SECURITY AGREEMENTSecurity Agreement • November 12th, 2003 • Granite City Food & Brewery LTD • Retail-eating places
SECURITY AGREEMENT, dated as of August 28, 2003, between GRANITE CITY FOOD & BREWERY LTD., a Minnesota corporation (the “Debtor”), and FIRST NATIONAL BANK, a national banking association (hereinafter, the “Secured Party”).
LOAN AGREEMENT BETWEEN GRANITE CITY FOOD & BREWERY LTD. AND FIRST NATIONAL BANK August 28, 2003Loan Agreement • November 12th, 2003 • Granite City Food & Brewery LTD • Retail-eating places • Minnesota
GRANITE CITY FOOD & BREWERY LTD., a Minnesota corporation (the “Borrower”) located at 5831 Cedar Lake Road, St. Louis Park, Minnesota 55416, and FIRST NATIONAL BANK, a national banking association (the “Bank”) located at 125 West Sioux Avenue, Pierre, South Dakota 57501, agree as follows:
TERM NOTEGranite City Food & Brewery LTD • November 12th, 2003 • Retail-eating places
FOR VALUE RECEIVED, the undersigned GRANITE CITY FOOD & BREWERY LTD., a Minnesota corporation (the “Borrower”) hereby promises to pay to the order of FIRST NATIONAL BANK, a national banking association (the “Bank”) at its office at 125 West Sioux, Pierre, South Dakota, the principal sum of Seven Hundred Fifty Thousand and no/100 Dollars ($750,000.00), in lawful money of the United States of America and in immediately available funds, and to pay interest (calculated on the basis of actual days elapsed and a three hundred sixty (360) day year) on said principal sum, or the unpaid balance thereof, in like money at said office at a fixed rate per annum equal to 6.125%. Commencing on August 28, 2006, and on each following three year anniversary of this Note, the fixed rate of interest hereunder may increase or decrease and shall equal the greater of (a) 5.5% or (b) the Prime Rate published in the Money Rates Section of The Wall Street Journal which is published on such anniversary date or,
