Document:

Exhibit

Exhibit 10-4

City: Melbourne, FL

BB&T SECURITY AGREEMENT
This Security Agreement (“Security Agreement”) is made June 9, 2017, between The Goldfield Corporation, a Delaware corporation, Southeast Power Corporation, a Florida corporation, Power Corporation of America, a Florida corporation, Bayswater Development Corporation, a Florida corporation, Pineapple House of Brevard, Inc., a Florida corporation, C and C Power Line, Inc., a Florida corporation, and Precision Foundations, Inc., a Florida corporation (collectively, “Debtor”), and Branch Banking and Trust Company, a North Carolina banking corporation (“Secured Party”).
This Security Agreement is entered into in connection with:
		
	(i)
	a Master Loan Agreement (“Loan Agreement”) dated on or before the date of this Security Agreement under which the Secured Party has agreed to make a loan(s) and/or establish a line(s) of credit;

		
	(ii)
	a Promissory Note dated June 9, 2017 (including all extensions, renewals, modifications and substitutions thereof, the “Note”), of The Goldfield Corporation (the “Borrower”), in the principal amount of $22,600,000;

		
	(iii)
	a guaranty agreement or agreements (whether one or more, the “Guaranty”) executed by the guarantors named therein (whether one or more, the “Guarantors”) dated on or about the same date as this Security Agreement; 

and/or

		
	(iv)
	all obligations of Debtor under a BB&T Bankcard Agreement to repay indebtedness incurred under Business Visa Credit Cards issued to authorized officers and employees of Debtor.

Secured Party and Debtor agree as follows:

I.    DEFINITIONS.
1.1    Collateral.  Unless specific items of personal property are described below, the Collateral shall consist of all now owned and hereafter acquired and wherever located personal property of Debtor identified below, each capitalized term as defined in Article 9 of the Florida Uniform Commercial Code (“UCC”):
(i)    Accounts, including all contract rights;
        
(ii)    Equipment and Machinery, including all Accessions thereto, and all manufacturers’ warranties, parts and tools therefore;
    
(iii)     Vehicles, 

(iv)     Supporting Obligations; 
        
(v)     to the extent not listed above as original collateral, all proceeds (cash and non-cash) and products of the foregoing.

1.2    Obligations.  This Security Agreement secures the following (collectively, the “Obligations”):

		
	(i)
	Debtor’s or Borrower’s obligations under the Note, the Loan Agreement, and this Security Agreement, any Business Credit Card Agreement or Purchase Card Agreement, and in addition to the foregoing obligations, if the Debtor is a Guarantor, its obligations under its Guaranty;

		
	(ii)
	all of Debtor’s or Borrower’s present and future indebtedness and obligations to Secured Party howsoever evidenced, including without limitation all subsequent promissory notes executed by Debtor or Borrower, reimbursement of drafts or drawings paid by Secured Party on any Commercial or Standby Letter of Credit issued on the account of the Debtor or Borrower; all indebtedness and obligations of Debtor or Borrower to Secured Party (or an affiliate of Secured Party) under any interest rate swap transactions, interest rate cap and/or floor transactions, interest rate collar transactions, swap agreements (as defined in 11 U.S.C. § 101) or other similar transactions or agreements including without limitation any ISDA Master Agreement executed by Debtor or Borrower and all Schedules and Confirmations entered into in connection therewith, hereinafter collectively referred to as a Hedge Agreement; and all amounts advanced to Debtor or Borrower by Secure Party in connection with the issuance of Business Credit Cards to the officers and designated employees of the Debtor or Borrower.

		
	(iii)  
	the repayment of (a) any amounts that Secured Party may advance or spend for the maintenance or preservation of the Collateral, and (b) any other expenditures that Secured Party may make under the provisions of this Security Agreement or for the benefit of Debtor or Borrower;

		
	(iv)
	all amounts owed under any modifications, renewals, extensions or substitutions of any of the foregoing obligations;

		
	(v)
	all Default Costs, as defined in Paragraph VIII of this Security Agreement; and

		
	(vi)
	any of the foregoing that may arise after the filing of a petition by or against Debtor or Borrower under the Bankruptcy Code, even if the obligations do not accrue because of the automatic stay under Bankruptcy Code § 362 or otherwise.

