analysis of the cost estimates and its conclusion
regarding the correct cost estimate to both Buyer and Seller. LLF&#146;s conclusion
regarding the correct Environmental Remediation Cost Estimate shall be binding on both
Buyer and Seller, and not subject to appeal or judicial review initiated by either Buyer
or Seller or any of their respective Affiliates. Such conclusion of LLF shall be deemed a
Final Remediation Cost Estimate and Buyer and Seller shall allocate the Final Remediation
Cost Estimate as provided in Section 12.2 of this Agreement subject to Buyer&#146;s and
Seller&#146;s rights of termination under Section 12.1(e) and 12.2 herein, respectively. </FONT></P>
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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13. <U>MISCELLANEOUS</U>. </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1
<U>Bulk Transfer Laws</U>. Buyer hereby waives compliance by Seller with any applicable
bulk transfer laws, including, without limitation, the bulk transfer provisions of the
Uniform Commercial Code of any state, or any similar statute, with respect to the
transaction contemplated by this Agreement. Seller agrees to indemnify and hold buyer
harmless against any and all claims, Losses incurred by Buyer or any of its Affiliates as
a result of any failure to comply with any bulk transfer laws. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2
<U>Expenses</U>. Whether or not the Transactions are consummated, neither of the parties
hereto shall have any obligation to pay any of the fees and expenses of the other party
incident to the negotiation, preparation and execution of the Transaction Documents, or
the closing of the Transactions, including, but not limited to, the fees and expenses of
legal counsel, accountants, investment bankers, consultants and other experts. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3
<U>Waivers</U>. Either party may, by written notice to the other party, (a)&nbsp;extend
the time for the performance of any of the obligations or other actions of the other party
under this Agreement; (b)&nbsp;waive any inaccuracies in the representations or warranties
of the other party contained in this Agreement or in any certificates delivered pursuant
to this Agreement; (c)&nbsp;waive compliance with any of the conditions or covenants of
the other contained in this Agreement; or (d)&nbsp;waive performance of any of the
obligations of the other under this Agreement. With regard to any power, remedy or right
provided herein or otherwise available to any party hereunder, (i)&nbsp;no waiver or
extension of time will be effective unless expressly contained in a writing signed by the
waiving party, and (ii)&nbsp;no alteration, modification or impairment will be implied by
reason of any previous waiver, extension of time, or delay or omission in exercise of
rights or other indulgence. </FONT></P>

         <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
13.4     <U>Amendments,  Supplements</U>.  This  Agreement  may be  amended  or  supplemented  at any time by the
mutual written consent of the parties.</FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.5
<U>Entire Agreement</U>. This Agreement, the Disclosure Schedule, the documents
incorporated by reference and the Transaction Documents, constitute the entire agreement
between the parties hereto with respect to the subject matter hereof and supersede all
prior agreements and understandings, oral and written, between the parties hereto with
respect to the subject matter hereof. No representation, warranty, promise, inducement or
statement of intention has been made by either party that is not embodied in this
Agreement or the Transaction Documents and neither party shall be bound by, or be liable
for, any alleged representation, warranty, promise, inducement or statement of intention
not embodied herein or therein. </FONT></P>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.6
<U>Binding Effect, Benefits</U>. This Agreement shall inure to the benefit of and be
binding upon the parties hereto and their respective permitted successors and assigns.
Except as set forth in Section 9, nothing in this Agreement, expressed or implied, is
intended to confer on any person other than the parties hereto or their respective
permitted successors and assigns, any rights, remedies, obligations or liabilities under
or by reason of this Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.7
<U>Assignability</U>. Neither this Agreement nor any of the parties&#146; rights hereunder
shall be assignable by either party (other than to an Affiliate), without the prior
written consent of the other party, which consent shall be within such party&#146;s sole
discretion; <I>provided</I>, <I>however</I>, that any such permitted assignment shall not
discharge the assignor from its obligations under this Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.8
<U>Notices</U>. All notices under this Agreement shall be in writing and shall be
delivered by personal service or telegram, telecopy or certified mail (if such service is
not available, then by first class mail), postage prepaid, or overnight courier to such
address as may be designated from time to time by the relevant party, and which will
initially be as set forth below. All notices shall be deemed given when received. No
objection may be made to the manner of delivery of any notice actually received in writing
by an authorized agent of a party. Notices shall be addressed as follows or to such other
address as the party to whom the same is directed will have specified in conformity with
the foregoing: </FONT></P>

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               <TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
        &nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          If to Seller:</FONT></TD>
</TR>
</TABLE>
<BR><BR>
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<TR VALIGN=TOP>
<TD WIDTH=22%>&nbsp;</TD>
<TD WIDTH=78%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
c/o Churchill Downs Incorporated<BR> 700 Central Avenue<BR> Louisville, KY 40208<BR> Attn: Rebecca C. Reed<BR>
Tel: (502) 636-4429 <BR>Fax: (502) 636-4439<BR><BR>With
duplicate notice to:<BR></FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=22%>&nbsp;</TD>
<TD WIDTH=78%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Gibson,
Dunn&nbsp;&amp; Crutcher, LLP<BR> 333 South Grand Avenue <BR>Los Angeles, CA 90071<BR> Attn: D. Eric
Remensperger, Esq. <BR>Tel: (213) 229-7000<BR> Fax: (213) 229-7520<BR><BR></FONT></TD>

</TR>
</TABLE>
<BR>

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                61</FONT></TD>
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        &nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          If to Buyer:</FONT></TD>
</TR>
</TABLE>
<BR><BR>
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<TD WIDTH=22%>&nbsp;</TD>
<TD WIDTH=78%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Bay
Meadows Land Company, LLC <BR>1200 Park Place, Suite 200<BR> San Mateo, CA 94403 <BR>Attn: Terrence E.
Fancher <BR>Tel: (650) 524-1222 <BR>Fax: (650) 524-1213<BR></FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=22%>&nbsp;</TD>
<TD WIDTH=78%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
With
duplicate notice to:</FONT></TD>
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<BR>

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<TD WIDTH=78%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Stockbridge
Capital Partners, LLC<BR> 712 5<SUP>th</SUP> Avenue, 21<SUP>st</SUP> Floor<BR> New York, NY 1019<BR>
Attn: Darren Drake Tel:<BR> (646) 253-1205 <BR>Fax: (646) 253-1211<BR></FONT></TD>
</TR>
</TABLE>
<BR>
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<TD WIDTH=22%>&nbsp;</TD>
<TD WIDTH=78%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>

                           Davis Polk &amp; Wardwell<BR>
                           450 Lexington Avenue<BR>
                           New York, NY  10017<BR>
                           Attn:  Thomas Patrick Dore, Jr., Esq.<BR>
                           Tel:  (212) 450-4000<BR>
                           Fax:  (212) 450-3800<BR></FONT></TD>
</TR>
</TABLE>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.9
<U>Governing Law: Jurisdiction</U>. This Agreement has been negotiated and entered into in
the State of California, and all questions with respect to the Agreement and the rights
and liabilities of the parties will be governed by the laws of that state, regardless of
the choice of laws provisions of California or any other jurisdiction. Any and all
disputes between the parties which may arise pursuant to this Agreement will be heard. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.10
<U>Attorneys&#146; Fees</U>. As to any litigation or arbitration (including any
proceedings in a bankruptcy court) between the parties hereto or their representatives
concerning any provision of this Agreement or the rights and duties of any person or
entity hereunder, solely as between the parties hereto or their successors, each party
shall bear its own attorneys&#146; fees and expenses. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.11
<U>Rules of Construction</U>.</FONT></P>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.11.1
<U>Headings</U>. The section headings in this Agreement are inserted only as a matter of
convenience, and in no way define, limit, or extend or interpret the scope of this
Agreement or of any particular section. </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.11.2
<U>Tense and Case</U>. Throughout this Agreement, as the context may require, references
to any word used in one tense or case shall include all other appropriate tenses or cases. </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.11.3
<U>Severability</U>. The validity, legality or enforceability of the remainder of this
Agreement will not be affected even if one or more of the provisions of this Agreement
will be held to be invalid, illegal or unenforceable in any respect. Upon such a holding
or determination, the parties shall negotiate in good faith to modify this Agreement so as
to effect the original intent of the parties as closely as possible in an acceptable
manner in order that the Transactions be consummated as originally contemplated to the
fullest extent possible. </FONT>
</TD>
</TR>
</TABLE>
<BR>
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                62</FONT></TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
13.11.4
<U>Knowledge</U>.</FONT>
</TD>
</TR>
</TABLE>
<BR>

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               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=15%></TD>
               <TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               Whenever a representation or warranty is stated to be based on the knowledge of
               Seller, or words to that effect, such phrase refers to whether any of Rick
               Baedeker, Steve Arnold, Eual Wyatt, Allen Gutterman, Jeffrey Mainka or Michael
               Miller has actual present knowledge (without having made any investigation and
               without any duty to investigate or inquire) of the matters involved. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=15%></TD>
               <TD WIDTH=85%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               Whenever a representation or warranty is stated to be based on the knowledge of
               Buyer, or words to that effect, such phrase refers to whether any of Terrence E.
               Fancher or Jack Liebau, Sr. has actual present knowledge (without having made
               any investigation and without any duty to investigate or inquire) of the matters
               involved. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.11.5
<U>Agreement Negotiated</U>. The parties hereto are sophisticated and have been
represented by lawyers throughout the Transactions who have carefully negotiated the
provisions hereof. As a consequence, the parties do not believe the presumption of
California Civil Code Section&nbsp;1654 and similar laws or rules relating to the
interpretation of contracts against the drafter of any particular clause should be applied
in this case and therefore waive its effects. </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.12
<U>Counterparts</U>. This Agreement may be executed in two or more counterparts, each of
which shall be deemed an original, but all of which together shall constitute one and the
same instrument. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.13
<U>Specific Performance</U>. The parties understand and agree that the Property is unique
and for that reason, among others, Buyer will be irreparably damaged in the event that
this Agreement is not specifically enforced. Accordingly, in the event of any breach or
default in or of this Agreement or any of the warranties, terms or provisions hereof by
Seller, Buyer shall have, in addition to a claim for damages for such breach or default,
and in addition and without prejudice to any right or remedy available at law or in
equity, the right to demand and have specific performance of this Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.14
<U>Cooperation in Exchange</U>. Buyer acknowledges that Seller may transfer the Real
Property to Buyer as part of a tax-deferred exchange by Seller pursuant to
Section&nbsp;1031 of the Internal Revenue Code, and that Seller has the right to
restructure all or a part of the within transaction as provided in Internal Revenue Code
Section&nbsp;1031 as a concurrent or delayed (non-simultaneous) tax deferred exchange for
the benefit of Seller. Buyer agrees to cooperate, and if requested by Seller, to
accommodate Seller in any such exchange; provided that (i)&nbsp;such cooperation and/or
accommodation shall be at no further cost or liability to Buyer and Seller hereby
indemnifies Buyer in connection therewith; and (ii)&nbsp;the restructuring of the within
transaction shall not prevent nor delay the Closing beyond the Closing Date. Seller, in
electing to structure the sale as an exchange, shall have the right to substitute another
entity or person, who will be Seller&#146;s accommodator in Seller&#146;s place and stead.
Buyer and Seller acknowledge and agree that such substitution will not relieve the herein
named Seller of any liability or obligation hereunder, and Buyer shall have the right to
look solely to such herein named Seller with respect to the obligations of Seller under
this Agreement. </FONT></P>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.15
<U>No Merger</U>. The parties intend that the provisions of this Agreement shall survive
the delivery of the deeds and not merge therewith. </FONT></P>
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                64</FONT></TD>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN
WITNESS WHEREOF, this Asset Purchase Agreement has been duly executed and delivered by the
duly authorized officers of the parties hereto as of the date first above written. </FONT></P>

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<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&#147;SELLER&#148;<BR><BR>
             CHURCHILL DOWNS CALIFORNIA <BR>  COMPANY, a Kentucky corporation<BR><BR><BR><BR>



