CHANGE IN TERMS AGREEMENT
EXHIBIT
10.31
|
Principal
$2,2000,000.00
|
Loan
Date
07-17-2006
|
Maturity
10-17-2006
|
Loan
No.
000000000
|
Call/Coll
1E2/150
|
Account
|
Officer
TLG
|
Initials
|
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|
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: |
000
Xx Xxxxxx
Xxxxxx,
XX 00000
|
Lender: |
Great
Western Bank
Xxxx
000
X. Xxxx
XX
Xxx 000
Xxxx,
XX 00000
|
|
Principal
Amount: $2,200,000.00
|
Interest
Rate: 10.240%
|
Date
of Agreement: February 19,
2008
|
DESCRIPTION
OFEXISTING INDEBTEDNESS. Promissory
note from Southern Iowa BioEnergy LLC to Great Western Bank dated 7-17-2006
in
the amount of $2,200,000.00 with a current balance of $617,000.91.
DESCRIPTION
OF COLLATERAL.
ALL
COLLATERAL INCLUDING BUT NOT LIMITED TO: Real Estate Mortgage dated 6-12-2006
and Security Agreement dated 6-12-2006 siting the assignment of Pre-Construction
Services Agreement and Personal Guaranties from Xxxx X. Xxxxxx, Xxxxx X.
Xxxxxxx, Xxxx Xxxxxx, Xxxxxxx Xxxxxxx Xxxxxx and Xxxxxxx X. Xxxxxx dated
6-12-2006.
DESCRIPTION
OF CHANGE IN TERMS. Extended
the maturity date of the loan to 5-17-2008. Change the interest rate of the
loan
to 8.74% fixed until maturity.
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 constitutes a satisfaction of the
obligation(s). It is the intention of Lender to retain as liable parties
all
makers and endorsers of the original obligation(s), including accommodation
parties, unless a party 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 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 THIS
AGREEMENT.
XXXXXXXX
ACKNOWLEDGES RECEIPT OF A COMPLETED COPY OF THIS CHANGE IN TERMS AGREEMENT
AND
ALL OTHER DOCUMENTS RELATING TO THIS DEBT.
| BORROWER: | |||
| SOUTHERN IOWA BIOENERGY LLC | |||
| By: /s/ Xxxxxxx X. Xxxxxx | By: /s/ Xxxx Xxxxxxx | ||
|
Xxxxxxx
X. Xxxxxx, President of
Southern
Iowa BioEnergy LLC
|
Xxxx
Xxxxxxx, Treasurer of Southern Iowa
BioEnergy
LLC
|
