CHANGE IN TERMS AGREEMENT
Exhibit 10.29
Principal
|
Loan Date | Maturity | Loan No | Call / Coll | Account | Officer | Initials | |||||||||||||
$4,606,511.50
|
09-07-2007 | 03-23-2008 | 3787 | 2200 | 242 | |||||||||||||||
References in the shaded area are for Lender’s use only and do not limit the applicability of this document to any particular loan or item.
Any item above containing “***” has been omitted due to text length limitations.
Any item above containing “***” has been omitted due to text length limitations.
Borrower:
|
Homeland Energy Solutions, LLC (TIN: | Lender: | Home Federal Savings Bank | |||
| 00-0000000) | Business Banking | |||||
| 000 X Xxxx, PO Box C | 0000 Xxxxx Xxxxxx Xx XX Xxxxx 000 | |||||
| Riceville, IA 50466 | Rochester, MN 55901 |
| Principal Amount: $4,606,511.50 | Interest Rate: 8.250% | Date of Agreement: September 7, 2007 |
DESCRIPTION OF EXISTING INDEBTEDNESS. That certain Promissory Note dated March 23, 2007 in
the original principal amount of $3,517,572.00, amended by a Change in Terms Agreement dated
April 23, 2007, amended by a Change in Terms Agreement dated May 4, 2007, amended by a Change
in Terms Agreement dated May 9, 2007, with a current principal balance of $3,517,572.00.
DESCRIPTION OF COLLATERAL. Mortgage dated March 23, 2007 and Assignments of Deposit Accounts
dated March 23, 2007.
DESCRIPTION OF CHANGE IN TERMS. Increase Loan Amount from $3,517,572.00 to $4,606,511.50. All
other terms and conditions remain the same..
PAYMENT. Borrower will pay this loan in one principal payment of $4,606,511.50 plus interest on
March 23, 2008. This payment due on March 23, 2008, will be for all principal and all accrued
interest not yet paid.
CONTINUING VALIDITY. Except as expressly changed by this Agreement, the terms of the original
obligation or obligations, including all agreements evidenced or securing the obligation(s),
remain unchanged and in full force and effect. Consent by Xxxxxx to this Agreement does not
waive Xxxxxx’s right to strict performance of the obligation(s) as changed, nor obligate Lender
to make any future change in terms. Nothing in this Agreement will constitute a satisfaction of
the obligation(s). It is the intention of Lender to retain as liable parties all makers and
endorsers of the original obligations), including accommodation parties, unless a party is
expressly released by Xxxxxx in writing. Any maker or endorser, including accommodation makers,
will not be released by virtue of this Agreement. If any person who signed the original
obligation does not sign this Agreement below, then all persons signing below acknowledge that
this Agreement is given conditionally, based on the representation to Lender that the
non-signing party consents to the changes and provisions of this Agreement or otherwise will
not be released by it. This waiver applies not only to any initial extension, modification or
release, but also to all such subsequent actions.
PRIOR TO SIGNING THIS AGREEMENT, XXXXXXXX READ AND UNDERSTOOD ALL THE PROVISIONS OF THIS
AGREEMENT. XXXXXXXX AGREES TO THE TERMS OF THE AGREEMENT.
XXXXXXXX ACKNOWLEDGES RECEIPT OF A COMPLETED COPY OF THIS CHANGE IN TERMS AGREEMENT AND ALL
OTHER DOCUMENTS RELATING TO THIS DEBT.
BORROWER:
HOMELAND ENERGY SOLUTIONS, LLC
By:
|
/s/ Xxxxxxx X. Xxxxxxx President | By: | /s/ Xxxxxxx Xxxxxxxxx | |||||
| Xxxxx Xxxxxxx, President of Homeland Energy | Xxxxxxx Xxxxxxxxx, Treasurer of Homeland Energy | |||||||
| Solutions, LLC | Solutions, LLC |
