EXHIBIT 10-2


RENEWAL REVOLVING LINE OF CREDIT 
 PROMISSORY NOTE

	
  
$3,000,000.00
  	
  
March 14, 2006
  
	
  
 
  	
  
Orlando, Florida
  




          FOR VALUE RECEIVED, the undersigned, THE GOLDFIELD CORPORATION, a Delaware corporation (“Maker”) promises to pay to the order of BRANCH BANKING AND TRUST COMPANY (hereinafter called the “Bank” or, together with any other holder of this Note, the “Holder”) or order, at its place of business at 1300 South Babcock Street, Melbourne, Florida 32901, or at such other place as the Holder of this Note may designate in writing, the principal sum of THREE MILLION AND NO/100 DOLLARS ($3,000,000.00), together with interest thereon at the Interest Rate, in lawful money of the United States, which shall be legal tender in payment of all debts and dues, public and private, at the time of said payment, said principal and interest to be payable as set forth below.


          1.          INTEREST RATE. The Interest Rate shall equal the adjusted LIBOR Rate, as defined below:

	
   
  	
  
            a.          Adjusted   LIBOR Rate means a rate of interest per annum equal to the sum   obtained (rounded upwards, if necessary, to the next higher 1/100th   of 1.0%) by adding (i) the One Month LIBOR plus (ii) one and eight   one-tenths percent (1.800%) per annum, which shall be adjusted   monthly on the first day of each month for each LIBOR Interest Period. If the   first day of any month falls on a date when the Bank is closed, the Adjusted   LIBOR Rate shall be determined as of the last preceding business day. The   Adjusted LIBOR Rate shall be adjusted for any change in the LIBOR Reserve   Percentage so that Bank shall receive the same yield. The interest rate shall   not exceed a fixed maximum rate of 99.000% and will not decrease below   a minimum rate of 0.00%.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
            b.          One Month   LIBOR means the average rate (rounded upwards, if necessary, to   the next higher 1/100th of 1.0%) quoted on Bloomberg Screen MMR2   or page 3750 (or such replacement page) of the Telerate Service on the   determination date for deposits in U.S. Dollars offered in the London   interbank market for one month, or if the above method for determining LIBOR   shall not be available, the rate quoted in The Wall Street Journal, a   rate determined by a substitute method of determination agreed on by Borrower   and Bank; provided, if such agreement is not reached within a reasonable   period of time (in Bank’s judgment), a rate reasonably determined by Bank in   its sole discretion as a rate being paid, as of the determination date, by   first class banking organizations (as determined by Bank) in
the London   interbank market for U.S. Dollar deposits.
  
	
   
  	
  
 
  
	
  
 
  	
  
            c.          LIBOR   Advance means the term loan advances made by Bank to Borrower   evidenced by this Note upon which the adjusted LIBOR Rate of interest shall apply.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
            d.          LIBOR   Interest Period means a period of one calendar month as may be   elected by the Borrower applicable to any LIBOR Advance which shall begin on   first day of any month notwithstanding the maturity date of this Note; provided,   however, that a LIBOR Interest Period may be less than one calendar month in   and only in the calendar month in which the Note originates or matures.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
            e.          LIBOR   Reserve Percentage means the maximum aggregate rate at which reserves   (including, without limitation, any marginal supplemental or emergency   reserves) are required to be maintained under Regulation D by member banks of   the Federal Reserve System with respect to dollar funding in the London   interbank market. Without limiting the effect of the foregoing, the LIBOR   Reserve Percentage shall reflect any other reserves required to be maintained   by such member banks by reason of any applicable regulatory change against   (i) any category of liability which includes deposits by reference to which   the Adjusted LIBOR Rate is to be determined or (ii) any category of   extensions of credit or other assets related to LIBOR.
  













	
  
 
  	
  
            f.          Standard   Rate means, for any day, a rate per annum (rounded upwards, if necessary   to the next higher 1/100th of 1.0%) equal to the Bank’s announced   Prime Rate, and each change in the Standard Rate shall be effective on the   date any change in the Prime Rate is publicly announced as being effective.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
            g.          Application   of Adjusted LIBOR Rate. The adjusted LIBOR Rate shall apply to the entire   principal balance outstanding of a term loan for any LIBOR Interest Period.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
            h.          Adjusted   LIBOR Based Rate Protections.
  
