SOUTHERN IOWA BIOENERGY, LLC 115 S. LINDEN LAMONI, IA 50140 BORROWER'S NAME AND ADDRESS "I" includes each borrower above, jointly and severally. AMERICAN STATE BANK-OSCEOLA P.O. BOX 463 OSCEOLA, IA 50213 LENDER'S NAME AND ADDRESS "You" means the...
Exhibit
SOUTHERN
IOWA BIOENERGY, LLC
000
X. XXXXXX
XXXXXX,
XX 00000
XXXXXXXX'S
NAME AND ADDRESS
"I"
includes each borrower above, jointly and severally.
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AMERICAN
STATE BANK-OSCEOLA
P.O.
BOX 463
OSCEOLA,
IA 50213
XXXXXX'S
NAME AND ADDRESS
"You"
means the lender, its successors and assigns.
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Line
of Credit No. 272982
Date
12-24-2007
Max.
Credit Amt. 50,000.00
Loan
Ref. No. 272982
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You
have
extended to me a line of credit in the
AMOUNT
of
FIFTY
THOUSAND FORTY AND NO/100 $50,000.00.
You
will
make loans to me from time to tome until 12:00
P.m. on 02-16-2008.
Although
the line of credit expires on that date, I will remain obligated to perform
all
my duties under this agreement so long as I owe you any money advanced according
to the terms of this agreement, as evidenced by any note or notes I have signed
promising to repay these amounts.
This
line
of credit is an agreement between you and me. It is not intended that any third
party receive any benefit from this agreement, whether by direct payment,
reliance for future payment or in any other manner. This agreement is not a
letter of credit.
1.
AMOUNT:
This
line of credit is:
¨
OBLIGATORY: You may not refuse to make a loan to me under this line of credit
unless one of the following occurs:
a. |
I
have borrowed the maximum amount available to
me;
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b. |
This
line of credit has
expired;
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c. |
I
have defaulted on the not (or notes) which show my indebtedness
under this
line of credit;
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d. |
I
have violated any term of this line of credit or any note or
other
agreement entered into in connection with this line of
credit;
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e. | _____________________________________________________________________________________________ |
_____________________________________________________________________________________________
|
_____________________________________________________________________________________________.
|
x
DISCRETIONARY: You may refuse to make a loan to me under this line of credit
once the aggregate outstanding advances equal or exceed ZERO
AND NO/100 $0.00.
Subject
to the obligatory or discretionary limitations above, this line of credit
is:
x
OPEN-END
(Business or Agricultural only): I may borrow up to the maximum amount of
principal more than one time.
¨
CLOSED-END: I may borrow up to the maximum only one. time.
2.
PROMISSORY NOTE:
I will
repay any advances made according to this line of credit agreement as set out
in
the promissory note, I signed on 12-24-2007 ,
or any
note(s) I sign at a later time which represent advances under this agreement.
The note(s) set(s) out the terms relating to maturity, interest rate, repayment
and advances. If indicated on the promissory note, the advances will be made
as
follows:
_______________________________________________________________________________________________
_______________________________________________________________________________________________
_______________________________________________________________________________________________
3.
RELATED DOCUMENTS:
I have
signed the following documents in connection with this line of credit and
note(s) entered into in accordance with this line of credit:
¨ | security agreement dated ___________ | ¨ | ___________________ |
¨ | mortgage dated ___________________ | ¨ | ___________________ |
¨ | guaranty dated ___________________ | ¨ | ___________________ |
4.
REMEDIES:
If I am
in default on the note(s) you may:
a. take
any
action as provided in the related documents;
b. without
notice to me, terminate this line of credit.
By
selecting any of these remedies you do not give up your right to later use
any
other remedy. By deciding not to use any remedy should I default, you do not
waive your right to later consider the event a default, if it happens again.
5.
COSTS AND FEES:
If you
hire an attorney to enforce this agreement I will pay your reasonable attorney's
fees, where permitted by law. I will also pay your court costs and costs of
collection, where permitted by law.
6.
COVENANTS:
For as
long as this line of credit is in effect or I owe you money for advances made
in
accordance with the line of credit, I will do the following:
a.
maintain books and records of my operations relating to the need for this line
of credit;
b.
permit
you or any of your representatives to inspect and/or copy these
records;
c.
provide to you any documentation requested by you which support the reason
for
making any advance under this line of credit;
d.
permit
you to make any advance payable to the seller (or seller and me) of any items
being purchased with that advance;
e.
SEE
PROMISSORY NOTE FOR COVENANTS .
7.
NOTICES:
All
notices or other correspondence with me should be sent to my address stated
above. The notice or correspondence shall be effective when deposited in the
mail, first class, or delivered to me in person.
8.
MISCELLANEOUS:
This
line of credit may not be changed except by a written agreement signed by you
and me. The law of the state in which you are located will govern this
agreement. Any term of this agreement which is contrary to applicable law will
not be effective, unless the law permits you and me to agree to such a
variation.
FOR THE LENDER | SIGNATURES: I AGREE TO THE TERMS OF THIS LINE OF CREDIT. I HAVE RECEIVED A COPY ON TODAY'S DATE. | ||
/s/ Xxxxx X. Xxxxxxxxx | /s/ Xxxx Xxxxxxx |
/s/
J.R. Xxxxxxx
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|
XXXXX X. XXXXXXXXX |
XXXX XXXXXXX, TREASURER; |
J.R. XXXXXXX, PERSONALLY |
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Title PRESIDENT | |||
/s/ Xxxxxxx Xxxxxx | /s/ Xxxx Xxxxxx | ||
XXXXXXX XXXXXX, PERSONALLY; |
XXXX XXXXXX, PERSONALLY |
||
/s/ Xxxx Xxxxxx | /s/ Xxxxxxx Xxxxxx | ||
XXXX XXXXXX, PERSONALLY; |
XXXXXXX
XXXXXX, PERSONALLY
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