Addendum to Loan Agreement

Exhibit 10-5

Addendum to Loan Agreement

As of July 16, 2012, the loan agreement associated with Loan # 9660933082-90002/00002 in the original amount of $5,000,000, dated April 17, 2012 by and between BRANCH BANKING AND TRUST COMPANY (“Bank”) and The Goldfield Corporation, a State of Delaware corporation (“Borrower”), having its executive office at Melbourne, Florida is hereby amended as follows:

Section V Financial Covenants is modified to replace:

“Debt to Tangible Net Worth. A ratio of total liabilities to tangible net worth of not greater than 2.0 to 1.0. In the event that this ratio exceeds 1.6:1, then the interest rate shall increase by .40% as set forth in the Renewal and Additional Advance Promissory Note.”

with

“Debt to Tangible Net Worth. A ratio of total liabilities to tangible net worth of not greater than 2.25 to 1.0. In the event that this ratio exceeds 1.6:1, then the interest rate shall increase by .40% as set forth in the Renewal and Additional Advance Promissory Note.”

No other changes or modifications to the original agreement are made by this addendum. This addendum modification would supersede any prior change or addendum to this section of the loan agreement.

IN WITNESS WHEREOF, the Bank, Borrower and Guarantor(s) have caused this Agreement to be duly executed under seal all as of the date first above written.

Witnesses:						BORROWER:
Signature:		/s/ Xxxx X. Xxxxxxx				The Goldfield Corporation, a Delaware corporation
Print Name:		Xxxx X. Xxxxxxx
						By:		/s/ Xxxxxxx X. Xxxxxx
								Xxxxxxx X. Xxxxxx
Signature:		/s/ Xxx Xxxxxx						Title: Senior Vice President
Print Name:		Xxx Xxxxxx
Witnesses:						GUARANTORS:
Signature:		/s/ Xxxx X. Xxxxxxx				Southeast Power, a Florida corporation
Print Name:		Xxxx X. Xxxxxxx
						By:		/s/ Xxxxxxx X. Xxxxxx
								Xxxxxxx X. Xxxxxx
Signature:		/s/ Xxx Xxxxxx						Title: Treasurer
Print Name:		Xxx Xxxxxx
Signature:		/s/ Xxxx X. Xxxxxxx				Pineapple House of Brevard, Inc., a Florida corporation
Print Name:		Xxxx X. Xxxxxxx
						By:		/s/ Xxxxxxx X. Xxxxxx
								Xxxxxxx X. Xxxxxx
Signature:		/s/ Xxx Xxxxxx						Title: Vice President
Print Name:		Xxx Xxxxxx

Signature:		/s/ Xxxx X. Xxxxxxx				Bayswater Development Corporation, a Florida corporation
Print Name:		Xxxx X. Xxxxxxx
						By:		/s/ Xxxxxxx X. Xxxxxx
								Xxxxxxx X. Xxxxxx
Signature:		/s/ Xxx Xxxxxx						Title: Treasurer
Print Name:		Xxx Xxxxxx
Witnesses:						BANK:
						Branch Banking and Trust Company
Signature:		/s/ Xxxxx Xxxxxx
						By:		/s/ Xxxxx Xxxxxx
Print Name:		Xxxxx Xxxxxx						Xxxxx Xxxxxx
								Title: Senior Vice President
Signature:		/s/ Xxxxxxxx Xxxxx
Print Name:		Xxxxxxxx Xxxxx