1.3    UCC.  Any term used in the UCC and not otherwise defined in this Security Agreement has the meaning given to the term in the UCC.

II.    GRANT OF SECURITY INTEREST.

Debtor grants a security interest in the Collateral to Secured Party to secure the payment and performance of the Obligations.

III.    PERFECTION OF SECURITY INTERESTS.
3.1    Filing of Security Interests.
(i)    Debtor authorizes Secured Party to execute on the Debtor’s behalf and file any financing statement (the “Financing Statement”) describing the Collateral in any location deemed necessary and appropriate by Secured Party.

(ii)    Debtor authorizes Secured Party to file a Financing Statement describing any agricultural liens or other statutory liens held by Secured     Party.

(iii)    Secured Party shall receive prior to the closing an official report from the Secretary of State of each Place of Business and the Debtor State, each as defined below, collectively (the “Filing Reports”) indicating that Secured Party’s security interest is prior to all other security interests or other interests reflected in the report.

3.2    Possession.

(i)    Debtor shall have possession of the Collateral, except where expressly otherwise provided in this Security Agreement or where Secured Party chooses to perfect its security interest by possession in addition to the filing of a Financing Statement.

(ii)    Where Collateral is in the possession of a third party, Debtor will join with Secured Party in notifying the third party of Secured Party’s security interest and obtaining an acknowledgment from the third party that it is holding the Collateral for the benefit of Secured Party.

3.3    Control Agreements.  Debtor will cooperate with Secured Party in obtaining a control agreement in form and substance satisfactory to Secured Party with respect to Collateral consisting of (check appropriate items):

o    Deposit Accounts (for deposit accounts at other financial institutions); 

o    Investment Property (for securities accounts, mutual funds and other uncertificated securities);

o    Letter-of-credit rights; and/or

o    Electronic chattel paper.

3.4    Marking of Chattel Paper.  If Chattel Paper is part of the Collateral, Debtor will not create any Chattel Paper without placing a legend on the Chattel Paper acceptable to Secured Party indicating that Secured Party has a security interest in the Chattel Paper.

IV.    POST-CLOSING COVENANTS AND RIGHTS CONCERNING THE COLLATERAL.

4.1    Inspection.  The parties to this Security Agreement may inspect any Collateral in the other party’s possession, at any time upon reasonable notice.

4.2    Personal Property.  Except for items specifically identified by Debtor and Secured Party as Fixtures, the Collateral shall remain personal property at all times, and Debtor shall not affix any of the Collateral to any real property in any manner which would change its nature from that of personal property to real property or to a fixture.

4.3    Secured Party’s Collection Rights.  Secured Party shall have the right at any time to enforce Debtor’s rights against any account debtors and obligors.

4.4    Limitations on Obligations Concerning Maintenance of Collateral.
 
(i)    Risk of Loss.  Debtor has the risk of loss of the Collateral.

(ii)    No Collection Obligation.  Secured Party has no duty to collect any income accruing on the Collateral or to preserve any rights relating to the Collateral.

4.5    No Disposition of Collateral.  Secured Party does not authorize, and Debtor agrees not to:

(i)    make any sales or leases of any of the Collateral other than in the ordinary course of business;

(ii)    license any of the Collateral; or

(iii)    grant any other security interest in any of the Collateral.

4.6    Purchase Money Security Interests.  To the extent Debtor uses the Loan to purchase Collateral, Debtor’s repayment of the Loan shall apply on a “first-in-first-out” basis so that the portion of the Loan used to purchase a particular item of Collateral shall be paid in the chronological order the Debtor purchased the Collateral.