	
  
 
  	
  
 
  
	
   
  	
  
                         (i)          Inability   to Determine Rate. In the event that Bank shall have determined, which   determination shall be final, conclusive and binding, that by reason of   circumstances occurring after the date of this Note affecting the London   interbank market, adequate and fair means do not exist for ascertaining the   LIBOR on the basis provided for in this Note, Bank shall give notice (by   telephone confirmed in writing or by telecopy) to Borrower of such   determination, whereupon (a) no LIBOR Advance shall be made until Bank   notifies Borrowers that the circumstances giving rise to such notice no   longer exist, and (b) any request by Borrowers for a LIBOR Advance shall be   deemed to be a request for an advance at the Standard Rate.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
                         (ii)          Illegality;   Impracticability. In the event that Bank shall determine, which   determination shall be final, conclusive and binding, that the making,   maintaining or continuance of any portion of a LIBOR Advance (a) has become   unlawful as a result of compliance by Bank with any law, treaty, governmental   rule, regulation, guideline or order (or would conflict with any of the same   not having the force of law even though the failure to comply therewith would   not be unlawful), or (b) has become impracticable, or would cause Bank   material hardship, as a result of contingencies occurring after the date of   this Note materially and adversely affect the London interbank market or   Bank’s ability to make LIBOR Advances generally, then,
and in any such event,   Bank shall give notice (by telephone confirmed in writing or by telecopy) to   Borrower of such determination. Thereafter, (x) the obligation of Bank to   make any LIBOR Advances or to convert any portion of the loan to a LIBOR   Advance shall be suspended until such notice shall be withdrawn by Bank, and   (y) any request by Borrower for a LIBOR Advance shall be deemed to be a   request for an advance at the Standard Rate.
  
	
   
  	
  
 
  
	
  
 
  	
  
            i.          Interest   Calculation. All interest shall be computed and charged for the actual   number of days elapsed on the basis of a year consisting of three hundred   sixty (360) days.
  




          2.          MATURITY DATE.  August 26, 2006.


          3.          PAYMENTS. Interest at the Interest Rate on the principal balance of the indebtedness outstanding from time to time shall be payable beginning on March 26, 2006, and shall be payable on the 26th day of each successive month thereafter until the Maturity Date at which time all unpaid principal and interest shall be payable in full.


          4.          RIGHT TO SETOFF. Holder is given a lien upon and a security interest in all property of the undersigned now or at any time hereafter in the possession of Holder in any capacity whatsoever, including but not limited to any balance or share of any deposit, certificate of deposit, trust or agency account, as security for the payment of this Note and the Holder is hereby authorized to apply, on or after maturity (whether by a acceleration or otherwise) to the payment of this debt any such funds or property in possession of the Holder belonging to each Obligor, in such order of application as Holder may from time to time elect, without advance notice.


          5.          DEFAULT RATE.  This Note and all sums due hereunder shall bear interest from the date when due (without any prior notice from Holder to Maker or any Obligor), whether by lapse of time or on acceleration, and also after any judgment which may be entered against any Obligor and in favor of Holder, at the Default Rate (as hereinafter defined) until paid.  The Default Rate shall be a rate of interest equal to the Bank’s Prime Rate plus 5% per annum.


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          6.          INTEREST LIMITATION.  Anything in this Note or any other agreements or arrangements with the undersigned in connection with the loan evidenced by this Note to the contrary notwithstanding, in no event shall the amount of interest due hereunder, together with all amounts reserved, charged, or taken by Holder as compensation for fees, services, or expenses incidental to the making, negotiation or collection of the loan evidenced hereby, which are deemed to be interest under applicable law, exceed the maximum rate of interest on the unpaid principal balance hereof allowed from time to time by applicable law.  If any sum is collected in excess of the applicable maximum rate of interest, the excess sum collected shall be applied to reduce the principal debt or be refunded to Maker, at Holder’s option.


