CHANGE IN TERMS AGREEMENT
Exhibit 10.23
| Principal $3,517,572.00 |
Loan Date 04-23-2007 |
Maturity 03-23-2008 |
Loan No 3787 |
Call / Coll 2200 |
Account | Officer 242 |
Initials | |||||||
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.
Borrower:
|
Homeland Energy Solutions, LLC (TIN: 00-0000000) 000 X Xxxx, XX Xxx X Xxxxxxxxx, XX 00000 |
Lender: | Home Federal Savings Bank Business Banking 0000 Xxxxx Xxxxxx Xx XX Xxxxx 000 Xxxxxxxxx, XX 00000 |
| Principal Amount: $3,517,572.00 | Interest Rate: 8.250% | Date of Agreement: April 23, 2007 |
DESCRIPTION OF EXISTING INDEBTEDNESS. That certain Promissory Note dated March 23, 2007 in
the original principal amount 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. Change the payment from interest only monthly to a single pay
note with principal and interest due at maturity. All other terms and conditions remain the
same.
PAYMENT. Borrower will pay this loan in one principal payment of $3,517,572.00 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 Lender to this Agreement does not
waive Lender’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 Lender 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, BORROWER READ AND UNDERSTOOD ALL THE PROVISIONS OF THIS
AGREEMENT. BORROWER AGREES TO THE TERMS OF THE AGREEMENT.
BORROWER 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 | By: | /s/ Xxxxxxx Xxxxxxxxx | |||||
| Xxxxx Xxxxxxx, President of Homeland Energy Solutions, LLC | Xxxxxxx Xxxxxxxxx, Treasurer of Homeland Energy Solutions, LLC |
DISBURSEMENT REQUEST AND AUTHORIZATION
| Principal $3,517,572.00 |
Loan Date 04-23-2007 |
Maturity 03-23-2008 |
Loan No 3787 |
Call / Coll 2200 |
Account | Officer 242 |
Initials | |||||||
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.
Borrower:
|
Homeland Energy Solutions, LLC (TIN: 00-0000000) 000 X Xxxx, XX Xxx X Xxxxxxxxx, XX 00000 |
Lender: | Home Federal Savings Bank Business Banking 0000 Xxxxx Xxxxxx Xx XX Xxxxx 000 Xxxxxxxxx, XX 00000 |
LOAN TYPE. This is a Fixed Rate (8.250%) Nondisclosable Loan to a Limited Liability Company
for $3,517,572.00 due on March 23, 2008. This is a secured renewal loan.
PRIMARY PURPOSE OF LOAN. The primary purpose of this loan is for:
o Personal, Family, or Household Purposes or Personal Investment.
þ Business (Including Real Estate Investment).
SPECIFIC PURPOSE. The specific purpose of this loan is: CIT: Change the payment from interest
only monthly to a single pay note with principal and interest due at maturity. All other terms
and conditions remain the same.
DISBURSEMENT INSTRUCTIONS. Borrower understands that no loan proceeds will be disbursed until
all of Lender’s conditions for making the loan have been satisfied. Please disburse the loan
proceeds of $3,517,572.00 as follows:
Other Disbursements: |
$ | 3,517,572.00 | ||
$3,517,572.00 Funds already disbursed |
||||
Note Principal: |
$ | 3,517,572.00 | ||
BORROWER ACKNOWLEDGES RECEIPT OF A COMPLETED COPY OF THIS DISBURSEMENT REQUEST AND
AUTHORIZATION AND ALL OTHER DOCUMENTS RELATING TO THIS DEBT.
FINANCIAL CONDITION. BY SIGNING THIS AUTHORIZATION, BORROWER REPRESENTS AND WARRANTS TO LENDER
THAT THE INFORMATION PROVIDED ABOVE IS TRUE AND CORRECT AND THAT THERE HAS BEEN NO MATERIAL
ADVERSE CHANGE IN BORROWER’S FINANCIAL CONDITION AS DISCLOSED IN BORROWER’S MOST RECENT
FINANCIAL STATEMENT TO LENDER. THIS AUTHORIZATION IS DATED APRIL 23, 2007.
BORROWER:
HOMELAND ENERGY SOLUTIONS, LLC
By:
|
/s/ Xxxxxxx X. Xxxxxxx | By: | /s/ Xxxxxxx Xxxxxxxxx | |||||
| Xxxxx Xxxxxxx, President of Homeland Energy Solutions, LLC | Xxxxxxx Xxxxxxxxx, Treasurer of Homeland Energy Solutions, LLC |