                                                     By: <U>/s/Rick Baedeker&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>  <BR>
                                                     Name: Rick Baedeker<BR>
Its: President </FONT></TD>
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<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR><BR>
&#147;BUYER&#148;<BR><BR>
BAY MEADOWS LAND COMPANY, LLC <BR>&nbsp;&nbsp;a Delaware limited liability company<BR><BR><BR><BR>
  By: <U>/s/Terrence E. Fancher&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>  <BR>
      Name: Terrence E. Fancher<BR>
Its: President </FONT></TD>
</TR>
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<BR>
<BR><BR><BR><BR><BR>
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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SIGNATURE PAGE TO ASSET
PURCHASE AGREEMENT </FONT></P>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>4
<FILENAME>reinvestmentagreement.htm
<DESCRIPTION>REINVEST AGREEMENT
<TEXT>
<html>
<head><title></title></head>
<body>
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<A NAME=A001></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>REINVESTMENT AGREEMENT </FONT></H1>

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<A NAME=A002></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>dated as of </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor Center" FSL="Default" -->
<A NAME=A003></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>September 23,
2005<SUP>(1)</SUP> </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor Center" FSL="Default" -->
<A NAME=A004></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>among </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1" FSL="Default" -->
<A NAME=A005></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>[Bay Meadows Land
Company, LLC], </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1" FSL="Default" -->
<A NAME=A006></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Stockbridge HP
Holdings Company, LLC </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Minor Center" FSL="Default" -->
<A NAME=A007></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>and </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1" FSL="Default" -->
<A NAME=A008></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Churchill Downs
Investment Company </FONT></H1>

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<P>_________________ </P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1)&nbsp;&nbsp;&nbsp;&nbsp;
          Dates to be revised if necessary to match Closing Date. </FONT></P>





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     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=3>TABLE OF CONTENTS<BR><BR></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=22% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE 1</FONT></TD>
     <TD WIDTH=3% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=68% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Definitions</FONT></TD>
     <TD WIDTH=3% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=2% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1</FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.01</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Definitions</I> </FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
      <TD>&nbsp; </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE 2</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Option To Purchase; Purchase And Sale</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.01</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Option to Purchase</I> </FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.02</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Purchase and Sale</I> </FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
      <TD>&nbsp; </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE 3</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Representations And Warranties Of Parent And The Company</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.01</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Existence and Power</I> </FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.02</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Corporate Authorization</I> </FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.03</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Authorizations</I> </FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.04</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Noncontravention</I> </FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.05</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Capitalization</I> </FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.06</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Compliance with Laws</I> </FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
      <TD>&nbsp; </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE 4</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Representations And Warranties Of Investor</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.01</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Existence and Power</I> </FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.02</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Corporate Authorization</I> </FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.03</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Authorizations</I> </FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.04</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Noncontravention</I> </FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.05</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Compliance with Laws</I> </FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
      <TD>&nbsp; </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE 5</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Transfers</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.01</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Restrictive Legend</I> </FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.02</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Restriction on Sale or Transfer of Option and Units</I> </FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
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     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE 6</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Covenants Of Parent</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.01</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Capital Structure</I> </FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
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     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.02</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Amendment of Limited Liability Company Agreement</I> </FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
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     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.03</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Sale of Assets, Real Property and/or Racetrack Business</I> </FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
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      <TD>&nbsp; </TD></TR>
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     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;<BR><BR></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH></TR>
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     <TD ALIGN="LEFT" WIDTH="22%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE 7</FONT></TD><TD ALIGN="LEFT" WIDTH="3%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" WIDTH="68%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Covenants Of Parent and the Company</FONT></TD><TD ALIGN="LEFT" WIDTH="3%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" WIDTH="2%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20</FONT></TD>
        <TD ALIGN="LEFT" WIDTH="2%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.01</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Payment of Reinvestment Dividend</I> </FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.02</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Affiliated Transactions</I> </FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
      <TD>&nbsp; </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE 8</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Sale Of Interests Or Assets</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.01</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Sale Notice</I> </FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.02</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Procedure for Determining Fair Market Value of the Company</I> </FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>21</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.03</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Sale; Payment of the Sale Price</I> </FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>21</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.04</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Sale of Assets or the Units</I> </FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>22</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
      <TD>&nbsp; </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE 9</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Covenants Of the Company, Parent and Investor; Closing Conditions</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>22</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.01</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>HSR Application</I> </FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>22</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.02</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Other Consents</I> </FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.03</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Closing Conditions</I> </FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
      <TD>&nbsp; </TD></TR>
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     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE 10</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Termination</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.01</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Grounds for Termination</I> </FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.02</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Effect of Termination</I> </FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.03</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Option Revival</I> </FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>24</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
      <TD>&nbsp; </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE 11</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Miscellaneous</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>24</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.01</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Payment of Taxes</I> </FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>24</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.02</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Notices</I> </FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>24</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.03</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Amendments and Waivers</I> </FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>25</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.04</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Successors and Assigns</I> </FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>25</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.05</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Governing Law</I> </FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>25</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
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     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.06</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Counterparts</I> </FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>26</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
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     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;<BR><BR></FONT></TH>
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     <TD ALIGN="LEFT" WIDTH="22%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.07</FONT></TD><TD ALIGN="LEFT" WIDTH="3%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" WIDTH="68%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Entire Agreement</I> </FONT></TD><TD ALIGN="LEFT" WIDTH="3%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" WIDTH="2%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>26</FONT></TD>
        <TD ALIGN="LEFT" WIDTH="2%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
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     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.08</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Specific Performance</I> </FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>26</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
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               iii</FONT></TD>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>Exhibits and Schedules</b></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><u>Exhibit A</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form of Trigger Notice </FONT></P>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><u>Exhibit B</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form of Option Exercise Notice </FONT></P>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><u>Exhibit C</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limited Liability Company Agreement of Stockbridge HP Holdings LLC</FONT></P>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><u>Exhibit D</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Representations and Warranties</FONT></P>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><u>Schedule A</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Internal Rate of Return Illustration</FONT></P>



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<A NAME=A010></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>REINVESTMENT AGREEMENT </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGREEMENT
dated as of September 23, 2005 among Bay Meadows Land Company, LLC,
(&#147;<B>Parent&#148;</B>), Stockbridge HP Holdings Company, LLC, a Delaware limited
liability company (the &#147;<B>Company&#148;</B>), and Churchill Downs Investment
Company, a Kentucky corporation (or an Affiliate (as defined below) of Churchill Downs
Investment Company, collectively referred to as the &#147;<B>Investor&#148;</B>). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
Parent and Churchill Downs California Company, a Kentucky corporation, have entered into
an asset purchase agreement dated July 6, 2005 (as assigned by Parent to the Company by an
assignment and assumption agreement dated as of the date hereof, the &#147;<B>Asset
Purchase Agreement&#148;</B>) for the purchase and sale of real property and certain
assets related to the operation of the horse racing facility known as Hollywood Park
Racetrack; </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
it is the intent of the parties hereto that the Investor be granted the right, subject to
the terms and conditions set forth herein, to reinvest, directly or indirectly, in the
Assets, including without limitation the Real Property, and the Racetrack Business being
purchased concurrently herewith by the Company pursuant to the Asset Purchase Agreement;
and </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
it is a condition precedent with respect to the Closing (as defined in the Asset Purchase
Agreement) under the Asset Purchase Agreement that, the Company grant to Investor an
option (the &#147;<B>Option&#148;</B>) to purchase the Option Units (as defined herein),
upon the terms and subject to the conditions set forth herein. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW,
THEREFORE, in consideration of the mutual representations, warranties, covenants and
undertakings contained herein, and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: </FONT></P>

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<A NAME=A011></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>ARTICLE 1<BR> Definitions </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Section
1.01</B>&nbsp;&nbsp;<i>Definitions</i>.  The following terms, as used herein, have the following meanings: </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>&#147;AAA&#148;</b>
is defined in Section 2.01(i). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>&#147;Affiliate&#148;</b>
shall mean, with respect to any Person, any Person directly or indirectly controlling,
controlled by or under direct or indirect common control with such other Person, either
through the ownership of all or part of any Person or by means of contract or management
rights or otherwise. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>&#147;Alternative
Structure&#148;</b> is defined in Section 6.01(b). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>&#147;Arbitration Notice&#148;</b>
is defined in Section 2.01(i)(A). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>&#147;Asset
Purchase Agreement&#148;</b> is defined in the recitals. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>&#147;Assets&#148;</b>
means the Assets described in Section&nbsp;2.1 of the Asset Purchase Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>&#147;Business
Day&#148;</b> means a day other than Saturday, Sunday or any other day on which commercial
banks in California are authorized or required by law to close. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Capital
Contributions&#148;</B> means the following amounts, without duplication, to the extent
supported by reasonably detailed documentation made available to Investor: </FONT></P>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=6%></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               Net Equity; <U>PLUS</U> </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=6%></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               (A) costs and expenses (including, but not limited to, the fees and expenses of
               attorneys, advisors, consultants and agents) actually incurred by Parent, the
               Company and any Affiliate of the Parent or the Company; </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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<TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          to
acquire the Real Property and other Assets, including any retention bonuses           and
the cost of any COBRA premiums paid by the Company pursuant to Section 11.2.1 of the
Asset Purchase Agreement and the cost to the Company of any bonds required to be posted
by the Company pursuant to Section 11.2.3 of the Asset Purchase Agreement,  </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
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<TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          in
connection with the sale of the Option Units,  </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          to
seek or obtain the occurrence of a Trigger Event (but only to the           extent that
such costs and expenses are (a) appropriately allocable to Hollywood Park and not to
Parent&#146;s other racing properties, based upon the reasonably anticipated revenues to
be generated at each such property as a result of gaming activities undertaken in
response to a Trigger Event and (b) not otherwise reimbursed to the Company by Investor
pursuant to Section 2.01(d) hereof);  </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;               the
Entitlement Costs;  </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;               costs
of interest and commitment and other financing fees (including, but not
               limited to, the fees and expenses of attorneys, advisors, consultants and
               agents) actually incurred by Parent and the Company for any debt to
finance the                purchase, operation or development of the Real Property or the
Racetrack                Business; and  </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;               the
amount of any capital expenditures made with respect to the Assets, the Real
               Property or the Racetrack Business from the Closing Date (as defined in
the                Asset Purchase Agreement) through and including the Reinvestment Date,
<I>provided, however</I>, that in the case of clause (C), solely to the extent that the aggregate
amount of such costs exceeds the Company&#146;s net cash provided by the operation of the
Racetrack Business (determined prior to the deduction of the items set forth in clause (C)
above to the extent such items were deducted in the calculation of the Company&#146;s net
cash); PLUS </FONT></TD>
</TR>
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<BR>

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               <TD ALIGN=RIGHT WIDTH=6%></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               the amount of any additional contributions to the Company by Parent to fund
               operating losses; <U>LESS</U> </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               any net proceeds received by Parent from debt financings or sales of assets by
               the Company (other than reimbursements for expenses incurred by Parent on behalf
               of the Company) to the extent that such distributions exceed the cumulative net
               profit allocated to the Parent&#146;s capital account. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Notwithstanding
the foregoing, any costs, expenses or other amounts purported to be included in the
calculation of Capital Contribution above paid or payable to any Affiliate or Related
Party of Parent or the Company may be included in such calculation only to the extent
such amounts are reasonable. The extent to which any such costs, expenses or amounts are
reasonable shall be determined in the reasonable discretion of Investor, based upon terms
and conditions that could have been obtained in an arms&#146;-length transaction with an
unaffiliated third party.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Closing&#148;</B>
means the consummation of the purchase and sale of the transactions described in the Asset
Purchase Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Closing
Date&#148;</B> means the date of the Closing. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Company&#148;</B>
is defined in the recitals. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Company
EBITDA&#148;</B> means the annual adjusted net income of the Company for the relevant 12
month period ending on December 31st of each calendar year during the term of this
Agreement determined in accordance with GAAP plus, to the extent any of the following
amounts were deducted in calculating such adjusted net income: </FONT></P>

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               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=6%></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               interest expense for such period; </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=6%></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               income taxes for such period; </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=6%></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               depreciation expense for such period; </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=6%></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               amortization expense for such period; </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=6%></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               all other non-cash items reducing adjusted net income (excluding any such
               non-cash charge to the extent it represents an accrual of or reserve for cash
               charges in any future period); </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=6%></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               any non-capitalized transaction costs incurred in connection with actual,
               proposed or abandoned financings, acquisitions or divestitures; and </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=6%></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               any non-cash items for such period relating to severance and restructuring
               charges; </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>minus any non-cash items that
increased such adjusted net income (excluding any such non-cash items to the extent it
represents the reversal of an accrual or reserve for anticipated cash charges in any prior
period). In the event that a determination of Company EBITDA is required for the 12 month
period ending on December 31, 2005, such amount will be calculated on a pro-forma basis
giving effect to the purchase of the Assets and Racetrack Business (and related
transactions) pursuant to the Asset Purchase Agreement as of January 1, 2005. </FONT></P>