4.7    Insurance.  Debtor shall obtain and keep in force such insurance on the Collateral as is normal and customary in the Debtor’s business or as the Secured Party may require, all in such amounts, under such forms of policies, upon such terms, for such periods and written by such insurance companies as the Secured Party may approve.  All policies of insurance will contain the long-form Lender’s Loss Payable clause in favor of the Secured Party, and the Debtor shall deliver the policies or complete copies thereof to the Secured Party.  Such policies shall be non-cancellable except upon thirty (30) days’ prior written notice to the Secured Party.  The proceeds of all such insurance, if any loss should occur, may be applied by the Secured Party to the payment of the Obligations or to the replacement of any of the Collateral damaged or destroyed, as the Secured Party may elect or direct in its sole discretion.  The Debtor hereby appoints (which appointment constitutes a power coupled with an interest and is irrevocable as long as any of the Obligations remain outstanding) Secured Party as its lawful attorney-in-fact with full authority to make, adjust, settle claims under and/or cancel such insurance and to endorse the Debtor’s name on any instruments or drafts issued by or upon any insurance companies.

V.    DEBTOR’S REPRESENTATIONS AND WARRANTIES.

Debtor represents and warrants to Secured Party:

5.1    Title to and transfer of Collateral.  It has rights in or the power to transfer the Collateral and its title to the Collateral is free of all adverse claims, liens, security interests and restrictions on transfer or pledge except as created by this Security Agreement.

5.2    Location of Collateral.  All collateral consisting of goods (equipment, inventory, fixtures, manufactured homes; and other tangible, movable personal property) is substantially all located in the United States, primarily in the following States (the “Collateral States”):  Texas, Florida, North Carolina, South Carolina, and Georgia.    

5.3    Location, State of Incorporation and Name of Debtor.  Debtor’s:

		
	(i)
	chief executive office (if Debtor has more than one place of business), place of business (if Debtor has one place of business), or principal residence (if Debtor is an individual), is located in the following State and address (the “Place of Business”):1684 W. Hibiscus Boulevard, Melbourne, Florida, 32901;

		
	(ii)
	state of incorporation or organization is Delaware or Florida, as set forth in the first paragraph of this Security Agreement (the “Debtor State”); 

    
		
	(iii)
	exact legal name is as set forth in the first paragraph of this Security Agreement.

5.4    Business Purpose.  None of the Obligations is a Consumer Transaction, as defined in the UCC and none of the Collateral has been or will be purchased or held primarily for personal, family or household purposes.

VI.    DEBTOR’S COVENANTS.

Until the Obligations are paid in full, Debtor agrees that it will:

6.1    preserve its legal existence and not, in one transaction or a series of related transactions, merge into or consolidate with any other entity, or sell all or substantially all of its assets;

6.2    not change the Debtor State of its registered organization; 

6.3    not change its registered name without providing Secured Party with 30 days’ prior written notice; and

6.4    not change the state of its Place of Business or, if Debtor is an individual, change his state of residence without providing Secured Party with 30 days’ prior written notice.

VII.    EVENTS OF DEFAULT.

The occurrence of any of the following shall, at the option of Secured Party, be an Event of Default:

7.1    Any default or Event of Default by Borrower or Debtor under any Note, Loan Agreement, Hedge Agreement, Business Credit Card Agreement or Purchase Card Agreement, any of the other loan documents, and Guaranty or any of the other Obligations;

7.2    Debtor’s failure to comply with any of the provisions of, or the incorrectness of any representation or warranty contained in, this Security Agreement, the Note, the Loan Agreement, or in any other document relating to the Obligations;

7.3    Transfer or disposition of any of the Collateral other than in the ordinary course of business, except as expressly permitted by this Security Agreement;

7.4    Attachment, execution or levy on any of the Collateral;

7.5    Debtor voluntarily or involuntarily becoming subject to any proceeding under (a) the Bankruptcy Code or (b) any similar remedy under state statutory or common law;

7.6    Debtor shall fail to comply with, or become subject to any administrative or judicial proceeding under any federal, state or local (a) hazardous waste or environmental law, (b) asset forfeiture or similar law which can result in the forfeiture of property, or (c) other law, where noncompliance may have any significant effect on the Collateral; or

7.7    Secured Party shall receive at any time following the closing a UCC filing report indicating that Secured Party’s security interest is not prior to all other security interests or other interests reflected in the report.

