Surety Bond For Gaming Establishment

SURETY BOND FOR GAMING ESTABLISHMENT KNOW ALL MEN BY THESE PRESENTS: That we____________________________ of the City of _____________, _____________County of ___________________, State of as Principal, and _____________________________ a corporation incorporated under the laws of the State of _________________, bound unto the State of Nevada, as Surety, are hereby held and firmly bound unto the Nevada Gaming Commission as obligee, in the sum of _______________________________ Dollars ($__________________) lawful money of the United States of America, for which sum, well and truly to be paid, we hereby bind ourselves, our heirs, executors, administrators, successors and assigns jointly and severally. This obligation is conditioned as follows: 1. The principal has applied for a license to operate a gaming establishment in the State of Nevada pursuant to chapter 463 of the Nevada Revised Statutes. If approved, the principal, pursuant to the provisions of 463.225 is required to: (a.) Remit payment of all license fees and taxes required by law. (b.) Faithfully performs all requirements imposed by law or regulation or the conditions of the license. (c.) Furnish a bond in an amount determined by the Commission through a corporation qualified under the laws of the State of Nevada as surety, payable to the State of Nevada. 2. This bond must be established and held in trust for the benefit and protection of the State of Nevada. In addition the bond may not be released, in whole or in part except to the Nevada Gaming Commission on written demand of its chairman or by the principal with the written instructions from the Commission chairman. The principal may receive income, if any, accruing on the reserve unless the Commission chairman instructs otherwise. (a.) Any agreement establishing the bond is not effective until the Commission has approved the Principal for this gaming license. (b.) Amendments to any agreement establishing the bond may not be made without the prior written approval of the Commission chairman. 3. Therefore, if the principal complies with all of the provisions of chapter 463, and in particular pay the license fees and taxes when due and demanded, then this obligation shall be null and void, but will otherwise remain in full force and effect. 4. Upon the principal's failure to comply with chapter 463, in particular upon the principal's failure to pay promptly all gaming fees and taxes when due and demanded, the chairman of the Nevada Gaming Commission may make demand upon the surety for American LegalNet, Inc. www.FormsWorkflow.com the payment of the amount of the default by said principal up to but not to exceed the amount of its liability as defined by this bond. 5. The surety reserves the right to withdraw except as to any liability already incurred or accrued hereunder, and may do so upon giving written notice of the withdrawal to the Nevada Gaming Commission at 1919 E College Pkwy, Carson City, Nevada 89706 Att: Tax and License Division. Withdrawal shall not be effective until sixty (60) days have elapsed after receipt of the notice by the Commission. Withdrawal shall not affect the surety's liability arising out of any outstanding amount incurred prior to the expiration of the 60-day period. WITNESS our hand and seal this the ______________day of ___________________. PRINCIPAL_________________________ SURETY:________________________ BY:_______________________________ BY:_____________________________ (SEAL) (SEAL) Countersigned this _________________ BY: _____________________________ American LegalNet, Inc. www.FormsWorkflow.com