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               3</FONT></TD>
</TR>
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        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Default
Unit Purchase&#148;</B> is defined in Section 2.02(e)(i). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Diligence
Notice&#148;</B> is defined in Section 2.01(c). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Diligence Period&#148;</B>
is defined in Section 2.01(c). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Disputing
Party&#148;</B> and &#147;<B>Disputing Parties&#148;</B> is defined in Section 2.01(i). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Entitlement
Costs&#148;</B> means the aggregate amount of costs and expenses actually incurred by
Parent and the Company (including, but not limited to, the fees and expenses of attorneys,
architects, consultants and other advisors and any overhead costs such as reasonable
travel and entertainment) to seek or obtain approval by all appropriate Governmental
Authorities of the Company&#146;s intended overall development of the Real Property. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>&#147;Final
Buyer&#148;</b> is defined in Section 8.03(b). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Fully-Diluted
Basis&#148;</B> means the aggregate number of Units outstanding plus the number of Units
issuable upon exercise or conversion of any rights, options, warrants or other
convertible, exercisable or exchangeable securities then outstanding. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>GAAP&#148;</B>&#148;
means generally accepted accounting principles in the United States as in effect from time
to time, applied on a consistent basis. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Governmental
Authority&#148;</B> means any domestic or foreign court, commission, tribunal or any
governmental agency or authority. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>HSR
Act&#148;</B> means the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Initial
Diligence Period&#148;</B> is defined in Section 2.01(e). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Internal
Rate of Return&#148;</B> means the rate of return (calculated as provided below, taking
into account the time value of money), which (x) the Purchase Price for which the return
is being calculated represents on (y) the aggregate Capital Contributions made by Parent
as of such date. In determining the Internal Rate of Return, the following shall apply: </FONT></P>

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               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=6%></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               all present value calculations are to be made as of the date Parent&#146;s
               Capital Contributions were contributed to the Company; </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=6%></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               the Internal Rate of Return shall be conclusively determined (absent manifest
               error) by using the XIRR function in Microsoft Excel 2003 (or any newer version
               of Microsoft Excel then broadly in use by Parent) and by inputting the dates and
               amounts of all Capital Contributions by Parent (any amounts contributed to the
               Company prior to the date hereof being deemed for this purpose to have been
               contributed on the date hereof). If the XIRR function shall no longer be
               available in any newer version of Microsoft Excel then broadly in use by Parent,
               or has been materially altered from the XIRR function in Microsoft Excel 2003,
               the Internal Rate of Return shall be conclusively determined (absent manifest
               error) by using the XIRR function in Microsoft Excel 2003 or by the comparable
               function in the newer version of Microsoft Excel then broadly in use by Parent
               or another comparable software program, as determined by Parent and reasonably
               accepted by Investor; </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               4</FONT></TD>
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               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=6%></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               the rates of return shall be per annum rates and all amounts shall be calculated
               on a monthly basis and compounded on an annual basis on the basis of a twelve
               month year; </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=6%></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               Parent shall in good faith prepare and deliver to Investor along with the
               Trigger Notice in accordance with Section 2.01(b) hereof a statement with
               reasonably detailed calculations of the Purchase Price payable as of the date of
               the Trigger Notice; </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=6%></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               Solely for purposes of illustration, <U>Schedule A</U> attached to this
               Agreement sets forth an example of the calculation of the Purchase Price with
               respect to the aggregate Capital Contributions assumed in such illustration as
               of the dates set forth therein; and </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=6%></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               if, prior to the date upon which it is required to pay the Reinvestment Price,
               Investor disputes the calculation described in subparagraph (ii) above of the
               Purchase Price by the Parent, then the Investor shall inform Parent of any
               questions or disputes within five days of its receipt of such calculation. If
               the parties are unable to agree upon the proposed Purchase Price, any disputes
               will be resolved a nationally recognized accounting firm that is mutually
               acceptable to the parties and such firm&#146;s determination shall be deemed
               conclusive absent manifest error. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Investor&#148;</B>
is defined in the recitals. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Lien&#148;</B>
means with respect to any property or asset, any mortgage, claim, charge, lease, covenant,
easement, encumbrance, security interest, lien, option, pledge, rights of others,
restriction or other adverse claim of any kind (whether on voting, sale, transfer,
disposition or otherwise) in respect of such property or asset, whether imposed by
agreement, understanding, law, equity or otherwise. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Majority
Member&#148;</B> is defined in Section 8.01(a). </FONT></P>

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<A NAME=A014></A>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Majority
Member Notice&#148;</b> is defined in Section&nbsp;8.03(b).</FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Majority
Valuation Firm&#148;</B> is defined in Section 8.01(b). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Minority Member&#148;</B>
is defined in Section 8.01(a). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Minority
Valuation Firm&#148;</B> is defined in Section 8.01(b). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Net
Equity&#148;</B> shall mean $260,000,000, as such Purchase Price (for purposes of this
definition only, as defined in the Asset Purchase Agreement) may be adjusted pursuant to
the Asset Purchase Agreement, less any portion of such amount that is financed with debt
of the Company, the Parent or any Affiliate of the Company or the Parent (or, without
duplication, debt that is secured by the assets or properties of the Parent, Company or
any Affiliate thereof) on the Closing Date. </FONT></P>

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               5</FONT></TD>
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        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Option&#148;</B>
is defined in the recitals. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Option
Deposit&#148;</B> means the amount equal to five percent of the Reinvestment Payment. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Option Exercise
Notice&#148;</B> is defined in Section 2.01(d). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Option
Units&#148;</B> means the number of Units that Investor is permitted to purchase upon
exercise of the Option, as set forth in Section&nbsp;2.01(f). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Parent&#148;</B>
is defined in the recitals. </FONT></P>

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<A NAME=A015></A>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Paying
Agent&#148;</b> is defined in Section 8.03(c). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Percentage&#148;</B>
means the percentage share of all Units of the Company (determined on a Fully-Diluted
Basis) that Investor will own after exercise of the Option. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Person&#148;</B>
means an individual, corporation, partnership, limited liability company, association,
trust or other entity or organization, including a government or political subdivision or
an agency or instrumentality thereof. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Purchase
Agreement&#148;</B> is defined in Section 2.01(e). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Purchase Price&#148;</B>
means the payment (expressed in U.S. dollars) that is required so that, if such Purchase
Price were to be paid to Parent for 100% of the equity of the Company on the Reinvestment
Date, Parent would have received the Internal Rate of Return equal to 13% on its aggregate
Capital Contributions as of such date; <I>provided</I>, that if Investor elects to extend
the Diligence Period as permitted by Section 2.01(d) below, the rate of return shall be an
Internal Rate of Return of 13% up to the date of the first such extension (that is, up to
the date that is six months after the date of the Trigger Notice) and an Internal Rate of
Return equal to 18% thereafter through the Reinvestment Date. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Racetrack
Business&#148;</B> means the operation of the Hollywood Park Racetrack on a portion of the
Real Property. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Real
Property&#148;</B> means that certain real property described in Section 2.1.1 of the
Asset Purchase Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Redevelopment
Date&#148;</B> means the date, which in any event shall not be any earlier than three
years after the date of this Agreement, on which the following conditions are satisfied:
(1) the Company has ceased to operate the Racetrack Business, (2) the City of Inglewood
has approved a general plan amendment and a conforming zone change so as to provide the
primary entitlements for the Company&#146;s intended overall development of the Real
Property and (3) the Company has commenced the redevelopment of the Real Property pursuant
to the plan approved by the City of Inglewood and states in a certificate signed by its
chief executive officer that such redevelopment has commenced. </FONT></P>

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        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
               6</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Reinvestment
Date&#148;</B> means the date on which the Company shall issue the Option Units to
Investor. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Reinvestment
Dividend&#148;</B> means a distribution in an amount equal to the Reinvestment Payment
that shall be paid by the Company to Parent on the Reinvestment Date less any costs and
expenses incurred by the Company and included in the calculation of Capital Contribution,
but not yet paid as of the Reinvestment Date. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Reinvestment
Payment&#148;</B> is defined in Section 2.02. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Related
Party&#148;</B> means an executive officer, director or manager, 10% equityholder
(including any executive officers, directors or members thereof) or Affiliate of the
Company at such time, any present or former known spouse of any such executive officer,
director, member, equityholder or Affiliate of the Company or any trust or other similar
entity for the benefit of any of the foregoing Persons. </FONT></P>

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<A NAME=A016></A>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>&#147;Sale
Notice&#148;</b> is defined in Section 8.01(a). </FONT></P>

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<A NAME=A017></A>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>&#147;Sale
Price&#148;</b>is defined in Section 8.03(a). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Second
Diligence Period&#148;</B> is defined in Section 2.01(c). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Securities
Act&#148;</B> means the Securities Act of 1933, as amended, and the rules and regulations
promulgated thereunder. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Stockbridge
Funds&#148;</B> is defined in Section 6.01(b). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Subsidies
Agreement&#148;</B> is defined in Section 2.01(a). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Termination
Date&#148;</B> shall have the meaning provided in Section 10.01. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Third
Diligence Period&#148;</B> is defined in Section 2.01(c). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Third Party
Sale&#148;</B> is defined in Section 8.04. </FONT></P>

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<A NAME=A018></A>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>&#147;Trigger
Event&#148;</b> is defined in Section 2.01(a). </FONT></P>

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<A NAME=A019></A>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>&#147;Trigger
Notice&#148;</b>is defined in Section 2.01(b). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Units&#148;</B>
means the membership units of the Company. </FONT></P>

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               7</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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<A NAME=A020></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>ARTICLE 2<BR>Option To
Purchase; Purchase And Sale  </FONT></H1>

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<A NAME=A022></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Section
2.01</b> <i>Option to Purchase.</I> </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          Upon the terms and subject to the conditions set forth below, the Company agrees
          to sell to Investor, and Investor agrees to purchase from the Company, the
          Option Units. Investor shall be entitled to a one time right to purchase the
          Option Units upon the earliest to occur of the following (each a <b>&#147;Trigger Event&#148;</B>): </FONT></P>

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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=3%></TD>
<TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          the
date any federal or California state law becomes effective, including           without
limitation the effectiveness of any and all necessary governmental           and/or
regulatory actions related thereto, that authorizes Class II or Class III
          gaming (as defined in the federal Indian Gaming Regulatory Act), and permits
the           introduction of electronic gaming devices, in conjunction with the
Racetrack           Business <U>or</U> </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=3%></TD>
<TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          the
date any federal or California state law becomes effective (if not covered           by
(i) above), including without limitation the effectiveness of any and all
          necessary governmental and/or regulatory actions related thereto, that
          authorizes any other gaming not authorized under applicable laws as of the date
          hereof, in conjunction with the Racetrack Business, <U>or</U> </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=3%></TD>
<TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          any
agreement (the &#147;<B>Subsidies Agreement&#148;</B>) becomes effective
          between the Company and (A) the State of California or any agency, bureau or
          department thereof or (B) any Indian Tribe recognized by the United States
          Bureau of Indian Affairs, pursuant to which the Company will receive cash
          subsidies,  </FONT></P></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>if in the case of (ii) or (iii), the
revenues or subsidies therefrom, when added to the Company EBITDA from the Racetrack
Business during the calendar year that ended immediately prior to the effective date of
such new gaming authorization or Subsidies Agreement, would result in pro-forma Company
EBITDA for such year that is greater than $40 million; <I>provided</I>, that any Subsidies
Agreement shall be reasonably likely to provide an equal or greater level of subsidies to
the Company for not less than three years. The determination as to the amount of projected
incremental revenues or subsidies referenced in (ii) and (iii) above shall be made by (X)
The Innovation Group, (Y) Christiansen Capital Advisors LLC, or (Z) such other consultant,
as the Investor and Parent may mutually agree. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          Upon the occurrence of a Trigger Event (<I>provided</I>, that this Agreement
          shall not have been earlier terminated pursuant to the terms of Section 10.01
          herein), the Company shall within 15 days provide notice, in the form attached
          hereto as <U>Exhibit A</U> (a &#147;<B>Trigger Notice&#148;</B>), to Investor of
          the occurrence of such event. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <I>Delivery of Diligence Notice; Initial Diligence Period; Extensions of
          Diligence Period. </I>Within 30 days following receipt of the Trigger Notice,
          the Investor may provide the Company with notice of its intention to commence
          its due diligence review of the Company (the &#147;<B>Diligence
          Notice&#148;</B>). Upon delivery of the Diligence Notice, the Investor shall
          have an initial period of six months to conduct its due diligence examination of
          the Company (such initial diligence period referred to herein as the
          &#147;Initial <B>Diligence Period&#148;</B> and, as may be extended pursuant to
          the remainder of this Section 2.02(c), the &#147;<B>Diligence Period&#148;</B>).
          On or before the last day of the Initial Diligence Period, Investor may notify
          the Company and Parent in writing of its election to extend the Diligence Period
          for an additional six months (the &#147;<B>Second Diligence Period&#148;</B>),
          in which event the Diligence Period shall be so extended to the first
          anniversary of the date of the Diligence Notice. On or before the last day of
          the Second Diligence Period, Investor may notify the Company and Parent in
          writing of its election to extend the Diligence Period for an additional six
          months, in which event the Diligence Period shall be so extended to the date
          that is 18 months following the date of the Diligence Notice (the <B>&#147;Third
          Diligence Period&#148;</B>). In no event shall the Diligence Period be extended
          past the date that is 18 months following the date of the delivery or deemed
          delivery (as provided below) of the Diligence Notice. </FONT></P>