VIII.    DEFAULT COSTS.

8.1    Should an Event of Default occur, Debtor will pay to Secured Party all costs incurred by the Secured Party for the purpose of enforcing its rights hereunder, including:

(i)    costs of foreclosure;

(ii)    costs of obtaining money damages; and

(iii)    a reasonable fee for the service of attorneys employed by Secured Party for any purpose related to this Security Agreement or the Obligations, including without limitation consultation, drafting documents, sending notices or instituting, prosecuting or defending litigation or arbitration.

IX.    REMEDIES UPON DEFAULT.

9.1    General.  Upon any Event of Default, Secured Party may pursue any remedy available at law (including those available under the provisions of the UCC), or in equity to collect, enforce or satisfy any Obligations then owing, whether by acceleration or otherwise.

9.2.    Concurrent Remedies.  Upon any Event of Default, Secured Party shall have the right to pursue any of the following remedies separately, successively or concurrently:

(i)    File suit and obtain judgment and, in conjunction with any action, Secured Party may seek any ancillary remedies provided by law or at equity, including levy of attachment and garnishment.

(ii)    Take possession of any Collateral if not already in its possession without demand and without legal process.  Upon Secured Party’s demand, Debtor will assemble and make the Collateral available to Secured Party as it directs.  Debtor grants to Secured Party the right, for this purpose, to enter into or on any premises where Collateral may be located.

(iii)    Without taking possession, sell, lease or otherwise dispose of the Collateral at public or private sale in accordance with the UCC.

X.    FORECLOSURE PROCEDURES. 

		
	10.1
	No Waiver.  No delay or omission by Secured Party to exercise any right or remedy accruing upon any Event of Default shall (a) impair any right or remedy, (b) waive any default or operate as an acquiescence to the Event of Default, or (c) affect any subsequent default of the same or of a different nature. 

10.2    Notices.  Secured Party shall give Debtor such notice of any private or public sale as may be required by the UCC.

10.3    Condition of Collateral.   Secured Party has no obligation to repair, clean-up or otherwise prepare the Collateral for sale.

10.4    No Obligation to Pursue Others.  Secured Party has no obligation to attempt to satisfy the Obligations by collecting them from any other person liable for them and Secured Party may release, modify or waive any collateral provided by any other person to secure any of the Obligations, all without affecting Secured Party’s rights against Debtor.  Debtor waives any right it may have to require Secured Party to pursue any third person for any of the Obligations.

10.5    Compliance With Other Laws.  Secured Party may comply with any applicable state or federal law requirements in connection with a disposition of the Collateral and compliance will not be considered adversely to affect the commercial reasonableness of any sale of the Collateral.

10.6    Warranties.  Secured Party may sell the Collateral without giving any warranties as to the Collateral and may specifically disclaim any warranties of title or the like.  This procedure will not be considered adversely to affect the commercial reasonableness of any sale of the Collateral.

10.7    Sales on Credit.  If Secured Party sells any of the Collateral upon credit, Debtor will be credited only with payments actually made by the purchaser, received by Secured Party and applied to the indebtedness of the purchaser.  In the event the purchaser fails to pay for the Collateral, Secured Party may resell the Collateral and Debtor shall be credited with the proceeds of the sale as and when received, less expenses.

10.8    Purchases by Secured Party.  In the event Secured Party purchases any of the Collateral being sold, Secured Party may pay for the Collateral by crediting some or all of the Obligations of the Debtor.

10.9    No Marshalling.  Secured Party has no obligation to marshal any assets in favor of Debtor, or against or in payment of:

(i)    the Note,

(ii)    any of the other Obligations, or

(iii)    any other obligation owed to Secured Party, Borrower or any other person.

XI.    MISCELLANEOUS.

11.1    Assignment.

(i)    Binds Assignees.  This Security Agreement shall bind and shall inure to the benefit of the successors and assigns of Secured Party, and shall bind all heirs, personal representatives, executors, administrators, successors and permitted assigns of Debtor.