          7.          CONSENT AND WAIVER.  Each Obligor (which term shall mean and include each Borrower, Maker, Guarantor, and all others who may become liable for all or any part of the obligations evidenced and secured hereby), does hereby, jointly and severally:  (a) consent to any forbearance or extension of the time or manner of payment hereof and to the release of all or any part of any security held by the Holder to secure payment of this Note and to the subordination of the lien of the mortgage and any other instrument of security securing this Note as to all or any part of the property encumbered thereby, all without notice to or consent of that party;  (b) agree that no course of dealing or delay or omission or forbearance on the part of the Holder in exercising or enforcing any of its rights or remedies hereunder or under any
instrument securing this Note shall impair or be prejudicial to any of the
Holder’s rights and remedies hereunder or to the enforcement hereof and
that the Holder may extend, modify or postpone the time and manner of payment
and performance of this Note and any instrument securing this Note, may grant
forbearances and may release, wholly or partially, any security held by the
Holder as security for this Note and release, partially or wholly, any person or
party primarily or secondarily liable with respect to this Note, all without
notice to or consent by any party primarily or secondarily liable hereunder and
without thereby releasing, discharging or diminishing its rights and remedies
against any other party primarily or secondarily liable hereunder;  (c)
waive notice of acceptance of this Note, notice of the occurrence of any default
hereunder or under any instrument securing this Note and presentment, demand,
protest, notice of dishonor and notice of protest and notices of any and all
action at any time taken or omitted by the Holder in connection with this Note
or any instrument securing this Note and waives all requirements necessary to
hold that party to the liability of that party;  (d) waive any “venue
privilege” and/or “diversity of citizenship privilege” which they
have now or have in the future, and do hereby specifically agree,
notwithstanding the provision  of any state or federal law to the
contrary, that the venue for the enforcement, construction or interpretation
of this Note shall be the County Court, Circuit Court or Federal Court selected
by the Holder hereof and they do hereby specifically waive the right to sue or
be sued in the court of any other county in the State of Florida, any court in
any other state or country or in any federal court, or in any state or federal
administrative tribunal.


          8.          ATTORNEYS’ FEES.  All parties liable for the payment of this Note agree to pay the Holder in addition to the principal, premium and interest due and payable hereon, reasonable paralegal fees, attorneys’ fees and costs, whether or not an action be brought, for the services of counsel employed after maturity or default to collect this Note or any principal or interest due hereunder, or to protect the security, if any, or enforce the performance of any other agreement contained in this Note or in any instrument of security executed in connection with the loan evidenced hereby, including, but not limited to costs, paralegal fees and attorneys’ fees and costs on any trial, or appellate proceedings, or in any proceedings under the United States Bankruptcy Code or in any post judgment proceedings.