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               8</FONT></TD>
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        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the Initial Diligence Period and until the end of any extended Diligence Period, the
Company will: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=3%></TD>
<TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          during
ordinary business hours and upon reasonable notice from the Investor,           permit
the Investor and its authorized representatives to have access to the
          personnel, offices, properties, books, records and all assets and properties of
          the Company, including without limitation the Racetrack Business, in order to
          make such inspections, tests, and investigations as the Investor shall deem
          appropriate (including without limitation, such Phase II or other intrusive
          environmental investigations as the Investor may reasonably deem appropriate),  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=3%></TD>
<TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          furnish,
as soon as reasonably practicable, to the Investor or its authorized
          representatives such other information in the Company&#146;s possession with
          respect to its assets and properties, including without limitation, the
          Racetrack Business as the Investor may from time to time reasonably request
          (including financial information of the Company) and  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=3%></TD>
<TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          otherwise
reasonably cooperate in the due diligence examination of the Company           by the
Investor.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Subject to the provisions of this
Section and Section 2.01(i) below, in the event the Company does not receive, or is not
deemed to receive, a Diligence Notice from the Investor within the 30 day period specified
above, the Option shall immediately terminate and no longer be exercisable and this
Agreement shall terminate pursuant to Section 10.01. In the event the parties hereto
commence arbitration proceedings pursuant to Section 2.01(i) the Arbitration Notice shall
be deemed a Diligence Notice for all purposes hereunder and Investor shall have the right
to conduct its due diligence examination of the Company for the Diligence Period in
accordance with this Section 2.01(c); provided, however, that the Initial, Second and
Third Diligence Periods shall be automatically extended during the pendency of any
arbitration, but the Diligence Period shall not be extended past the date that is 18
months after the date of delivery or deemed delivery of a Diligence Notice as a result of
such arbitration proceedings or any outcome of such arbitration proceedings. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          (i) <I>Delivery of Option Exercise Notice. </I>In the event the Investor intends
          to exercise the Option upon completion of its due diligence examination of the
          Company, on or prior to 5:00 p.m. (Pacific Time) on the last day of the
          Diligence Period (including for the avoidance of doubt any extensions of such
          Diligence Period as set forth in Section 2.02(c))<B> </B>, the Investor shall
          deliver a notice, in the form attached hereto as <U>Exhibit B</U> (an
          &#147;<B>Option Exercise Notice&#148;</B>), to Parent and the Company of its
          intent to exercise the Option and the Percentage that it wishes to acquire (if
          it is less than the full number to which it is entitled pursuant to subsection
          (f) below). </FONT></P>

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               9</FONT></TD>
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        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=3%></TD>
<TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Sharing
of Certain Expenses. </I>If the Investor elects to extend the           Diligence Period
beyond the Initial Diligence Period pursuant to paragraph (c)           above, then it
shall promptly (upon the delivery from time to time of reasonably           detailed
documentation and invoices) reimburse the Company for 50% of the costs           and
expenses (including, but not limited to, the fees and expenses of attorneys,
          advisors, lobbyists, consultants and agents) actually incurred by the Parent
and           the Company from and after the date that is 90 days following the date of
the           Trigger Event and to and including the Reinvestment Date related to the
Trigger           Event (but only to the extent that such costs and expenses are
appropriately           allocable to Hollywood Park and not to Parent&#146;s other racing
properties,           based upon the reasonably anticipated revenues to be generated at
each such           property as a result of gaming activities undertaken in response to a
Trigger           Event), whether or not Investor elects to purchase the Option Units, <I>provided</I>,
that Investor shall not be responsible for additional expenses           incurred after
the delivery of a notice to end the Diligence Period as permitted           in (iii)
below. The parties agree that the expenses to be shared are those set           forth
above that relate to securing the Company&#146;s legal right (including
          necessary permits) to operate the additional gaming activities related to the
          Trigger Event, and not capital expenditures. To the extent Investor reimburses
          any costs and expenses pursuant to this paragraph, such amounts shall be
treated           as additional contributions to Investor&#146;s capital account with the
Company           should Investor consummate the purchase of the Option Units, but
Investor shall           not receive any additional Units with respect to such amounts.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=3%></TD>
<TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Revocability
of Diligence Notice. </I>The Investor shall be entitled to end           its Diligence
Period at any time prior to the delivery of an Option Exercise           Notice, for any
reason or no reason, by delivering notice thereof to the Company           and Parent,
and the Diligence Period shall end on the date of such written           notice.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=3%></TD>
<TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Termination
of Option. </I>In the event the Company and Parent do not receive           an Option
Exercise Notice within the Initial or any extended Diligence Period,           the Option
shall immediately terminate and no longer be exercisable and this           Agreement
shall terminate pursuant to Section 10.01.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          As soon as practicable following the date of the Option Exercise Notice, but in
          no event later than the date that is six months after the delivery or deemed
          delivery of the Diligence Notice, the Company, Parent and the Investor shall use
          their commercially reasonable efforts to negotiate in good faith a Unit purchase
          and sale agreement (the &#147;<B>Purchase Agreement&#148;</B>), in form and
          substance reasonably satisfactory to the Investor and the Company, with
          customary representations, covenants, indemnification provisions and conditions
          precedent, including without limitation, the condition precedent of satisfaction
          or waiver of all governmental or third party registrations, filings,
          applications, notices, consents, approvals, orders, qualifications or waivers
          required under applicable law to be obtained by the Company, Parent and/or the
          Investor in order to consummate the exercise of the Option and the purchase of
          the Option Units. The parties agree that a Purchase Agreement with provisions
          generally similar to those set forth in the Asset Purchase Agreement shall be
          deemed a reasonably satisfactory agreement for purposes of this Section 2.01(e);
          <I>provided</I>, that the parties agree that the extent to which terms and
          conditions of the Purchase Agreement as set forth in the Asset Purchase
          Agreement are deemed to be reasonably satisfactory are to be viewed in light of
          the facts, circumstances and status of gaming regulation in effect at the time
          of such negotiations. </FONT></P>

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        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
               10</FONT></TD>
</TR>
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        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=3%></TD>
<TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;               In
the event the parties do not enter into a definitive Purchase Agreement prior
               to the completion of the Diligence Period, the Investor, in its sole and
               absolute discretion, shall nevertheless have the right to purchase the
Option                Units without any such Purchase Agreement by delivery of the
Reinvestment                Payment (or, if any filing is required pursuant to the HSR
Act, the Option                Deposit) in immediately available funds by wire transfer
to an account                designated by the Company on the date that is 10 days
following the end of the                Diligence Period (unless a different date is
agreeable to the Parent and the                Investor); <I>provided</I>, <I>however</I>,
that, if by such date the terms set                forth in Section 2.01(e)(ii)(A)
through (C) have not been satisfied (or waived                by Investor), the
Reinvestment Payment or the Option Deposit, as applicable,                shall be
delivered on such date immediately following the satisfaction of the                terms
set forth in Section 2.01(e)(ii)(A) through (C) (a &#147;<B>Default Unit
               Purchase&#148;</B>); <I>provided further, however</I>, that if any filing
is                required pursuant to the HSR Act, Investor shall remit an amount equal
to the                Reinvestment Payment less the Option Deposit within 10 Business
Days following                the expiration or termination of applicable waiting periods
under the HSR Act.                If the purchase and sale of the Option Units fails to
occur for any reason                (other than a result of a material breach of this
Agreement by Investor), the                Option Deposit shall be immediately returned
to Investor. Notwithstanding any                failure of the parties to enter into a
Purchase Agreement, Parent, the Company                and the Investor shall reasonably
cooperate with each other in promptly making                all necessary filings and
obtaining all permits, licenses, approvals,                authorizations and consents
required in order to consummate the purchase and                sale of the Option Units
and the transactions related thereto, including without                limitation, any
filings required under the HSR Act.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=3%></TD>
<TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;               If
the parties do not enter into a definitive Purchase Agreement and the
               Investor purchases the Option Units pursuant to a Default Unit Purchase,
the                Company, Parent and Investor hereby agree that, notwithstanding
anything to the                contrary set forth in this Agreement or the limited
liability company agreement                of the Company:  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=6%></TD>
<TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;               the
representations and warranties of each of the Company and Parent set forth
               in Article 3 of this Agreement except as otherwise disclosed to Investor
in                writing, and as set forth on <U>Exhibit </U>D, shall be true and
correct in all                material respects as of the Reinvestment Date as though
made at and as of that                date and the Company and Parent shall in all
material respects have performed                and complied with all terms, agreements,
covenants and conditions of this                Agreement to be performed or complied
with by such entity at the Reinvestment                Date;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=6%></TD>
<TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;               the
conditions precedent to the closing of the sale and purchase of the Option
               Units set forth in Section 9.03 hereof shall have been satisfied in all
material                respects or waived by the Investor, in its sole discretion; and  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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               11</FONT></TD>
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        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=6%></TD>
<TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;               the
Company and Parent shall have delivered a certificate signed by their
               respective executive officers certifying that the provisions set forth in
this                Section 2.01(e)(ii)(A) and (B) have been satisfied.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          Following payment of the full amount of the Reinvestment Payment, pursuant to
          the Purchase Agreement or Default Unit Purchase, the Company shall promptly
          issue to Investor a sufficient number of Units such that, following such
          issuance and the corresponding distribution of the Reinvestment Dividend to
          Parent, as of such relevant date, Investor&#146;s percentage ownership of all
          Units determined on a Fully-Diluted Basis is equal to the percentage set forth
          in the table below (or any lesser number of Units that Investor has specified in
          its Option Exercise Notice): </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>
<TR VALIGN=Bottom>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Percentage</FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>If the Diligence Notice is Delivered</FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(on a Fully-</FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=1><FONT FACE="Times New Roman, Times, Serif" SIZE=2>or Deemed Delivered</FONT><hr noshade></TH>
     <TH COLSPAN=1><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Diluted Basis</FONT><hr noshade></TH></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>On or Before September 23, 2006</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>80</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>After September 23, 2006 and on or before September 23, 2007</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>70</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>After September 23, 2007 and on or before September 23, 2008</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>60</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>After September 23, 2008 and on or before September 23, 2009</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>49</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>After September 23, 2009 and on or before September 23, 2010</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>40</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>After September 23, 2010 and on or before September 23, 2011</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>30</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>After September 23, 2011 and on or before September 23, 2012</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>After September 23, 2012 and on or before September 23, 2013</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>%</FONT></TD></TR>
</TABLE>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>For avoidance of doubt, the maximum
Percentage (on a Fully-Diluted Basis) subject to Investor&#146;s Option hereunder shall be
determined for all purposes as of the date of the delivery or deemed delivery of the
Diligence Notice, delivered by Investor to Company and Parent, notwithstanding any
extensions of the Diligence Period or any delays in consummating the Investor&#146;s
purchase of Units thereafter. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          If Investor consummates the purchase of fewer than the full number of Units to
          which it is entitled, then the Option shall expire and be of no further effect
          with respect to the unexercised portion. In no event, however, may Investor
          elect to purchase or obtain exactly 50% of the Units. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          In no case shall the Parent or Company be required to postpone or otherwise
          delay the planned development of the Real Property, or any sale or transfer of
          the Assets or Real Property or the Racetrack Business (except during the periods
          described in Sections 6.03 and 7.02) or have any duty or other obligation to
          take or omit to take any action, at any time after the date hereof, to
          facilitate Investor&#146;s exercise of the Option or generally with respect to
          the Real Property, the Racetrack Business or the other Assets or the management
          thereof, other than as specifically set forth in this Agreement or the
          Transaction Documents (as defined in the Asset Purchase Agreement). </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          Any dispute or difference between or among the parties (such parties being
          referred to individually as a &#147;<B>Disputing Party</B>,&#148; and, together,
          as the &#147;Disputing Parties&#148;) arising out of or with respect to the
          occurrence or non-occurrence of a Trigger Event, which the parties are unable to
          resolve themselves shall be submitted to and resolved by arbitration as herein
          provided. The parties intend this Section 2.01(i) to be enforceable in
          accordance with the Federal Arbitration Act (9 U.S.C. Section 1, et seq.),
          including any amendments to that Act which are subsequently adopted. In
          recognition of the fact that resolution of any disputes with respect to the
          occurrence or non-occurrence of a Trigger Event in the courts is rarely timely
          or cost effective for either party, the Disputing Parties enter this mutual
          agreement to arbitrate in order to gain the benefits of a speedy, impartial and
          cost-effective dispute resolution procedure. The arbitration will be conducted
          using &#147;fast track&#148; procedures designed to result in a decision no
          later than 180 days after the commencement of the arbitration and the parties
          hereto agree that they will attempt, and they intend that they and the
          arbitrator should use their best efforts in that attempt, to conclude the
          arbitration proceeding and obtain a final decision from the arbitrator no later
          than 180 days after the commencement of the arbitration. </FONT></P>

