Attached files
file | filename |
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8-K - DATE OF REPORT: NOVEMBER 28, 2011 - MACC PEI LIQUIDATING TRUST | form8k_120111.htm |
EX-10.2 - COMMERCIAL SECURITY AGREEMENT - MACC PEI LIQUIDATING TRUST | exhibi102_120111.htm |
EX-10.4 - AGREEMENT TO PROVIDE INSURANCE - MACC PEI LIQUIDATING TRUST | exhibit104_120111.htm |
EX-10.3 - TRUST AUTHORIZATION - MACC PEI LIQUIDATING TRUST | exhibit103_120111.htm |
Exhibit 10.1
MACC PEI LIQUIDATING TRUST
24040 CAMINO DEL AVION #A307
MONARCH BEACH, CA 92629
BORROWER’S NAME AND ADDRESS
“I” includes each borrower above, jointly and severally
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FARMERS & MERCHANTS
SAVINGS BANK
200 1ST ST SW
CEDAR RAPIDS, IA 52404
LENDER’S NAME AND ADDRESS
“You” means the lender, its successors and assigns
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Loan Number 300011209
Date 11-07-2011
Maturity Date 11-07-2012
Loan Amount $2,100,000.00
Renewal Of
SSN# 45-6510799
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For value received, I promise to pay to you, or your order, at your address listed above the PRINCIPAL sum of TWO MILLION ONE HUNDRED THOUSAND AND NO/100 Dollars $ 2,100.000.00
x
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Single Advance: I will receive all of the principal sum one 11-07-2011. No additional advances are contemplated under this note. | ||
o | Multiple Advance: The principal sum shown above is the maximum amount of principal I can borrow under this note. |
Conditions: The conditions for future advances are: | |||
o |
Open End Credit: You and I agree that I may borrow up to the maximum amount of principal more than one time. This feature is subject to all other conditions and expires on ________________
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o | Closed End Credit: You and I agree that I may borrow up to the maximum only one time and subject to all other conditions. |
INTEREST: I agree to pay interest on the outstanding principal balance from
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11-07-2011
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at the rate of
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5,000
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% per year until
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11-07-2012
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.
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oVariable Rate: This rate may then change as stated below.
o | Index Rate: The future rate will be _______________________________ the following index rate: | |||
o | No Index: The future rate will not be subject to any internal or external index. It will be entirely in your control. |
o |
Frequency and Timing: The rate on this note may change as often as____________________. A change in the interest rate will take
effect_______________
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o | Limitations: During the term of this loan, the applicable annual interest rate will not be more than __% or less than __%. The rate may not change more than __% each _________________. | ||
Effect of Variable Rate: A change in the interest rate will have the following effect on the payments:
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o |
The amount of each scheduled payment will change.
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o | The amount of the final payment will change |
o |
ACCRUAL METHOD: Interest will be calculated on a ACTUAL/360 basis.
POST MATURITY DATE: I agree to pay interest on the unpaid balance of this note owing after maturity, and until paid in full, as stated below:
o | on the same fixed or variable rate basis in effect before maturity (as indicated above). | ||
x | at a rate equal to 21.00% |
x | LATE CHARGE: if a payment is made more than ______ days after it is due, I agree to pay a late charge of 1.500% OF THE PAYMENT AMOUNT | |||
o | ADDITIONAL CHARGES: In addition to interest, I agree to pay the following charges which are are not included in the principal amount above:. |
.
PAYMENTS: I agree to pay the note as follows:
ON DEMAND, BUT IF NO DEMAND IS MADE THEN 3 QUARTERLY INTEREST PAYMENTS RANGING FROM $26,250.00 TO $26,833.33 BEGINNING 02-07-2012 AND 1 PAYMENT OF $2,126,833.33 ON 11-07-2012.
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x | Unpaid Interest: Any accrued interest not paid when due (whether due by reason of a schedule of payments or due because of Lender’s demand) will become a part of the principal thereafter, and will bear interest at the interest rate |
ADDITIONAL TERMS:
x
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If checked, this note is a credit agreement subject to Iowa Code § 535.17 and the following notice is applicable to this note:
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IMPORTANT: READ BEFORE SIGNING. THE TERMS OF THIS AGREEMENT SHOULD BE READ CAREFULLY BECAUSE ONLY THESE TERMS IN WRITING ARE ENFORCEABLE. NO OTHER TERMS OR ORAL PROMISES NOT CONTAINED IN THIS WRITTEN CONTRACT MAY BE LEGALLY ENFORCED. YOU MAY CHANGE THE TERMS OF THIS AGREEMENT ONLY BY ANOTHER WRITTEN AGREEMENT.
xSECURITY: This note is separately secured by (describe separate document by type and date):
THIS NOTE IS SEC BY COLL ON A SA DATED 11-7-11, STOCK ASSIGNMENTS DTD 11-7-11 & PROMISSORY NOTE ASSIGNMENTS DTD 11-7-11
(This section is for your internal use. Failure to list a separate security document does not mean the agreement will not secure this note.)
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PURPOSE: The purpose of this loan is PAYOFF EXISTING DEBT AT CRB&T AND WORKING CAPITAL
SIGNATURES: I AGREE TO THE TERMS OF THIS NOTE (INCLUDING THOSE ON PAGE 2). I have received a copy on today’s date.