(ii)    No Assignments by Debtor.  Secured Party does not consent to any assignment by Debtor except as expressly provided in this Security Agreement.

(iii)    Secured Party Assignments.  Secured Party may assign its rights and interests under this Security Agreement.  If an assignment is made, Debtor shall render performance under this Security Agreement to the assignee.  Debtor waives and will not assert against any assignee any claims, defenses or set-offs which Debtor could assert against Secured Party except defenses which cannot be waived.

11.2    Severability.  Should any provision of this Security Agreement be found to be void, invalid or unenforceable by a court or panel of arbitrators of competent jurisdiction, that finding shall only affect the provisions found to be void, invalid or unenforceable and shall not affect the remaining provisions of this Security Agreement.

11.3    Notices.  Any notices required by this Security Agreement shall be deemed to be delivered when a record has been (a) deposited in any United States postal box if postage is prepaid, and the notice properly addressed to the intended recipient, (b) received by telecopy, (c) received through the Internet, and (d) when personally delivered.

11.4    Headings.  Section headings used in this Security Agreement are for convenience only.  They are not a part of this Security Agreement and shall not be used in construing it.

11.5    Governing Law.  This Security Agreement is being executed and delivered and is intended to be performed in the State of Florida and shall be construed and enforced in accordance with the laws of the State of , except to the extent that the UCC provides for the application of the law of the Debtor State.

11.6    Rules of Construction.

(i)    No reference to “proceeds” in this Security Agreement authorizes any sale, transfer, or other disposition of the Collateral by the Debtor except in the ordinary course of business.

(ii)    “Includes” and “including” are not limiting.

(iii)    “Or” is not exclusive.

(iv)    “All” includes “any” and “any” includes “all.”

11.7    Integration and Modifications.

(i)    This Security Agreement is the entire agreement of the Debtor and Secured Party concerning its subject matter.

(ii)    Any modification to this Security Agreement must be made in writing and signed by the party adversely affected.

11.8    Waiver.  Any party to this Security Agreement may waive the enforcement of any provision to the extent the provision is for its benefit.

11.9    Further Assurances.  Debtor agrees to execute any further documents, and to take any further actions, reasonably requested by Secured Party to evidence or perfect the security interest granted herein or to effectuate the rights granted to Secured Party herein.

11.10       Waiver of Jury Trial.  DEBTOR HEREBY IRREVOCABLY WAIVES ALL RIGHTS TO A JURY TRIAL IN ANY ACTION, SUIT, PROCEEDING OR COUNTERCLAIM OF ANY KIND ARISING OUT OF OR IN ANY WAY RELATING TO THE LOAN OR THE SECURITY AGREEMENT OR ANY OF THE TRANSACTIONS WHICH ARE CONTEMPLATED BY THE LOAN OR THE SECURITY AGREEMENT.  THE JURY TRIAL WAIVER CONTAINED IN THIS SECTION IS INTENDED TO APPLY TO THE FULLEST EXTENT PERMITTED BY LAW, TO ANY AND ALL DISPUTES AND CONTROVERSIES THAT ARISE OUT OF OR IN ANY WAY RELATE TO ANY OR ALL OF THE MATTERS DESCRIBED IN THE PRECEDING SENTENCE, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, AND ALL OTHER COMMON LAW, EQUITABLE, AND STATUTORY CLAIMS OF ANY KIND.  THIS PROVISION IS A MATERIAL INDUCEMENT FOR SECURED PARTY TO MAKE THE LOAN SECURED BY THIS SECURITY AGREEMENT. FURTHER, THE DEBTOR HEREBY CERTIFIES THAT NO REPRESENTATIVE OR AGENT OF SECURED PARTY, NOR SECURED PARTY’S COUNSEL, HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SECURED PARTY WOULD NOT SEEK TO ENFORCE THIS WAIVER OF RIGHT TO JURY TRIAL PROVISION IN THE EVENT OF LITIGATION. NO REPRESENTATIVE OR AGENT OF SECURED PARTY, NOR SECURED PARTY’S COUNSEL, HAS THE AUTHORITY TO WAIVE, CONDITION OR MODIFY THIS PROVISION.