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<TD ALIGN=RIGHT WIDTH=9%></TD>
<TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(A) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
Disputing Party may request the American Arbitration Association (the &#147;<B>AAA&#148;</B>)
to           designate one arbitrator, who shall be qualified as an arbitrator under the
standards of the AAA, who shall be a retired judge or who shall have been engaged in the
private practice of law for not less than fifteen (15) years immediately prior to
appointment as arbitrator pursuant to this Agreement, and who is, in any such case, not
affiliated with any party in interest to such arbitration (such request an &#147;<B>Arbitration
Notice&#148;</B>). Such designation shall be pursuant to the rules and procedures of the
AAA whereby the AAA will circulate a list of 12-15 proposed arbitrators to both Parties
and such Parties will promptly reply to the AAA in accordance with the rules and
regulations of the AAA.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TD ALIGN=RIGHT WIDTH=9%></TD>
<TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(B) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;                    The
arbitration hearings shall be held in Los Angeles, California or such other
                    place as may be mutually agreed. Each Party shall submit its case to
the                     arbitrator within 60 days of the selection of the arbitrator or
within such                     longer period as may be agreed by the arbitrator. The
arbitrator may resolve any                     and all disputes regarding discovery in
connection with the arbitration. The                     arbitrator&#146;s decision shall
be in writing and need only set forth which of                     the Parties&#146; positions
is correct. The arbitrator shall deliver a copy of                     the decision to
each Party personally or by registered mail within 10 days after                     the
arbitration hearing.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TD ALIGN=RIGHT WIDTH=9%></TD>
<TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(C) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;                    Each
Party shall bear its own costs in connection with any such arbitration,
                    including, without limitation, (i) all legal, accounting, and any
other                     professional fees and expenses and (ii) all other costs and
expenses each Party                     incurs to prepare for such arbitration. Other
than set forth above, each side                     shall pay (iii) one-half of the fee
and expenses of the arbitrator and (iv)                     one-half of the other
expenses that the Parties jointly incur directly related                     to the
arbitration proceeding.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(D) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;                    Except
as provided above, arbitration shall be based, insofar as applicable,
                    upon the Rules of the AAA, but limited and conducted with regard to
pre-hearing                     discovery as follows: (i) no later than 45 days prior to
the arbitration                     hearing, each Party shall identify to the other any
persons who may be called as                     an expert witness, describe the subject
matter about which the expert is                     expected to testify, and opinions
held by the expert and the facts known by the                     expert (regardless of
when the factual information was acquired) which relate to                     or form
the basis for the opinions held by the expert, and make available any
                    reports produced by any such expert (or the bases upon which such
expert formed                     an opinion if no such report was created), as well as
similar information for                     any experts who have been used for
consultation, but who are not expected to be                     called as an expert
witness, if such consulting expert&#146;s opinions have been                     reviewed
by an expert witness who is expected to testify, (ii) as specified in
                    more detail below, discovery shall be limited to the request for and
production                     of documents, three factual depositions (that is,
depositions of persons other                     than proposed expert witnesses), three
depositions of expert witnesses and three                     sets of interrogatories;
(iii) the duration of each deposition shall be limited                     to two days;
(iv) interrogatories shall be allowed only as follows: a party may
                    request the other party to identify (by name, last known address and
telephone                     number) all persons having knowledge of facts relevant to
the dispute and a                     brief description of that person&#146;s knowledge,
and may include so-called                     &#147;contention interrogatories&#148;; and
(v) document discovery conducted in                     the course of such an arbitration
shall be limited so that neither Party shall                     be required to respond
to more than two specific sets of requests for documents,                     not
including the required expert disclosures set forth above.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(E) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;                    The
Parties hereby waive any right of appeal to any court on the merits of the
                    dispute.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
2.02</B>&nbsp;&nbsp; <I>Purchase and Sale.</I> The closing of the sale of the Option Units pursuant to
a Purchase Agreement shall occur as soon as practicable following the expiration of the
Diligence Period and the satisfaction or waiver of applicable closing conditions (unless a
different date is chosen by mutual agreement of the Investor and the Company). The closing
of the sale of the Option Units pursuant to a Default Unit Purchase shall occur on the
date that is 10 days following the end of the Diligence Period (unless a different date is
agreeable to the Parent and the Investor); <I>provided, however</I>, that, if by
such date the terms set forth in Section 2.01(e)(ii)(A) through (C) have not been
satisfied or waived by Investor, such closing date shall occur on such date immediately
following the satisfaction (or waiver by Investor) of the terms set forth in Section
2.01(e)(ii)(A) through (C). The amount of cash payable by Investor for the Option Units
shall be (a) the Purchase Price multiplied by (b) the Percentage, and shall be referred to
herein as the &#147;<B>Reinvestment Payment&#148;</B>. </FONT></P>

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<A NAME=A023></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>ARTICLE 3 <BR>Representations And
Warranties Of Parent And The Company </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parent
and the Company, jointly and severally, hereby represent and warrant to Investor, as of
the date hereof, that: </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
3.01</B> <I>Existence and Power. </I>Each of Parent and the Company is a limited liability
company duly organized, validly existing and in good standing under the laws of the State
of Delaware, and has all powers required to carry on its business as now conducted. Each
of Parent and the Company has all requisite corporate power and authority required to
execute and deliver this Agreement and to perform its respective obligations hereunder.
The limited liability agreement of the Company and all amendments thereto as in effect on
the date hereof (all of which are certified by an authorized officer of the Company as of
the date hereof), have been made available to the Investor, and are complete and correct
as of the date hereof. </FONT></P>

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               14</FONT></TD>
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</TR>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
3.02</B> <I>Limited Liability Company Authorization. </I>The execution, delivery and
performance by each of Parent and the Company of this Agreement, and the consummation of
the transactions contemplated herein, have been duly authorized by all necessary limited
liability company action by each of Parent and the Company. This Agreement has been duly
executed and delivered by each of Parent and the Company, and constitutes the legal, valid
and binding obligation of each of Parent and the Company, enforceable against each such
entity in accordance with its terms, except as may be limited by bankruptcy, insolvency,
reorganization, moratorium, and other similar laws and equitable principles relating to or
limiting creditors&#146; rights generally (regardless of whether considered in a
proceeding in equity or at law). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
3.03</B> <I>Authorizations. </I>Except as may be required by the HSR Act and the
California racing authorities, neither Parent nor the Company is required to file, seek or
obtain any approval, authorization, consent or order or action of or filing with any
Governmental Authority or any other Person in connection with the execution and delivery
by Parent or the Company, as applicable, of this Agreement or the consummation of the
transactions contemplated herein. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
3.04</B> <I>Noncontravention. </I>The execution, delivery and performance by each of
Parent and the Company of this Agreement (i) do not or will not violate (A) the limited
liability company agreement (or such equivalent governing documents) of each of Parent and
the Company or (B) any applicable law, rule, regulation, judgment, award or decree to
which the Parent or the Company, as applicable, is a party, or by which Parent or the
Company, as applicable, or their respective assets and properties are bound, or (ii)
result in a breach of or constitute (with due notice or lapse of time or both) a default
under, or give rise to any right of termination, cancellation or acceleration of any right
or obligation of Parent or the Company, as applicable, or to a loss of any benefit
relating to any of their respective assets or properties to which Parent or the Company,
as applicable, is entitled under any provision of any indenture agreement or other
instrument binding upon Parent or the Company, as applicable, or by which any of their
respective assets or properties is or may be bound, or (iii) result in the creation or
imposition of any Lien upon any of such assets or properties. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
3.05</B> <I>Capitalization. </I>As of the date hereof, there are 100 Units issued and
outstanding to the member[s] of the Company. All of such issued and outstanding Units have
been validly authorized and issued and are validly outstanding, fully paid and
nonassessable. There are not authorized, issued or outstanding any options, warrants,
agreements, contracts, calls, commitments or demands of any character, preemptive or
otherwise, relating to the sale, issuance or repurchase of, conversion into or exchange
for any securities of the Company, other than pursuant to this Agreement. The Company has
reserved for issuance and delivery upon exercise of the Option a number of Units
sufficient to permit the exercise in full of the Option. Upon exercise of the Option, the
outstanding Units will be duly authorized, validly issued and fully paid and
non-assessable. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
3.06</B> <I>Compliance with Laws</I>. Each of the Company and Parent is in compliance
with all material applicable federal, state and local statutes, ordinances and
regulations, and all applicable decisions of all courts, administrative agencies and
tribunals having jurisdiction over the Company or Parent, as applicable, and neither is
subject to any liability or obligation as a result of any failure to so comply prior to
the date of this Agreement. All Units heretofore issued by the Company have been issued in
compliance with federal and state securities laws. </FONT></P>

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<A NAME=A025></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>ARTICLE 4 <BR>Representations And
Warranties Of Investor </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor
hereby represents and warrants to Parent and the Company, as of the date hereof, that: </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
4.01</B> <I>Existence and Power.</I> Investor is a corporation duly organized, validly
existing and in good standing under the laws of the Commonwealth of Kentucky, and has all
powers required to carry on its business as now conducted. Investor has all requisite
corporate power and authority required to execute and deliver this Agreement and to
perform its obligations hereunder. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
4.02</B> <I>Corporate Authorization.</I> The execution, delivery and performance by
Investor of this Agreement, and the consummation of the transactions contemplated herein,
have been duly authorized by all necessary corporate action by Investor. This Agreement
has been duly executed and delivered by Investor, and constitutes the legal, valid and
binding obligation of Investor, enforceable against Investor in accordance with its terms,
except as may be limited by bankruptcy, insolvency, reorganization, moratorium, and other
similar laws and equitable principles relating to or limiting creditors&#146; rights
generally (regardless of whether considered in a proceeding in equity or at law). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
4.03</B> <I>Authorizations.</I> Except as may be required by HSR Act or California racing
authorities, the Investor is not required to file, seek or obtain any approval,
authorization, consent or order or action of or filing with any Governmental Authority or
any other Person in connection with the execution and delivery by Investor of this
Agreement or the consummation of the transactions contemplated herein. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
4.04</B> <I>Noncontravention.</I> The execution, delivery and performance of this
Agreement by Investor do not or will not violate (i) the Articles of Incorporation or
By-laws of Investor or (ii) any applicable law, rule, regulation, judgment, injunction,
order or decree binding upon Investor. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
4.05</b><i> Compliance with Laws.</i> The Investor is in compliance with all material applicable
federal, state and local statutes, ordinances and regulations, and all applicable
decisions of all courts, administrative agencies and tribunals having jurisdiction over
the Investor and it is not subject to any liability or obligation as a result of any
failure to so comply prior to the date of this Agreement. </FONT></P>

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<A NAME=A027></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>ARTICLE 5 <BR>Transfers </FONT></H1>

