Exhibit 10.58


 


	
  BORROWER NAME AND ADDRESS

  	
   

  	
  LENDER NAME AND ADDRESS

  	
   

  	
  LOAN DESCRIPTION

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Number  44938102           mas

  
	
  Tower Tech Systems Inc.

  	
   

  	
  Investors Community Bank

  	
   

  	
   

  
	
  101 S. l6th St., P.O. Box 1957

  	
   

  	
  860 N. Rapids Road

  	
   

  	
   

  
	
  Manitowoc, Wl 54221-1957

  	
   

  	
  P.O. Box 700

  	
   

  	
  Amount  $ 5,500,000.00

  
	
   

  	
   

  	
  Manitowoc, Wl 54221-0700

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Date  03-21-2008

  



 


o  Refer to the attached Signature Addendum,
incorporated herein, for additional Borrowers and their signatures.


 


COMMERCIAL
DEBT MODIFICATION AGREEMENT


 


DATE AND PARTIES.
The date of this Debt Modification Agreement (Modification) is as of 10-22-2008


DEFINITIONS.   As used in this Modification, the terms have
the following meanings:


 


Pronouns. The
pronouns “I,” “me,” and “my” refer to each Borrower signing this Modification,
individually and together with their heirs, executors, administrators, successors,
and assigns. “You” and “your” refer to the Lender, with its participants or
syndicators, successors and assigns, or any person or entity that acquires an interest
in this Modification or Prior Obligation.


Prior Obligation.
“Prior Obligation” refers to my previous agreement governing my promise to pay
you money, including any loan agreement, note, or document that evidences my
indebtedness, and any extensions, renewals, modifications, and substitutions.


 


BACKGROUND. You and I
have entered into a Prior Obligation which is evidenced by Note and Agreement


 


dated  03-21-2008  x   in the original principal amount of / o   with a maximum possible principal amount of
$ 5,500,000.00


o  payable on demand. / o  payable on demand but if no demand is made,
by the maturity date of                        .
/ x with a maturity date of 10-22-2008.


As of the date of this Modification, the x   amount remaining due is / o
current amount outstanding on the Prior Obligation is $ 1,378,000.00 principal
(Principal) plus $ 1,148.34 accrued interest, for a total of $ 1,379,148,34.


 


MODIFICATION. For
value received, you and I agree to modify the Prior Obligation as follows. 


 


o  INTEREST RATE
MODIFICATION.  


o  INTEREST RATE.


 


Maximum Interest Amount.
Any amount assessed or collected as interest will be limited to the maximum
lawful amount of interest allowed by state or federal law. Amounts collected in
excess of the maximum lawful amount will be applied first to the unpaid
principal balance. Any remainder will be refunded to me. 


o   Post-Maturity/Default
Interest Rate.


 


o
Compounding. This Modification provides
for the compounding of interest. 


o  PAYMENT MODIFICATION.


 


 


o  DRAW PERIOD MODIFICATION.


 


 


o  FEES AND CHARGES MODIFICATION.


 


 


ADDITIONAL TERMS.


The maturity date shall change from 10/22/2008 to 4/22/2009.


 


 


CONTINUATION OF TERMS. Except as specifically
amended in this Modification, all terms of the Prior Obligation remain in
effect.


INTERPRETATION. Whenever used, the singular
includes the plural and the plural includes the singular. The section headings
are for convenience only and are not to be used to interpret or define the
terms of this Modification.


VT only o   NOTICE TO BORROWER: THIS IS A DEMAND NOTE
AND SO MAY BE COLLECTED BY THE LENDER AT ANY TIME. A NEW NOTE MUTUALLY
AGREED UPON AND SUBSEQUENTLY ISSUED MAY CARRY A HIGHER OR LOWER RATE OF
INTEREST.


 


x ORAL AGREEMENTS
OR COMMITMENTS TO LOAN MONEY, EXTEND CREDIT OR TO FORBEAR FROM ENFORCING
REPAYMENT OF A DEBT INCLUDING PROMISES TO EXTEND OR RENEW SUCH DEBT ARE NOT
ENFORCEABLE, REGARDLESS OF THE LEGAL THEORY UPON WHICH IT IS BASED THAT IS IN
ANY WAY RELATED TO THE CREDIT AGREEMENT. TO PROTECT YOU (BORROWER/DEBTOR) AND
US (LENDER/SECURED PARTY) FROM MISUNDERSTANDING OR DISAPPOINTMENT, ANY
AGREEMENTS WE REACH COVERING SUCH MATTERS ARE CONTAINED IN THIS WRITING, WHICH
IS THE COMPLETE AND EXCLUSIVE STATEMENT OF THE AGREEMENT BETWEEN US, EXCEPT AS
WE MAY LATER AGREE IN WRITING TO MODIFY IT. BY SIGNING THIS MODIFICATION,
THE PARTIES AFFIRM THAT NO UNWRITTEN ORAL AGREEMENT EXISTS BETWEEN THEM.


 


SIGNATURES.  
By signing under seal. Borrower agrees to the terms contained in this
Note. Borrower also acknowledges receipt of a copy of this Note.


BORROWER:


 


	
  Tower Tech Systems Inc.

  	
   

  	
   

  	
   

  	
   

  
	
  Entity Name

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  /s/ Steven A. Huntington

  	
  11/18/08

  	
  (Seal)

  	
   

  	
   

  	
  (Seal)

  
	
  Signature Steven A. Huntington, VP Finance and Treasurer

  	
  Date

  	
   

  	
  Signature

  	
  Date

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (Seal)

  	
   

  	
   

  	
  (Seal)

  
	
  Signature 

  	
  Date

  	
   

  	
  Signature

  	
  Date

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  LENDER:

  	
   

  
	
   

  	
   

  
	
  Investors Community Bank

  	
   

  
	
  Entity Name

  	
   

  
	
   

  	
   

  
	
  /s/ Robert P. Boerger

  	
  11/18/08

  	
  (Seal)

  	
   

  	
   

  	
  (Seal)

  
	
  Signature Robert P. Boerger, Senior Commercial Lender

  	
  Date

  	
   

  	
  Signature

  	
  Date

  	
   

  
	
  COMMERCIAL DEBT MODIFICATION AGREEMENT

  	
   

  	
   

  	
  NOT TO BE USED FOR LOANS SUBJECT TO
  CONSUMER LENDING LAWS

  
									



 


 


© 1998,
2001 Bankers Systems Inc., St. Cloud, MN Form COMM-DMOD 7/1/2004.


 


1