CHANGE IN TERMS AGREEMENT
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Principal
$2,2000,000.00
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Loan
Date
07-17-2006
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Maturity
10-17-2006
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Loan
No. 000000000
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Call/Coll
1E/150
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Account
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Officer
TLG
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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.
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Borrower:
Southern Iowa BioEnergy LLC
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Lender:
Great Western Bank
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115
So Xxxxxx
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Xxxx
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Lamoni,
IA 50140
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000
X. Xxxx
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PO
Box 171
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Leon,
IA 50144
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Principal
Amount: $2,200,000.00
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Interest
Rate: 12.000%
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Date
of Agreement: April 17,
2006
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DESCRIPTION
OF CHANGE IN TERMS. The
current balance of this loan is $685,000.00. This agreement will extend the
maturity date of the loan to 8-17-2007 and change the interest rate to 10.24%.
All other terms remain unchanged.
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:
| By: | /s/ Xxxxxxx X. Xxxxxx | By: | /s/ Xxxx Xxxxxxx | |
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Xxxxxxx X. Xxxxxx, President of Southern Iowa BioEnergy LLC |
Xxxx Xxxxxxx, Treasurer of Southern Iowa BioEnergy LLC |
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