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<A NAME=A029></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
5.01</b> <i>Restrictive Legend.</I> </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          Investor hereby agrees and acknowledges that the Units have not been registered
          under the Securities Act and may not be transferred to any Person in the absence
          of (i)&nbsp;an effective registration statement under the Securities Act with
          respect to the Units and registration or qualification of the Units under any
          United States federal or state securities laws then in effect or (ii) an opinion
          of counsel reasonably satisfactory to Parent and the Company that such
          registration and qualification are not required. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          Each certificate for Units issued pursuant to this Agreement shall bear the
          following legend for so long as such securities constitute restricted securities
          (as such term is defined in the regulations under the Securities Act): </FONT></P>

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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&#147;The
securities represented hereby have not been registered under the Securities Act of 1933,
as amended, and may not be offered, sold, transferred or otherwise disposed of except in
compliance with such laws.&#148; </FONT></TD>
</TR>
</TABLE>
<BR>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          The Units shall also bear a legend stating that their transfer or sale is
          restricted by the terms of this Agreement (which legend shall be removed when
          such restrictions no longer apply). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
5.02</B> <I>Restriction on Sale or Transfer of Option and Units. </I> No party to this
Agreement will sell, pledge, encumber or otherwise transfer, or agree to sell, pledge,
encumber or otherwise transfer, directly or indirectly, the Units held by such party, the
Option or any rights under this Agreement without the prior written consent of the other
parties hereto, which may be provided or denied in such party&#146;s sole discretion,
except: </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          for transfers of such Units, Option or any rights under this Agreement to any
          Affiliate of any party hereto or any third party successor by merger or acquirer
          of more than 50% of the equity or all or substantially all of the assets of
          Churchill Downs Incorporated or all of the Stockbridge Funds, as applicable and </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          that the Parent may sell or transfer up to 25% of its Units to any person or
          entity that in its good faith judgment will be beneficial to the proposed
          redevelopment of the Real Property, <I>provided</I>, that such person or entity
          will not adversely affect the ability of the Company to satisfy the requirements
          of federal or state or other applicable gaming laws and regulations and
          <I>provided</I>, <I>further</I>, that such transferee agree in writing to be
          bound by the terms of this Agreement and that such transfer shall not adversely
          affect any of Investor&#146;s rights under this Agreement, including without
          limitation, Investor&#146;s ability to acquire the full Percentage to which it
          is entitled under Section 2.01(f). </FONT></P>

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<A NAME=A030></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>ARTICLE 6 <BR>Covenants Of Parent </FONT></H1>

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<A NAME=A032></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
6.01</b> <i>Capital Structure.</I> </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          Except with the prior written approval of the Investor, neither Parent nor the
          Company will, prior to the Reinvestment Date, amend in any manner the limited
          liability company agreement of the Company to create or authorize the creation
          of or issue (including, without limitation, by way of recapitalization), or
          obligate itself to authorize or issue any Units of any equity securities of the
          Company, or any other security exercisable for or convertible into any shares of
          equity securities of the Company, whether any such creation or authorization
          shall be by means of amendment of the limited liability company agreement of the
          Company, or by merger, consolidation or otherwise. </FONT></P>

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<A NAME=A033></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
Alternative Structure.</I> </FONT></P>

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               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=6%></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               It is understood and agreed that, subject to paragraph (b)(iii) below, the
               Company may implement various ownership and leasing arrangements with respect to
               the Assets that are designed to optimize the structure for investors in one or
               more investment funds that are Affiliates of Parent (the &#147;<B>Stockbridge
               Funds&#148;</B>) and to comply with certain requirements as to structuring
               investments contained in the operative agreements for the Stockbridge Funds (any
               such arrangement being referred to as an &#147;<B>Alternative
               Structure&#148;</B>). Subject to paragraph (iii) below, an Alternative Structure
               may include (without limitation) (x) causing one Affiliate to own certain of the
               Assets and to lease such Assets to a second Affiliate; and (y) causing one or
               more of the Stockbridge Funds or other Affiliates to own direct interests in one
               or more of the Affiliates described in clause (x). </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=6%></TD>
<TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          If
an Alternative Structure is implemented, then  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=9%></TD>
               <TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               Investor&#146;s Option to purchase the Option Units in the Company shall be
               automatically amended so that, to the extent necessary for Investor to acquire
               in the aggregate the same economic interest and governance interest in the
               Assets that the Option Units would have represented had there been no
               Alternative Structure, Investor will have the right to purchase interests in all
               such Affiliates of the Company that hold interests in the Assets and all
               relevant governance documents shall be amended as may be necessary or
               appropriate in order to effectuate the provisions of this Agreement; </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=9%></TD>
               <TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               the Reinvestment Payment shall be adjusted as appropriate to reflect amounts
               incurred by or contributed to such Affiliates in a manner consistent with the
               provisions of this Agreement; and </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               the parties shall cooperate in implementing such other adjustments as may be
               required to effectuate the intent of this Agreement. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD ALIGN=RIGHT WIDTH=6%></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               The parties acknowledge and agree that if an Alternative Structure is
               implemented, then any exercise of the Option pursuant to this Agreement shall be
               implemented in such a way as (1) to provide Investor with the same aggregate
               economic interest and governance interest that the Option Units would have
               represented had there been no Alternative Structure, and (2) to cause no
               material adverse effect to Investor or to the Investor&#146;s rights under this
               Agreement to reinvest, directly or indirectly, in the Assets, including without
               limitation the Real Property, and the Racetrack Business. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
6.02</B> <I>Amendment of Limited Liability Company Agreement. </I>Concurrent with the
issuance of the Option Units, Parent shall cause the limited liability company agreement
of the Company, which shall be substantially in the form attached hereto as Exhibit C, to
be amended effective as of the Reinvestment Date so that (i) the Majority Member has the
right to appoint a majority of the members of the management board of the Company, (ii)
the management board of the Company shall consist of at least one member appointed by each
Stockbridge Fund and at least one member appointed by the Investor, and (iii) to add the
following provisions: </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          For so long as each of Parent and Investor own 20% or more of the outstanding
          Units in the Company, the Company shall continue to conduct its business and
          maintain the Real Property and the other Assets in the ordinary course
          consistent with past practice or consistent with this Agreement. In addition,
          the Company shall maintain appropriate levels of indebtedness to reflect
          prevailing market practices for investments of this type by institutional
          investors, as determined in the good faith reasonable judgment of the Majority
          Member. Furthermore, except as expressly provided for in this Agreement or as
          consented to in writing by Parent and Investor, neither the Company nor any of
          its Affiliates will: </FONT></P>

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<TD ALIGN=RIGHT WIDTH=6%></TD>
<TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          amend
its limited liability company agreement;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
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               <TD ALIGN=RIGHT WIDTH=6%></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               split, combine or reclassify any Units or issue any additional Units; </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=6%></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               declare or pay any dividend or distribution of any kind (whether in cash,
               membership units or property) in respect of its Units, except the Reinvestment
               Dividend and dividends or distributions that are paid to each member of the
               Company in proportion to such member&#146;s Percentage interest; </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD ALIGN=RIGHT WIDTH=6%></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               amend any Alternative Structure that has been implemented; </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD ALIGN=RIGHT WIDTH=6%></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               merge or consolidate with any other Person; </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               acquire any interest in any corporation, partnership or other business
               organization or any subsidiary thereof or any material amount of assets from any
               other Person; </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD ALIGN=RIGHT WIDTH=6%></TD>
               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               sell, lease, sublease, license or otherwise dispose of any Assets or portion of
               the Real Property or any other material assets or property of the Company or any
               Affiliate except (A) pursuant to existing contracts or commitments, (B) in the
               ordinary course consistent with past practice or (C) in accordance with Section
               8.04 hereof; or </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               enter into any agreement or commitment to do any of the foregoing. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
6.03</B>&nbsp;&nbsp;<I>Sale of Assets, Real Property and/or Racetrack Business</I>.&nbsp;&nbsp; Notwithstanding
anything to the contrary set forth herein, Parent shall not, and shall cause the Company
not to, sell, lease, convey, transfer or other otherwise dispose of, or enter into any
agreement to sell, lease, convey, transfer or otherwise dispose of, any material parts of
the Assets, Real Property and/or the Racetrack Business prior to September 23, 2008. </FONT></P>

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<A NAME=A034></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>ARTICLE 7 <BR>Covenants Of Parent
and the Company </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 7.01</B>
&nbsp;&nbsp;<I>Payment of Reinvestment Dividend. </I>&nbsp;&nbsp;Immediately following the receipt by the Company
of the Reinvestment Payment, the Company shall issue the Reinvestment Dividend to Parent
in immediately available funds by wire transfer to an account designated by Parent. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
7.02</B>&nbsp;&nbsp; <I>Affiliated Transactions</I>.&nbsp;&nbsp; Subject to Section 6.01(b), promptly following
the delivery of the Option Exercise Notice by the Investor, but in any event no later than
immediately prior to the Reinvestment Date, Parent and the Company shall take such actions
as are necessary to ensure that effective as of the Reinvestment Date (a) the operations
of the Racetrack Business shall be conducted entirely by and through the Company or its
wholly-owned subsidiaries, (b) the Company will conduct no business or incur or assume any
liabilities other than those pertaining to the Racetrack Business and seeking entitlements
for the development of the Real Property and (c) no Related Party of the Company except as
otherwise set forth in this Agreement shall (i) have any interest in any of the Assets,
including without limitation the Real Property, or any other property (real or personal,
tangible or intangible) that the Company then uses or has used in or pertaining to the
Racetrack Business or (ii) have any business dealings or a financial interest in any
transaction with the Company relating to the Racetrack Business or involving any of the
Assets, including without limitation the Real Property, or any other property (real or
personal, tangible or intangible) that the Company then uses or has used in or pertaining
to the Racetrack Business, other than business dealings or transactions entered into, and
effective as of, immediately following the Reinvestment Date that are conducted in the
ordinary course of business at prevailing market prices and on prevailing market terms. </FONT></P>

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<A NAME=A036></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>ARTICLE 8 <BR>Sale Of Interests Or
Assets </FONT></H1>

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<A NAME=A038></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Section
8.01</b>&nbsp;&nbsp; <I>Sale Notice.</I>&nbsp;&nbsp; </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          At any time following the date that is one year after the Reinvestment Date, any
          party holding less than 50% of the issued and outstanding Units on a
          Fully-Diluted Basis (the &#147;<B>Minority Member&#148;</B>) may deliver a
          notice (the &#147;<B>Sale Notice&#148;</B>) to the party (together with its
          Affiliates) holding more than 50% of the issued and outstanding Units on a
          Fully-Diluted Basis (the &#147;<B>Majority Member&#148;</B>) stating that the
          Minority Member desires to determine the Fair Market Value of the Company. The
          Fair Market Value of the Company shall be determined as described in Section
          8.02. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          The Sale Notice shall contain the name of an independent valuation firm (the
          &#147;<B>Minority Valuation Firm&#148;</B>) and, within 10 days after receipt of
          the Sale Notice, the Majority Member shall also select an independent valuation
          firm (the &#147;<B>Majority Valuation Firm&#148;</B>) and shall notify the
          Minority Member of such selection. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          Each of Parent and Investor shall pay the fees and expenses of the independent
          valuation firm it retains. In addition, the Company shall promptly supply all
          information reasonably requested by the independent valuation firms in
          performing their valuations. </FONT></P>

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<A NAME=A039></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Section
8.02</b>&nbsp;&nbsp; <I>Procedure for Determining Fair Market Value of the Company.</I>&nbsp;&nbsp; </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          The Minority Valuation Firm and the Majority Valuation Firm shall each determine
          the Fair Market Value of the Company as promptly as possible, but in no event
          later than 30 days following the date upon which the Sale Notice was given. Such
          values shall be determined assuming the sale of the applicable assets of the
          Company at a price agreed between a willing seller and a willing buyer in an
          arms-length transaction with no deductions for lack of liquidity, forced sale or
          similar considerations. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          If the values calculated by the Minority Valuation Firm and the Majority
          Valuation Firm do not vary by more than 10%, then the Fair Market Value of the
          Company shall be the average of the two valuations. If the values so calculated
          vary by more than 10%, then the Minority Valuation Firm and Majority Valuation
          Firm shall, within five days of the date their valuations were first given,
          select a third valuation firm which will make its own determination of the Fair
          Market Value of the Company. The Company, the Minority Valuation Firm and
          Majority Valuation Firm shall supply all information required by the third firm
          so that it can complete its valuation not later than 20 days following its
          selection. Its valuation shall be delivered in a certificate to the Minority
          Member, the Majority Member, the Minority Valuation Firm and the Majority
          Valuation Firm. The Fair Market Value of the Company shall then be the average
          of (i) the value obtained by the third valuation firm and (ii) the value
          obtained by the other valuation firm whose valuation is closer to that obtained
          by the third valuation firm. Each of Parent and the Investor shall pay fifty
          percent of the fees and expenses of such third valuation firm. </FONT></P>

