VAAPFAP Funding Agreement Exhibit A2- Loan Promissory Note PROMISSORY NOTE
Exhibit 10.12
VAAPFAP Funding Agreement Exhibit A2- Loan Promissory Note
PROMISSORY NOTE
FOR VALUE RECEIVED, the undersigned promises to pay to the order of the IOWA DEPARTMENT OF
ECONOMIC DEVELOPMENT, at its office at 000 Xxxx Xxxxx, Xxx Xxxxxx, Xxxx 00000, the sum of THREE
HUNDRED THOUSAND DOLLARS ($300,000) with interest thereon at ZERO PERCENT (0%) to be paid as
follows:
60 monthly payments of $5,000.00 beginning on the-first day of the fourth month from
the date Award funds are disbursed August l,_2007. Final payment may vary depending upon
dates payments are received.
Interest shall first be deducted from the payment and any balance shall be applied on
principal.
Upon default in payment of any interest, or any installment of principal, the whole amount
then unpaid shall become immediately due and payable at the option of the holder.
The undersigned, in case of suit on this note, agrees to pay on demand all costs of collection,
maintenance of collateral, legal expenses, and attorneys’ fees incurred or paid by the holder in
collecting and/or enforcing this Note on default.
This note shall be secured by the Security specified in the Contract.
Makers, endorsers and sureties waive demand of payment, notice of non-payment, protest and
notice. Sureties, endorsers and guarantors agree to all of the provisions of this note, and
consent that the time or times of payment of all or any part hereof may be extended after
maturity, from time to time, without notice.
| Western Iowa Dubuque Biodiesel, LLC |
||||
| By | /s/ Xxxxxxx X. Xxxxxxxxx | |||
| Xxxxxxx Xxxxxxxxx, Chairman | ||||
| Address: | XX Xxx 00 | |||
| Xxxxxx, XX 00000 | ||||
| Date: 3/30/07 | ||||
VAAPFAP Funding Agreement Exhibit Al- Forgivable Loan Promissory Note
PROMISSORY NOTE
FOR VALUE RECEIVED, the undersigned promises, in the event this Forgivable Loan is not forgiven, to
pay to the order of the IOWA DEPARTMENT OF ECONOMIC DEVELOPMENT, at its office at 000 Xxxx Xxxxx,
Xxx Xxxxxx, Xxxx 00000, the sum of ONE HUNDRED THOUSAND DOLLARS ($100,000) with interest at a rate
of 0% unless an Event of Default occurs, in which case interest shall be at the default rate set
forth in Contract number P0605M00970 (“Contract”). The terms and conditions by which forgiveness of
this Loan may occur are as specified in the Contract.
Interest shall first be deducted from the payment and any balance shall be applied on principal.
Upon default in payment of any interest, or any installment of principal, the whole amount then
unpaid shall become immediately due and payable at the option of the holder.
The undersigned, in case of suit on this note, agrees to pay on demand all costs of collection,
maintenance of collateral, legal expenses, and attorneys’ fees incurred or paid by the holder in
collecting and/or enforcing this Note on default.
This note shall be secured by the Security specified in the Contract.
Makers, endorsers and sureties waive demand of payment, notice of non-payment, protest and notice.
Sureties, endorsers and guarantors agree to all of the provisions of this note, and consent that
the time or times of payment of all or any part hereof may be extended after maturity, from time to
time, without notice.
| Western Iowa Dubuque Biodiesel, LLC |
||||
| By | /s/ Xxxxxxx X. Xxxxxxxxx | |||
| Xxxxxxx Xxxxxxxxx, Chairman | ||||
| Address: | XX Xxx 00 | |||
| Xxxxxx, XX 00000 | ||||
| Date: 3/30/07 | ||||
Page 1 of 1
Amendment No. 1
Contract No. 06-VAPIVEGF-030
Amendment No. 1
Contract No. 06-VAPIVEGF-030
AMENDMENT
| PROGRAM: | VAAPFAP | |||
| CONTRACT NUMBER: | 06-VAPIVFGF-03 0 | |||
| AMENDMENT NUMBER: 1 | ||||
| EFFECTIVE DATE: | February 22, 2007 | |||
THIS AMENDMENT is made by and between the IOWA DEPARTMENT OF ECONOMIC DEVELOPMENT,
(hereafter “Department” or “IDED”), 000 Xxxx Xxxxx Xxxxxx, Xxx Xxxxxx, Xxxx 00000 , an
agency of the State of Iowa and Western Dubuque Biodiesel, LLC (hereafter “Contractor”),
XX Xxx 00, 000 Xxxxx Xxxxxx XX, Xxxxxx, XX 00000
Contractor, by correspondence dated February 22, 2007 requested that the contract be
amended to change the loan payment start date. Western Dubuque Biodiesel, LLC has
requested that Loan Payment Start Date be amended to coincide with the completion of
project construction and the start of production at the facility. Contract Number
(06-VAPIVEGF-030) is hereby modified as follows:
| 1. | REVISION OF LOAN AMORTIZATION 06-VAPIVGF-030. ”Loan Payment Start Date” is amended by changing the Loan Payment Start Date from January 1, 2007 to August 1, 2007. | ||
| 2. | REVISION OF VAAPFAP FUNDING AGREEMENT EXHIBIT A2- LOAN PROMISSORY
NOTE. Paragraph two of the Loan Promissory Note is amended as follows: 60
monthly payments of $5,000.00 beginning on |
Except as otherwise revised above, the terms, provisions, and conditions of
Contract Number 06-VAPIVFGF-030 remain unchanged and are in full force and effect:
FOR CONTRACTOR:
|
FOR IDED: | |||||
/s/ Xxxxxxx X. Xxxxxxxxx |
/s/ Xxxxxxx Xxxxxxxxxx | |||||
Xxxxxxx Xxxxxxxxx, Chairman
|
Xxxxxxx Xxxxxxxxxx, Interim Director | |||||
3/30/07 |
4/09/07 | |||||
Date
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Date |
