SECOND AMENDMENT AND EXTENSION
OF PROMISSORY NOTE
THIS SECOND AMENDMENT AND EXTENSION OF PROMISSORY NOTE, effective as of
the 21st day of March, 1998, between XXXXXXXX BROS. CONSTRUCTION, INC., a
Minnesota corporation (the "Borrower"), whose post office address is 000 Xxxx
Xxxxxxx Xxxxxxxxx, Xxxxxxx, Xxxxxxxxx 00000, and U.S. BANK NATIONAL ASSOCIATION,
a national banking association, formerly known as First Bank National
Association (the "Bank"), whose post office address is 000 Xxxxxx Xxxxxx Xxxxx,
Xxxxxxxxxxx, Xxxxxxxxx 00000-0000.
PRELIMINARY RECITALS:
A. The Borrower has executed and delivered a Promissory Note dated
March 21, 1996 in the original principal amount of One Million and 00/100
Dollars ($1,000,000.00), made payable to the order of the Bank.
B. The Note was amended and fully restated pursuant to the terms of an
Amendment and Restatement of Promissory Note dated March 21, 1997 (the
Promissory Note, as amended and fully restated, being hereinafter referred to as
the "Note").
C. The parties hereto desire to further extend the term of the Note.
NOW, THEREFORE, in consideration of the above recitals and other good
and valuable consideration, the receipt of which is hereby acknowledged, the
Borrower and the Bank do hereby agree as follows:
1. The date "March 21, 1998" located on the first line of the
amended and restated Note, which is the maturity date of the
Note, is hereby deleted and the date "May 31, 1999" is
inserted in lieu thereof.
2. Except as specifically modified hereby, all other terms,
conditions, promises, covenants and obligations contained in
the Note shall continue in full force and effect.
IN WITNESS WHEREOF, the Borrower and the Bank have executed this Second
Amendment and Extension of Promissory Note effective as of the day and year
first above written.
BORROWER: XXXXXXXX BROS. CONSTRUCTION, INC.,
a Minnesota corporation
By:_______________________________________________
Its:______________________________________________
BANK: U.S. BANK NATIONAL ASSOCIATION,
a national banking association, formerly known as
First Bank National Association
By:_______________________________________________
Its:______________________________________________
CONSENT OF GUARANTORS
The undersigned, having each executed a separate Guaranty in favor of
U.S. Bank National Association, formerly known as First Bank National
Association, each dated March 21, 1996 (collectively referred to as the
"Guaranties"), hereby consent to the terms of the attached Second Amendment and
Extension of Promissory Note, and agree that (a) all indebtedness evidenced
thereby shall become part of the Indebtedness as that term is defined in the
Guaranties, and (b) the undersigned hereby jointly and severally ratify all of
their respective obligations under the terms of the Guaranties.
Effective as of March 21, 1998.
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