form8kexh103_012611.htm






 


Exhibit 10.3


 



	 	 	 





 


 


NOTICE OF FINAL AGREEMENT


 



	
Principal


$2,663,029.18

	
Loan Date


01-10-2011

	
Maturity


07-11-2011

	
Loan No


1089922418

	
Call / Coll


 

	
Account


MACC  PE00

	
Officer


755

	
Initials


	  
	
References in the boxes above are for Lender’s use only and do not limit the applicability of this document to any particular loan or item.


Any item above containing “***” has been omitted due to text length limitations.


	  






	
  

	
Borrower:

	
MACC PRIVATE EQUITIES INC.



101 2ND ST SE SUITE 800





CEDAR RAPIDS, IA 52401-1219




 


 


 


 

	
Lender:

	
CEDAR RAPIDS BANK AND TRUST COMPANY


500 1ST AVENUE NE STE 100



CEDAR RAPIDS, IA 52401




 

























 



	
IMPORTANT: READ BEFORE SIGNING. THE TERMS OF THE LOAN AGREEMENT SHOULD BE READ CAREFULLY BECAUSE ONLY THOSE TERMS IN WRITING ARE ENFORCEABLE. NO OTHER TERMS OR ORAL PROMISES NOT CONTAINED IN THE WRITTEN LOAN AGREEMENT MAY BE LEGALLY ENFORCED. BORROWER MAY CHANGE THE TERMS OF THE LOAN AGREEMENT ONLY BY ANOTHER WRITTEN AGREEMENT.


As used in this Notice, the following terms have the following meanings:


Loan. The term “Loan” means the following described loan: a Variable Rate Nondisclosable Loan to a Corporation for $2,663,029.18 due on July 11, 2011.  This is a secured renewal of the following described indebtedness:  This Change in Terms Agreement constitutes an renewal of loan # 1089922418 dated 8-14-09.


Loan Agreement. The term “Loan Agreement” means one or more promises, promissory notes, agreements, undertakings, security agreements, deeds of trust or other documents, or commitments, or any combination of those actions or documents, relating to the Loan, including without limitation the following:


LOAN DOCUMENTS


Corporate Resolution:  MACC PRIVATE EQUITIES INC.                   Change In Terms Agreement


Disbursement Request and Authorization                                                Notice of Final Agreement


 


Parties. The term “Parties” means CEDAR RAPIDS BANK AND TRUST COMPANY and any and all entities or individuals who are obligated to repay the loan or have pledged property as security for the Loan, including without limitation the following:


Borrower:                     MACC PRIVATE EQUITIES INC.














 




Each Party who signs below, other than CEDAR RAPIDS BANK AND TRUST COMPANY, acknowledges, represents, and warrants to CEDAR RAPIDS BANK AND TRUST COMPANY that it has received, read and understood this Notice of Final Agreement. This Notice is dated January 10, 2011.


 


BORROWER:


 




	
MACC PRIVATE EQUITIES INC.


 


 

	 	 	 	 
	
By: /s/ Travis T. Prentice

	 	 	
By: /s/ Derek J. Gaertner

	 
	
Travis T. Prentice, President and CEO of MACC

	 	 	
Derek J. Gaertner, CFO & CCO of MACC PRIVATE

	 
	
PRIVATE EQUITIES INC. 

	 	 	
EQUITIES INC.

	 







 


 


LENDER:


 




	
CEDAR RAPIDS BANK AND TRUST COMPANY


 


 

	 	 	 	 
	
X            /s/ John Hall

	 	 	 	 
	

John Hall, Asst. Vice President



	 	 	
 

	 
	
 

	 	 	 	 







 


 

  

















LASER PRO Lending, Ver. 5.52.10.001 Copr. Harland Financial Solutions, Inc. 1997, 2010. All Rights Reserved. - IA W:\CRBT\CFI\LPL\D20C.FC   TR-5224 PR-9