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<A NAME=A040></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Section
8.03</b>&nbsp;&nbsp; <I>Sale; Payment of the Sale Price.</I>&nbsp;&nbsp; </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          The Fair Market Value of the Company determined pursuant to the procedures
          described above shall be binding upon the Company for a period of one year after
          its final determination, and the fair market value of the Units owned by the
          Minority Member shall be the product of the membership percentage interest held
          by the Minority Member and the Fair Market Value of the Company (such product,
          the &#147;<B>Sale Price&#148;</B>). </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          If, following determination of the Sale Price, the Minority Member determines to
          sell its Units, it shall first offer such Units to the Majority Member at the
          Sale Price and the Majority Member shall have 60 days in which to either (i)
          determine whether to accept such offer or (ii) accept such offer and assign such
          right to purchase such Units at the Sale Price to a third party selected in the
          sole and absolute discretion of the Majority Member. If the Majority Member
          chooses to accept the offer or accept the offer and assign such right to
          purchase or declines such offer, it shall notify the Minority Member in writing
          (the <B>&#147;Majority Member Notice&#148;</B>). If the Majority Member
          determines not to purchase such Units or accept the offer and assign such right
          to purchase such Units from the Minority Member, the Minority Member may offer
          such Units to any other Person for a price and on other terms as it shall deem
          appropriate in its sole discretion <I>provided</I>, <I>however</I>, that in the
          event that the Minority Member has not sold its Units within one year following
          the final determination of Fair Market Value, then its Units shall continue to
          be subject to the terms and conditions set forth in this Article&nbsp;8. Within
          10 days of any agreement to sell such Units, the Minority Member shall notify
          the Majority Member of such agreement (the Majority Member, its assignee or such
          other buyer, as the case may be, the &#147;<B>Final Buyer&#148;</B>). </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          Within 10 days (or such other period as is acceptable to the Minority Member)
          after any agreement to sell the Units held by the Minority Member at the Sale
          Price, the Final Buyer shall deposit the Sale Price in cash with a paying agent
          chosen by the Company (the &#147;<B>Paying Agent&#148;</B>) and the Minority
          Member shall transfer all of its Units to the Paying Agent and the closing of
          the sale of such Units shall take place within two Business Days thereafter. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
8.04</B>&nbsp;&nbsp;<I>Sale of Assets or the Units.</I>&nbsp;&nbsp; At any time following the Reinvestment Date,
the Majority Member may deliver a notice to the Minority Member that it intends to
initiate a transaction or series of related transactions involving a sale of all of the
Assets and Real Property comprising the business of the Company and its Affiliates or all
of the outstanding Units of the Company. Any such sale must be to a third party that is
not affiliated with either the Majority Member or the Minority Member at a market price to
be determined through a competitive sales process, and on terms and conditions reasonably
determined by the Majority Member (a &#147;<B>Third Party Sale&#148;</B>). The parties
shall engage the services of appropriate professionals, selected by the Majority Member,
to solicit offers to purchase the Real Property and Assets or all of the outstanding Units
of the Company from unaffiliated third parties. The Majority Member and Minority Member
shall use their respective commercially reasonable efforts to enter into a purchase and
sale agreement to sell the Real Property and Assets or all of the outstanding Units to the
bidder as reasonably selected by the Majority Member. The proceeds from such Third Party
Sale, after payment of the appropriate pro-rata portion of the costs and expenses of such
Third Party Sale attributable to the Company and any other amounts owing with respect to
the Real Property and Assets, shall be distributed according to the terms of the
Company&#146;s limited liability company agreement or to the members of the Company in the
event of a sale of Units, as appropriate. </FONT></P>

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<A NAME=A041></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>ARTICLE 9 <BR>Covenants Of the
Company, Parent and Investor; Closing Conditions </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
9.01</B> &nbsp;&nbsp;<I>HSR Application.</I>&nbsp;&nbsp;Each of the Company and Investor shall make any
appropriate filing of a Notification and Report Form and Investor shall pay all applicable
filing fees pursuant to the HSR Act with respect to any issuance and/or transfer of Units
at the Reinvestment Date if subject to the HSR Act hereby as promptly as practicable and
in any event within 10 Business Days following the date of an Option Exercise Notice, and
the Company and Investor shall supply as promptly as practicable any additional
information and documentary material that may be requested pursuant to the HSR Act and
take all other actions necessary to cause the expiration or termination of the applicable
waiting periods under the HSR Act as soon as practicable. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
9.02</B>&nbsp;&nbsp; <I>Other Consents.</I>&nbsp;&nbsp; Each of Parent, the Company and Investor shall use
commercially reasonable efforts to file, seek or obtain any approval, authorization,
consent or order or action of or filing with any Governmental Authority or any other
Person that may be required or deemed reasonably advisable in connection with the
execution and delivery by such party, as applicable, of this Agreement or the consummation
of the transactions contemplated herein. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
9.03</B>&nbsp;&nbsp; <I>Closing Conditions.</I>&nbsp;&nbsp; The closing conditions that would apply in the event
of a Default Unit Purchase (subject to waiver by Investor) are: (i) diligence will be
completed to the Investor&#146;s satisfaction, in Investor&#146;s sole and absolute
discretion, (ii) all parties&#146; representations and warranties shall be true in all
material respects, (iii) all parties&#146; covenants shall have been performed in all
material respects, (iv) there shall have been no material adverse change in the business,
operations, financial condition or results of operations of the Company prior to closing,
(v) the delivery of customary closing certificates and payment for Option Units, (vi)
there shall be no pending or threatened injunction or litigation relating to the
consummation of the transactions contemplated herein or the validity of any purported
Trigger Event, (vii) receipt of HSR approval and if needed, other governmental approvals,
and (viii) there shall have been no contravention of material contracts. </FONT></P>

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<A NAME=A044></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>ARTICLE 10 <BR>Termination </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
10.01</B>&nbsp;&nbsp; <I>Grounds for Termination.</I>&nbsp;&nbsp;Subject to Section 10.03 below, unless earlier
terminated by mutual agreement of the parties, the Option and this Agreement shall
terminate on September 23, 2013 or, if prior to that date, </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          on the date provided for in Section 2.01(c) or (d), as the case may be, if
          applicable; or </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          on the Redevelopment Date if no Trigger Event shall have occurred prior thereto;
          or </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          on the date upon which Parent or the Company consummates the sale of the Assets,
          the Racetrack Business and the Real Property to a Person or Persons that are not
          Affiliates or Related Parties (if permitted by Section 6.03 hereof), or </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          on the date of a sale to the Majority Member (or its assignee) pursuant to
          Section 8.03, or a Third Party Sale under Section 8.04. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Notwithstanding anything to the
contrary in this Agreement, the provisions in Sections 5.02, 6.02, 8.01, 8.02, 8.03 and
8.04 shall be reflected in the limited liability agreement of the Company following the
Reinvestment Date. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
10.02</B>&nbsp;&nbsp; <I>Effect of Termination.</I>&nbsp;&nbsp;If this Agreement is terminated as permitted by
Section 10.01, such termination shall be without liability of any party (or any member,
stockholder, director, officer, partner, employee, agent, consultant or representative of
such party) to any other party to this Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
10.03</B>&nbsp;&nbsp;<I>Option Revival.</I>&nbsp;&nbsp;Notwithstanding the termination of this
Agreement pursuant to Section 10.01(b) above due to the occurrence of a Redevelopment
Date, if following the Redevelopment Date the Company and/or the Parent ceases the
redevelopment of the Real Property or modifies its redevelopment plans, in either case to
pursue gaming activities permitted by a Trigger Event, then this Agreement and the Option
shall be automatically reinstated upon the receipt of written notice from either Investor
or Parent to the other of the occurrence of such event. In such event, Investor shall have
90 days to deliver a Diligence Notice to the Company and Parent, at which time the
provisions of Sections&nbsp;2.01 and 2.02 shall be applicable. </FONT></P>

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<A NAME=A046></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>ARTICLE 11 <BR>Miscellaneous </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
11.01</B>&nbsp;&nbsp;<I>Payment of Taxes.</I>&nbsp;&nbsp;All excise, sales, use, value added, registration
stamp, recording, documentary, conveyancing, franchise, property, transfer, gains and
similar taxes, levies, charges and fees incurred in connection with the purchase of Units
on the Reinvestment Date by the Investor shall be borne by Investor. On the Reinvestment
Date, the Company and its Affiliates will provide the Investor with such certificates as
are reasonably requested by the Investor for purposes of establishing an exemption from
withholding under Section 1445 of the United States Internal Revenue Code and the
regulations thereunder. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
11.02</B>&nbsp;&nbsp;<I>Notices.</I>&nbsp;&nbsp;All notices, including without limitation the Trigger Notice,
Diligence Notice, Option Exercise Notice, Sale Notice and Majority Member Notice, requests
and other communications to any party hereunder shall be in writing and shall be deemed
duly given, effective (i) three Business Days later, if sent by registered or certified
mail, return receipt requested, postage prepaid, (ii) when sent if sent by fax, provided,
that receipt of the fax is promptly confirmed by telephone, (iii) when served, if
delivered personally to the intended recipient and (iv) one business day later, if sent by
overnight delivery via a national courier service, and in each case, addressed, </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;if to
Parent or the Company, to: </FONT></P>

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<TD ALIGN=RIGHT WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=LEFT WIDTH=94%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Bay Meadows Land Company, LLC<BR>
1200 Park Place, Suite 200<BR>San Mateo, CA  94403<BR>
Attn:  Terrence E. Fancher<BR>Tel:(650) 524-1222<BR>Fax:  (650) 524-1211 </FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;with duplicate notice to: </FONT></P>

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<TD ALIGN=LEFT WIDTH=94%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Stockbridge Capital Partners, LLC<BR>
712 5th Avenue, 21st Floor<BR>New York, NY  10019<BR>
Attn:  Darren Drake<BR>Tel:  (646) 253-1205<BR>Fax:  (646) 253-1211 </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD ALIGN=RIGHT WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=LEFT WIDTH=94%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Davis Polk &amp; Wardwell<BR>
1600 El Camino Real<BR>Menlo Park, CA 94025<BR>
Attention:  Daniel G. Kelly, Jr.<BR>Fax:  (650) 752-3601 </FONT></TD>
</TR>
</TABLE>
<BR>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;if to Investor, to:</FONT></P>

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<TD ALIGN=RIGHT WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=LEFT WIDTH=94%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>c/o Churchill Downs Incorporated<BR>
700 Central Avenue<BR>Louisville, KY  40208<BR>
Attn:  Rebecca C. Reed<BR>Tel:  (502) 636-4429<BR>Fax:  (502) 636-4439</FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;with duplicate notice to: </FONT></P>