(SIGNATURES ON FOLLOWING PAGE)

SIGNATURE PAGE FOR SECURITY AGREEMENT

The parties have signed this Security Agreement under seal as of the day and year first above written. 

	
					
	 
	 
	The Goldfield Corporation, a Delaware corporation

	WITNESS:
	 
	 

	 
	 

	 
	/s/ Melissa A. Munson
	 
	By:
	/s/ Stephen R. Wherry

	 
	 
	 
	 
	Stephen R. Wherry, Senior Vice President

	 
	 
	 
	 
	 

	 
	/s/ Barry Forbes
	 
	 
	 

	 
	 
	 
	 
	 

	
					
	 
	 
	 

	 
	 
	Southeast Power Corporation, a Florida corporation

	WITNESS:
	 

	 
	 

	 
	/s/ Melissa A. Munson
	 
	By:
	/s/ Stephen R. Wherry

	 
	 
	 
	 
	Stephen R. Wherry, Vice President

	 
	 
	 
	 
	 

	 
	/s/ Barry Forbes
	 
	 
	 

	 
	 
	 
	 
	 

	
					
	 
	 
	 

	 
	 
	Power Corporation of America, a Florida corporation

	WITNESS:
	 
	 

	 
	 

	 
	/s/ Melissa A. Munson
	 
	By:
	/s/ Stephen R. Wherry

	 
	 
	 
	 
	Stephen R. Wherry, Vice President

	 
	 
	 
	 
	 

	 
	/s/ Barry Forbes
	 
	 
	 

	 
	 
	 
	 
	 

	
					
	 
	 
	Bayswater Development Corporation, a Florida corporation

	WITNESS:
	 
	 

	 
	 

	 
	/s/ Melissa A. Munson
	 
	By:
	/s/ Stephen R. Wherry

	 
	 
	 
	 
	Stephen R. Wherry, Vice President

	 
	 
	 
	 
	 

	

	/s/ Barry Forbes
	 
	 
	 

	 
	 
	 
	 
	 

	
					
	 
	 
	 

	 
	 
	Pineapple House of Brevard, Inc., a Florida corporation

	WITNESS:
	 
	 

	 
	 

	 
	/s/ Melissa A. Munson
	 
	By:
	/s/ Stephen R. Wherry

	 
	 
	 
	 
	Stephen R. Wherry, Vice President

	 
	 
	 
	 
	 

	 
	/s/ Barry Forbes
	 
	 
	 

	 
	 
	 
	 
	 

	
					
	 
	 
	 

	 
	 
	C and C Power Line, Inc., a Florida corporation

	WITNESS:
	 
	 

	 
	 

	 
	/s/ Melissa A. Munson
	 
	By:
	/s/ Stephen R. Wherry

	 
	 
	 
	 
	Stephen R. Wherry, Authorized Signer

	 
	 
	 
	 
	 

	 
	/s/ Barry Forbes
	 
	 
	 

	 
	 
	 
	 
	 

	
					
	

	 
	 
	 
	 

	 
	 
	 

	 
	 
	Precision Foundations, Inc.

	WITNESS:
	 
	 

	 
	 

	 
	/s/ Melissa A. Munson
	 
	By:
	/s/ Stephen R. Wherry

	 
	 
	 
	 
	Stephen R. Wherry, Vice President

	 
	 
	 
	 
	 

	 
	/s/ Barry Forbes
	 
	 
	 

	 
	 
	 
	 
	 

	
					
	 
	 
	Branch Banking and Trust Company

	WITNESS:
	 
	 

	 
	 

	 
	/s/ Stephen R. Wherry
	 
	By:
	/s/ Barry Forbes

	 
	 
	 
	 
	Barry Forbes, Sr. Vice President

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	/s/ Melissa A. MunsonExhibit

Exhibit 10-5

BB&T
GUARANTY AGREEMENT

BRANCH BANKING AND TRUST COMPANY                                     Date: June 9th, 2017