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          9.          EVENTS
OF DEFAULT.  The failure to pay any part of the principal or interest
when due on this Note or to fully perform any covenant, obligation or warranty
on this or on any other liability to the Bank by any one or more of the
undersigned, by any affiliate of the undersigned (as defined in 11USC Section
(101) (2)), or by any guarantor or surety of this Note (said affiliate,
guarantor, or surety are herein called Obligor); or if any financial statement
or other representation made to the Bank by any of the undersigned or any
Obligor shall be found to be materially incorrect or incomplete; or if any of
the undersigned shall fail to furnish information to the Bank sufficient to
verify the identity of the undersigned as required under the USA Patriot Act; or
in the event of a default under any of the Agreements or any other obligation of
any of the undersigned or any Obligor; or in the event the Bank demands that the
undersigned secure or provide additional security for its obligations under this
Note and security deemed adequate and sufficient by the Bank is not given when
demanded; or in the event one or more of the undersigned or any Obligor shall
die, terminate its existence, allow the appointment of a receiver for any part
of its property, make an assignment for the benefit of creditors, or where a
proceeding under bankruptcy or insolvency laws is initiated by or against any of
the undersigned or any Obligor; or in the event the Bank should otherwise deem
itself, its security interest, or any collateral unsafe or insecure; or should
the Bank in good faith believe that the prospect of payment or other performance
is impaired; or if there is an attachment, execution, or other judicial seizure
of all or any portion of the Borrower’s or any Obligor’s assets,
including an action or proceeding to seize any funds on deposit with the Bank,
and such seizure is not discharged within 20 days; or if final judgment for the
payment of money shall be rendered against the Borrower or any Obligor which is
not covered by insurance or debt cancellation and shall remain undischarged for
a period of 30 days unless such judgment or execution thereon is effectively
stayed; or the termination of any guaranty agreement given in connection with
this Note, then any one of the same shall be a material default hereunder and
this Note and other debts due the Bank by any one or more of undersigned shall
immediately become due and payable at the option of the Bank without notice or
demand of any kind, which are hereby waived. From and after any event of default
hereunder, interest shall accrue on the sum of the principal balance and accrued
interest then outstanding at the variable rate equal to the Bank’s Prime
Rate plus 5% per annum (“Default Rate”) until such principal and
interest have been paid in full, provided that such rate shall not exceed at any
time the highest rate of interest permitted by the laws of the State of Florida;
and further provided that such rate shall also apply after judgment. In
addition, upon default, the Bank may pursue its full legal remedies at law or
equity, and the balance due hereunder may be charged against any obligation of
the Bank to any party including any Obligor. Bank shall not be obligated to
accept any check, money order, or other payment instrument marked “payment
in full” on any disputed amount due hereunder, and Bank expressly reserves
the right to reject all such payment instruments. Borrower agrees that tender of
its check or other payment instrument so marked will not satisfy or discharge
its obligation under this Note, disputed or otherwise, even if such check or
payment instrument is inadvertently processed by Bank unless in fact such
payment is in fact sufficient to pay the amount due hereunder.



          10.          ACCELERATION.  If a default or Event of Default shall occur hereunder and such default shall continue for ten (10) days then at the option of the Holder, the entire principal sum then remaining unpaid together with any premiums and accrued interest shall immediately become due and payable without notice or demand, and said principal  and premiums shall bear interest from such date at the highest legal rate permitted by law, from time to time, to be charged by Holder, it being agreed that interest not paid when due shall, at the option of the Holder, draw interest at the rate provided for in this paragraph. Failure to exercise the above options shall not constitute a waiver of the right to exercise the same in the event of any subsequent default.  If this Note is payable upon demand, then no terms or provisions contained
in this paragraph shall be deemed or interpreted to alter or abrogate the demand nature of this Note or the rights of Holder under a demand instrument.


          11.          OTHER REMEDIES.  If a default or an Event of Default shall occur Holder shall have in addition to its remedies under this Note, Loan Agreement, and/or any other instrument securing or executed in conjunction with the loan evidenced hereby and applicable law all the remedies of a secured party under the Uniform Commercial Code of the State of Florida and, without limiting the generality of the foregoing, Holder shall have the right, at its option, and without notice or demand, to declare the entire amount of this Note remaining unpaid, and all other liabilities selected by Holder, immediately due and payable, less any unearned interest or other charges and any rebates required by law (it being the intention hereof that under no circumstances shall Holder be entitled to receive at any time any charges not allowed or permitted by law
or any interest in excess of the maximum allowed by law); to set off against this Note all money owed by Holder in any capacity to the undersigned or any guarantor hereof, whether or not due; and Holder shall be deemed to have exercised such right of setoff and to have made a charge against any such money immediately upon the occurrence of such default even though such charge is made or entered in the books of Holder subsequent thereto.  Upon disposition of any collateral after the occurrence of any default, undersigned shall be and remain liable for any deficiency; and Holder shall account to undersigned for any surplus, but Holder shall have the right to apply all or any part of such surplus (or to hold the same as a reserve) against any and all other liabilities of undersigned to Holder.


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          12.          FLORIDA LAW.  This Note is executed under seal and constitutes a contract under the laws of the State of Florida, and shall be enforceable in a Court of competent jurisdiction in that State, regardless of in which State this Note is being executed.


          13.          HEADINGS.  The headings of the paragraphs contained in this Note are for convenience of reference only and do not form a part hereof and in no way modify, interpret or construe the meaning of the parties hereto.


          14.          DOCUMENTARY STAMPS.  Documentary stamps in the amount required by Florida Law have been purchased and affixed to this Note.