MACC PEI LIQUIDATING TRUST
/s/ Kevin J. Gadawski, President
NL STRATEGIES, INC., MANAGING TRUSTEE
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Signature for Lender:
/s/ Randy W. Johnson
RANDY W. JOHNSON, SENIOR VICE PRESIDENT
___________________________________________
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________________________________________
________________________________________
________________________________________
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contrary to the terms of the separate security instrument, by the “Default” and “Remedies” paragraphs herein.
DEFAULT: I will be in default if any one or more of the following occur: (1) I fail to make a payment on time or in the amount due; (2) I fail to keep the properly insured, if required; (3) I fail to pay, or keep any promise, on any debt or agreement I have with you; (4) any other creditor of mine attempts to collect any debt I owe him through court proceedings; (5) I die, am declared incompetent, make an assignment for the benefit of creditors, or become insolvent (either because my liabilities exceed my assets or I am unable to pay my debts as they become due); (6) I make any written statement or provide any financial information that is untrue or inaccurate at the time it was provided; (7) I do or fail to do something which causes you to believe that you will have difficulty collecting the amount I owe you; (8) any collateral securing this note is used in a manner or for a purpose which threatens confiscation by a legal authority; (9) I change my name or assume an additional name without first notifying you before making such a change; (10) I fail to plant, cultivate and harvest crops in due season; (11) any loan proceeds are used for a purpose that will contribute to excessive erosion of highly erodible land or to the conversion of wetlands to produce an agricultural commodity, as further explained in 7 C.F.R. Part 1940 Subpart G, Exhibit M.
REMEDIES: Except as provided in the next paragraph, if this note is secured by agricultural land (as defined in Iowa Code § 172C.1) and I am in default on this note, you will give me notice of my right to cure. You may exercise your remedies only if I fail to cure my default within 45 days after you mail the notice (or 45 days after actual delivery if you use a means other than certified mail).
A notice of right to cure is not necessary and you may immediately exercise your remedies if you have: a) given me the notice with respect to two prior defaults; b) you have given me the notice with respect to a default occurring within 12 months before the current default, or I voluntarily surrender the agricultural land and you accept it in full satisfaction of the debt.
Subject to the above limitations and any limitations imposed by Iowa Code Chapter 654A, if I am in default on this note you have, but are not limited to, the following remedies:
(1) You may determine immediate payment of all I owe you under this note (principal, accrued unpaid interest and other accrued charges).
(2) You may set off this debt against any right I have to the payment of money from you, subject to the terms of the “set off” paragraph herein.
(3) You may demand security, additional security, or additional parties to be obligated to pay this note as a condition for not using any other remedy.
(4) You may refuse to make advances to me or allow purchase on credit by me.
(5) You may use any remedy you have under state or federal law.
By selecting any one or more of these remedies you do not give up your right to later use any other remedy. By waiving your right to declare an event to be a default, you do not waive your right to later consider the event as a default if it continues or happens again.
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COLLECTION COSTS AND ATTORNEY’S FEES: I agree to pay all costs of collection, replevin or any other or similar type of cost if I am in default. In addition, if you hire an attorney to collect this note, I also agree to pay any fee you incur with such attorney plus court costs (except where prohibited by law). To the extent permitted by the United States Bankruptcy Code, I also agree to pay the reasonable attorney’s fees and costs you incur to collect this debt as awarded by any court exercising jurisdiction under the Bankruptcy Code.
WAIVER: I give up my rights to require you to do certain things. I will not require you to:
(1) demand payment of amounts due (presentment);
(2) obtain official certification of nonpayment (protest); or
(3) give notice that amounts due have not been paid (notice of dishonor).
I waive any defenses. I have based on suretyship or impairment of collateral.
OBLIGATIONS INDEPENDENT: I understand that I must pay this note even if someone else has also agreed to pay it (by, for example, signing this form or a separate guarantee or endorsement). You may sue me alone, or anyone else who is obligated on this note, or any number of us together, to collect his note. You may do so without any notice that it has not been paid (notice of dishonor). You may without notice release any party to this agreement without releasing any other party. If you give up any of your rights, with or without notice, it will not affect my duty to pay this note. Any extension of new credit to any of us, or renewal of this note by all or less than all of us will not release me from my duty to pay it. (Of course, you are entitled to only one payment in full.) I agree that you may at your option extend this note or the debt represented by this note; or any portion of the note or debt, from time to time without limit or notice and for any term without affecting my liability for payment of the note. I will not assign my obligation under the agreement without your prior written approval.
FINANCIAL INFORMATION: I agree to provide you, upon request, any financial statement or information you may deem necessary. I warrant that the financial statements and information I provide to you are or will be accurate, correct and complete.
NOTICE: Unless otherwise required by law, any notice to me shall be given by delivering it or by mailing it by first class mail addressed to me at my last known address. My current address is on page 1. I agree to inform you in writing of any change in my address. I will give any notice to you by mailing it first class to your address stated on page 1 of this agreement, or to any other address that you have designated.
CREDIT AGREEMENT: A “credit agreement” under Iowa Code § 535.17 means any contract made or acquired by a lender to loan money or extend credit for any purpose. A “credit agreement” does not mean a contract to extend credit by means of a credit card, or open end credit, or a home equity line of credit.
This note is not subject to Iowa Code § 535.17 if it is a “credit agreement” made primarily for a personal, family, or household purpose where the credit extended is twenty thousand dollars or less.
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DATE OF
TRANSACTION
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PRINCIPAL
ADVANCE
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BORROWER’S
INITIALS
(not required)
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PRINCIPAL
PAYMENTS
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PRINCIPAL
BALANCE
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INTEREST
RATE
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INTEREST
PAYMENTS
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INTEREST
PAID THROUGH
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