As an inducement to Branch Banking and Trust Company ("Bank"), having a branch office at 158 N. Harbor City Boulevard, Suite 401, Melbourne, Florida 32935 to extend credit to and to otherwise deal with The Goldfield Corporation ("Borrower"), and in consideration thereof, the undersigned (the “Guarantor” and each of the undersigned Guarantors, jointly and severally, if more than one) hereby unconditionally guarantees to Bank and its successors and assigns the due and punctual payment of any and all notes, drafts, debts, ACH obligations and liabilities, primary or secondary (whether by way of endorsement or otherwise), of Borrower, at any time, whether now existing or hereafter incurred with or held by Bank, together with interest, as and when the same become due and payable, and whether by acceleration or otherwise (collectively, the “Obligations”), in accordance with the terms of the Obligations including all renewals, extensions and modifications thereof.  This Guaranty is a guarantee of payment and not of collection.

To secure the Obligations, the Guarantor hereby grants to bank a security interest in all of the Guarantor’s deposit accounts maintained with Bank, and Bank shall also at all times have the right of set-off against any such deposit account in the same manner and to the same extent that the right of set-off may exist against the Borrower.  The Guarantor hereby subordinates any and all indebtedness of Borrower now or hereafter owed to the Guarantor to the Obligations, and agrees with Bank that the Guarantor shall not demand payment of principal or interest from Borrower, shall not claim any offset or other reduction of the Obligations because of any such indebtedness and shall not take any action to obtain any of the security described in and encumbered by the documents evidencing Obligations (“Loan Documents”); provided, however, that, if Bank so requests, such indebtedness shall be collected, enforced and received by the Guarantor as trustee for Bank and shall be paid over to Bank on account of the Obligations, but without reducing or affecting any manner the liability of the Guarantor under the other provisions of this Guaranty Agreement. 

Guarantor understands and agrees that an Obligation may be accepted or created with Bank at any time and from time to time without notice to Guarantor and Guarantor hereby expressly waives presentment, demand, protest, and notice of dishonor of any such Obligation. 

Bank may receive and accept as collateral from time to time any securities or other property for the Obligations, and may surrender, compromise, exchange and release such collateral or any part thereof at any time without notice and without in any manner affecting the obligation and liability of the Guarantor hereunder.  Bank shall have no obligation to protect, perfect, secure or insure any security interests, liens or encumbrances in any collateral now or hereafter held for the Obligations. 

Notwithstanding anything to the contrary herein, any person that does not qualify as an Eligible Contract Participant (as defined in the Commodity Exchange Act, as amended) or otherwise does not qualify as an “indirect proprietorship” pursuant to the rules of the Commodity Futures Trading Commission, shall not be deemed a party to any guaranty of any swap agreement with Bank entered into or modified on or after October 12, 2012, and shall not be liable for any swap obligations to Bank arising from such swap agreement. The foregoing exclusion shall have no effect on any other obligation of such person to Bank under this Guaranty.

In the event of the occurrence of a “Default” or “Event of Default’ otherwise relation to the Obligations or evidenced or secured by ay of the other Loan Documents or relating to the transactions contemplated by the Loan Documents; all rights powers and remedies available to Bank in such event shall be non-exclusive and cumulative of all other rights, powers and remedies provided thereunder or hereunder or by law or in equity.  Accordingly, the Guarantor hereby authorizes and empowers Bank upon the occurrence of Default or Event of Default under the Note(s) or Loan Documents, at its sole discretion, and except as otherwise provided herein, without notice to Guarantor, to exercise and cause to be exercised any right or remedy which Bank may have, including, but not limited to, judicial foreclosure, acceptance of a deed or assignment in lieu of foreclosure, appointment of a receiver to collect rents and profits, exercise of remedies against personal property, or enforcement of any assignment of leases, rents, profits, accounts and certificates of deposit, or any other security, whether real, personal or tangible or intangible.  At any public or private sale of any security or collateral for any indebtedness or any part hereof guaranteed hereby, whether by foreclosure or otherwise, Bank, may in its discretion, purchase all of any part of such security or collateral so sold or offered for sale for its own account and may apply against the amount bid therefor the balance due it pursuant to the Note(s) or any of the other Loan Documents without prejudice to Bank’s remedies hereunder against Guarantor for deficiencies or if allowed by applicable law.  If the Obligations are partially paid by reason of the election of Bank, its successors, endorsees or assigns, to pursue any of the remedies available to Bank or if the Obligations are otherwise partially paid, then this Guaranty shall nevertheless remain in full force and effect, and the Guarantor shall remain liable for the entire balance of the Obligations, even though any rights which Guarantor may have against Borrower may be destroyed or diminished by the exercise of any such remedy.  