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<TD ALIGN=RIGHT WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=LEFT WIDTH=94%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Gibson, Dunn &amp; Crutcher LLP<BR>
333 South Grand Avenue<BR>Los Angeles, CA  90071<BR>
Attn:  D. Eric Remensperger, Esq.<BR>Tel:  (213) 229-7000<BR>Fax:  (213) 229-7520</FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
11.03</B>&nbsp;&nbsp;<I>Amendments and Waivers.</I>&nbsp;&nbsp;Any provision of this Agreement may be amended or
waived if, but only if, such amendment or waiver is in writing and is signed, in the case
of an amendment, by each party to this Agreement, or in the case of a waiver, by the party
against whom the waiver is to be effective. No failure or delay by any party in exercising
any right, power or privilege hereunder shall operate as a waiver thereof nor shall any
single or partial exercise thereof preclude any other or further exercise thereof or the
exercise of any other right, power or privilege. The rights and remedies herein provided
shall be cumulative. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
11.04</B>&nbsp;&nbsp; <I>Successors and Assigns.</I>&nbsp;&nbsp;The provisions of this Agreement shall be binding
upon and inure to the benefit of the parties hereto and their respective successors and
assigns; <I>provided</I>, that no party may assign, delegate or otherwise transfer any of
its rights or obligations under this Agreement without the consent of each other party
hereto, except as provided in Section 5.02 hereof; and provided, further, that any such
permitted assignment shall not discharge the assignor from its obligations under this
Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
11.05</B>&nbsp;&nbsp; <I>Governing Law.</I>&nbsp;&nbsp;This Agreement shall be governed by and construed in
accordance with the law of the State of Delaware, without regard to the conflicts of law
rules of such state. </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
11.06</B>&nbsp;&nbsp; <I>Counterparts.</I>&nbsp;&nbsp;This Agreement may be signed in any number of counterparts,
each of which shall be an original, with the same effect as if the signatures thereto and
hereto were upon the same instrument. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
11.07</B>&nbsp;&nbsp; <I>Entire Agreement.</I>&nbsp;&nbsp;This Agreement (including the Schedules and Exhibits
hereto and the Transaction Documents, as defined in the Asset Purchase Agreement)
constitutes the entire agreement between the parties with respect to the subject matter of
this Agreement and supersedes all prior agreements and understandings, both oral and
written, between the parties with respect to the subject matter of this Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
11.08</B>&nbsp;&nbsp; <I>Specific Performance.</I>&nbsp;&nbsp;The parties hereto agree that the remedy at law for
any breach of this Agreement will be inadequate and that any party by whom this Agreement
is enforceable shall be entitled to specific performance in addition to, and not in lieu
of, any other right or remedy available at law or equity. Such party may, in its sole
discretion, apply to a court of competition jurisdiction for specific performance or
injunctive or such other relief as such court may deem just and proper in order to enforce
this Agreement or prevent any violation hereof and, to the extent permitted by applicable
law, each party waives any objection to the imposition of such relief. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their respective authorized officers as of the day and year first above written. </FONT></P>


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<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[BAY MEADOWS LAND COMPANY, LLC]<BR><BR>
<BR>BY: &nbsp;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<BR>
NAME:<BR>TITLE:</FONT></TD>
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<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CHURCHILL DOWNS INVESTMENT COMPANY<BR><BR>
<BR>BY:&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<BR>
NAME:<BR>TITLE:</FONT></TD>
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<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>STOCKBRIDGE HP HOLDINGS COMPANY, LLC<BR><BR>
<BR>BY: &#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<BR>
NAME:<BR>TITLE:</FONT></TD>
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<DESCRIPTION>PRESS RELEASE JULY 6, 2005  HOLLYWOOD SALE
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<P><FONT face="Times New Roman, Times, Serif" size=2></FONT>FOR IMMEDIATE RELEASE<BR></P>

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<TD align=right width="50%"><FONT face="Times New Roman, Times, Serif" size=2>Contact: Mike Ogburn</FONT></TD></TR>
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<TD align=right><FONT face="Times New Roman, Times, Serif" size=2>(502) 636-4415 (office)</FONT></TD></TR>
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<TD align=right><FONT face="Times New Roman, Times, Serif" size=2><U>mogburn@kyderby.com</U><BR><BR></FONT></TD></TR>
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<TD align=right><FONT face="Times New Roman, Times, Serif" size=2>Contact: Adam Alberti</FONT></TD></TR>
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<TD align=left><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
<TD align=right><FONT face="Times New Roman, Times, Serif" size=2>(415) 225-2443 (office)</FONT></TD></TR>
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<TD align=right><FONT face="Times New Roman, Times, Serif" size=2>(415) 227-9700 (cellular)</FONT></TD></TR>
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<TD align=right><FONT face="Times New Roman, Times, Serif" size=2><U>adam@singersf.com</U></FONT></TD></TR>
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<P align=center><FONT face="Times New Roman, Times, Serif" size=2><B>CHURCHILL DOWNS INCORPORATED TO SELL HOLLYWOOD PARK TO<BR>BAY MEADOWS LAND COMPANY<BR>Racing Operations to Continue at Historic Inglewood Racetrack</B><BR><BR></FONT></P>

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<P><FONT face="Times New Roman, Times, Serif" size=2><B>LOUISVILLE, Ky. (July 6, 2005) &#150; </B>Churchill Downs Incorporated (&#147;CDI&#148;) (Nasdaq: CHDN) and Bay Meadows Land Company LLC (&#147;BMLC&#148;) today announced that they have signed a definitive agreement in which CDI will sell Hollywood Park racetrack and surrounding acreage at the Inglewood, Calif., site to BMLC for $260 million. The transaction is subject to customary closing conditions and is expected to be completed in the third quarter of 2005. </FONT></P>

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<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the terms of the deal, BMLC will purchase the land and facilities of the Hollywood Park race site and assume management of racing operations. Pinnacle Entertainment Inc. will continue to operate the Hollywood Park Casino facility under a long-term lease. Over the next three years, CDI will distribute the Hollywood Park simulcast signal through its Churchill Downs Simulcast Network (&#147;CDSN&#148;). CDSN will also distribute the simulcast signal for Bay Meadows Racetrack, which is owned and operated by BMLC, for a period of time. CDI will have an option to reinvest in Hollywood Park should significant alternative gaming or gaming subsidies occur. </FONT></P>

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<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thomas H. Meeker, CDI&#146;s president and chief executive officer, said the transaction serves the interests of the CDI, the racetrack and the California racing industry. </FONT></P>

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<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;We are pleased with the outcome of a sale that realizes value for our shareholders,&#148; said Meeker. &#147;The transaction strengthens the company&#146;s finances and presents a unique opportunity to reinvest in the racetrack. At the same time, the transaction will put Hollywood Park in the hands of an owner that is already active in California racing with a strong interest in finding solutions to the many competitive challenges in that jurisdiction. </FONT></P>

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<P align=left><FONT face="Times New Roman, Times, Serif" size=2>Churchill Downs Incorporated To Sell Hollywood Park To Bay Meadows Land Company <BR>July 6, 2005<BR>Page 2<BR><BR></FONT></P>

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<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;In BMLC, we selected a buyer who not only recognized the value of Hollywood Park, but also is committed to continuing racing at the venue and motivated to improve the California racing environment,&#148; continued Meeker. &#147;This transaction presented the most positive options for our constituencies and the industry. We are hopeful that Hollywood Park has a strong future with BMLC and believe the new ownership is well positioned to advance California racing.&#148; </FONT></P>

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<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terrence E. Fancher, president of BMLC, said BMLC intends to apply for a license from the California Horse Racing Board to continue racing operations at Hollywood Park while aggressively pursuing legislative solutions that will improve the racing climate in California. </FONT></P>

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<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;We are pleased to be acquiring this premier horse racing facility,&#148; said Fancher. &#147;Hollywood Park has a storied history in southern California and we are looking forward to working with the existing management team to continue to strengthen the racing operations. </FONT></P>

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<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;We will work diligently with all segments of the horse racing industry, California&#146;s elected officials and racing enthusiasts to find long-term solutions to the economic challenges facing the horse racing business in California today,&#148; continued Fancher. &#147;We also will seek alternative uses for the current racetrack site, in collaboration with the City of Inglewood, in the event that our best efforts are unable to improve the underlying economics of the horse racing industry and to stem the tide of horses leaving the state.&#148; </FONT></P>

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<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The pending sale of Hollywood Park follows a February announcement in which CDI officials stated they were exploring options to maximize the value of the Inglewood racetrack. CDI initially purchased Hollywood Park in September 1999, paying $140 million to then-owner Hollywood Park Inc., which now does business as Pinnacle Entertainment Inc. Since that time, CDI has operated two race meets annually on the 238-acre site and leased space for Pinnacle Entertainment&#146;s card club. </FONT></P>

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<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDI&#146;s investment banker for the Hollywood Park divesture is Lazard. Legal advisors for CDI include Gibson, Dunn &amp; Crutcher and Wyatt Tarrant &amp; Combs. BMLC is represented by the law firm of Davis, Polk &amp; Wardwell. </FONT></P>

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<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hollywood Park is located 11 miles southwest of downtown Los Angeles and three miles from Los Angeles International Airport. The racetrack offers live thoroughbred racing and simulcast wagering during its Spring/Summer Meet from April 22 through July 17, 2005, and during its Autumn Meet from Nov. 9 through Dec. 19, 2005. The racetrack also conducts simulcast wagering on site when it is not offering live racing. </FONT></P>


<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bay Meadows Land Company is the owner and operator of the Bay Meadows Racetrack in San Mateo, Calif., and is the developer of Park Place, an award-winning mixed-use development that was built on a 79-acre portion of the Bay Meadows site that previously encompassed a stable area and training track. Bay Meadows Land Company has its principal office at 1200 Park Place in San Mateo, Calif., 94403, and is owned by Stockbridge Real Estate Fund, LP, a private partnership formed to invest in real estate <U>(www.sbfund.com)</U>. The General Partner of Stockbridge Fund shares the same headquarters office in San Mateo as Bay Meadows Land Company. </FONT></P>

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<P align=left><FONT face="Times New Roman, Times, Serif" size=2>Churchill Downs Incorporated To Sell Hollywood Park To Bay Meadows Land Company<BR>July 6, 2005<BR>Page 3 <BR><BR></FONT></P>

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<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Churchill Downs Incorporated, headquartered in Louisville, Ky., owns and operates world-renowned horse racing venues throughout the United States. CDI&#146;s seven racetracks in California, Florida, Illinois, Indiana, Kentucky and Louisiana host 121 graded-stakes events and many of North America&#146;s most prestigious races, including the Kentucky Derby and Kentucky Oaks, Hollywood Gold Cup and Arlington Million. CDI racetracks have hosted nine Breeders&#146; Cup World Thoroughbred Championships &#150; more than any other North American racing company. CDI also owns off-track betting facilities and has interests in various television production, telecommunications and racing services companies that support CDI&#146;s network of simulcasting and racing operations. CDI trades on the Nasdaq National Market under the symbol CHDN and can be found on the Internet at
<U>www.churchilldownsincorporated.com</U>. <BR><BR><BR></FONT></P>

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<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>This news release contains forward-looking statements made pursuant to the &#147;safe harbor&#148; provisions of the Private Securities Litigation Reform Act of 1995. The reader is cautioned that such forward-looking statements are based on information available at the time and/or management&#146;s good faith belief with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statements. Forward-looking statements speak only as of the date the statement was made. We assume no obligation to update forward-looking information to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information. Forward-looking statements are typically identified by the use of terms such as &#147;anticipate,&#148; &#147;believe,&#148; &#147;could,&#148;
&#147;estimate,&#148; &#147;expect,&#148; &#147;intend,&#148; &#147;may,&#148; &#147;might,&#148; &#147;plan,&#148; &#147;predict,&#148; &#147;project,&#148; &#147;should,&#148; &#147;will,&#148; and similar words, although some forward-looking statements are expressed differently. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Important factors that could cause actual results to differ materially from our expectations include: the effect of global economic conditions; the effect (including possible increases in the cost of doing business) resulting from future war and terrorist activities or political uncertainties; the economic environment; the impact of increasing insurance costs; the impact of interest rate fluctuations; the effect of any change in the Company&#146;s accounting policies or practices; the financial performance of our racing operations; the impact of
gaming competition (including lotteries and riverboat, cruise ship and land-based casinos) and other sports and entertainment options in those markets in which we operate; the impact of live racing day competition with other Florida, Louisiana and California racetracks within those respective markets; costs associated with our efforts in support of alternative gaming initiatives; costs associated with our Customer Relationship Management initiatives; a substantial change in law or regulations affecting our pari-mutuel and gaming activities; a substantial change in allocation of live racing days; litigation surrounding the Rosemont, Illinois, riverboat casino; changes in Illinois law that impact revenues of racing operations in Illinois; a decrease in riverboat admissions subsidy revenue from our Indiana operations; the impact of an additional Indiana racetrack and its wagering facilities near our operations; our continued ability to effectively compete for the country&#146;s top horses and trainers
necessary to field high-quality horse racing; our continued ability to grow our share of the interstate simulcast market; our ability to execute our acquisition strategy and to complete or successfully operate planned expansion projects; our ability to successfully complete any divestiture transaction; our ability to adequately integrate acquired businesses; market reaction to our expansion projects; any business disruption associated with our facility renovations; the loss of our totalisator companies or their inability to provide adequate reliance on their internal control processes through SAS 70 reports or to keep their technology current; the need for various alternative gaming approvals in Louisiana; our accountability for environmental contamination; the loss of key personnel and the volatility of our stock price.</I> </FONT></P>

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