          15.          LATE CHARGE.  The undersigned promises to pay to the Holder of this Note a “late charge” not to exceed an amount equal to five per cent (5%) of any principal or interest which is not paid within ten (10) days from the due date thereof to cover the extra expense involved in handling delinquent payments. Collection or acceptance by Holder of such late charge shall not constitute a waiver of any remedies of Holder provided herein. When any installment payment is past due for ten (10) or more days, subsequent payments shall first be applied to the past due balance. In addition, the undersigned shall pay to Bank a returned payment fee if the undersigned or any other obligor hereon makes any payment at any time by check or other instrument, or by any electronic means, which is returned to Bank because of nonpayment due to
nonsufficient funds.


          16.          MISCELLANEOUS.


                         (a)          The term “Maker”, as used herein, in every instance shall include the Maker’s heirs, executors, administrators, successors, legal representatives and assigns, and shall denote the singular and/or plural, the masculine and/or feminine, and natural and/or artificial persons whenever and wherever the context so requires or admits.


                         (b)          This Note may not be changed orally, but only by an agreement in writing, signed by the party against whom enforcement of any waiver, change, modification or discharge is sought.


          All payments made on the indebtedness evidenced by this Note shall be applied first to repayment of monies paid or advanced by Holder on behalf of the Maker in accordance with the terms of the Mortgage securing this Note, and thereafter shall be applied to payment of accrued interest, and lastly to payment of principal.


          In the event there is any conflict in the terms and conditions of this Note and the Loan Agreement and other Loan Documents executed by the Borrower or Guarantors, the terms and conditions of the Loan Agreement, including, but not limited to, the terms and conditions of the paragraph on Notice and Cure Period in the Loan Agreement will prevail.


          The interest rate charged under this loan is authorized by Section 687.12, Florida Statutes and by Chapter 655, Florida Statutes and any applicable federal laws or regulations.


          The principal balance hereof may be borrowed and re-borrowed from time to time during the term hereof in accordance with the terms of the Loan Agreement but may not exceed at any one time an outstanding principal balance of $3,000,000.00.


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          PAYMENT IN FULL OF THIS NOTE SHALL NOT RESULT IN ITS TERMINATION AS LONG AS THE LOAN AGREEMENT IS IN EFFECT.


MAKER AND HOLDER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT EITHER MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS NOTE INCLUDING BUT NOT LIMITED TO ANY POST JUDGMENT ACTIONS AND ANY AGREEMENT CONTEMPLATED TO BE EXECUTED IN CONJUNCTION HEREWITH, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF EITHER PARTY.  THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE HOLDER MAKING THE LOAN OR EXTENSION OF CREDIT EVIDENCED BY THIS NOTE.

	
  
 
  	
  
 
  	
  
/s/ SRW(Initials)
  
	
  
 
  	
  
 
  	
  


  
	
  
 
  	
  
 
  	
  
 
  
	
  
Address of Maker:
  	
  
 
  	
  
 
  
	
  1684 West Hibiscus Blvd.
  	
  
 
  	
  
 
  
	
  
Melbourne, Florida 32901
  	
  
THE GOLDFIELD CORPORATION,
  
	
  
 
  	
  
a Delaware corporation
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
By:
  	
  
/s/  Stephen   R. Wherry
  
	
  
 
  	
  
 
  	
  


  
	
  
 
  	
  
 
  	
  
STEPHEN R. WHERRY
  
	
  
 
  	
  
 
  	
  
Treasurer
  
	
   
  	
  
 
  	
  
 
  
	
  
 
  	
  
TAXPAYER IDENTIFICATION NUMBER:
  
	
  
 
  	
  
 
  	
  
88-0031580
  




RECEIPT


          Received the original of the attached Note on March 14, 2006.

	
  
 
  	
  
“BANK”
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
BRANCH BANKING AND TRUST COMPANY
  
	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  By:
  	
  /s/ Barry Forbes
  
	
   
  	
   
  	
  


  
	
   
  	
   
  	
  BARRY FORBES
  
	
   
  	
   
  	
  Senior Vice President
  



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