This obligation of the Guarantor hereunder shall be a primary and not a secondary obligation and liability, payable immediately upon demand without recourse first having been obtained by Bank against the Borrower or any other guarantor or obligor, and without first resorting to any collateral held by Bank for the Obligations.  The Guarantor hereby waives the benefit of all provisions of law, for stay or delay of execution or sale of any property or other satisfaction of judgment against the Guarantor until judgment is obtained against the Borrower and execution thereon returned unsatisfied, or until it is determined that the Borrower has no property or assets available for the satisfaction of the Obligations, or until any other proceedings can be completed. Guarantor hereby agrees to indemnify Bank for all costs of collection, including but not limited to the costs of repossession, appraisal, foreclosure, all attorneys' fees reasonably incurred and all court costs incurred by Bank should Bank first be required by the Guarantor to resort to any collateral held by the Bank or to obtain execution or other satisfaction of a judgment against the Borrower for the Obligations. The Guarantor further agrees that the Guarantor is responsible for any part of the Obligations which have been paid by the Borrower to Bank and which the Bank is subsequently required to return to the Borrower or a trustee for the Borrower in any bankruptcy or insolvency proceeding.  Guarantor agrees that it shall not have any right of subrogation, reimbursement or indemnity whatsoever, nor any right of recourse to bank’s collateral for Obligations unless and until all of Obligations of the Borrower have been paid in full.  The Guarantor hereby waives, to the extent avoidable under any provision of the Bankruptcy Code, any right arising upon payment by the Guarantor of any obligation under this Guaranty to assert a claim against the bankruptcy estate of the Borrower.

In addition to the other waivers set forth elsewhere in this Guaranty, the Guarantor hereby waives and agrees not to assert or take advantage of (a) if allowed by applicable law, the defense of the statute of limitations in any action hereunder or for the collection of the Obligations or the performance of any Obligation; (b) any defense that may arise by reason of the incapacity, lack of authority, death or disability of Guarantor, Borrower, or any other party or entity, or the failure of Bank to file or enforce a claim against the estate (either in administration, bankruptcy or any other proceeding) of Borrower or any other party or entity; (c) any defense based upon the failure of Bank to give notice of the existence, creation, or incurring of any new or additional indebtedness or obligation 

ACCOUNT #9660933082/NOTE #00010          1 of 4                    Initials:  SRW 
1457FL (1301) NB

or the failure of Bank to give notice of any action or non-action on the part of any other party whosoever, in connection with any Obligation, including without limitation the release of any other guarantor; (d) any defense based upon an election of remedies by Bank which destroys or otherwise impairs any subrogation rights of Guarantor to proceed against Borrower for reimbursement, or both; (e) any defense based upon failure of Bank to commence an action against Borrower or any other guarantor of the Obligations; (f) any duty of the part of Bank to disclose to the Guarantor any fact that is may know or hereafter know regarding Borrower; (g) acceptance or notice of acceptance of this Guaranty by Bank; (h) as stated above, notice of presentment and demand for payment or performance of the Obligations or performance of any except as otherwise require in this Guaranty; (i) as set forth above, protest and notice of dishonor or of default to the Guarantor or to any other party with respect to the indebtedness or performance of obligations hereby guaranteed; (j) except as otherwise provided herein, any and all other notices whatsoever to which the Guarantor might otherwise be entitled; (k) any defense based on lack of due diligence by the Bank and the collection, protection or realization upon any collateral securing the Obligations; (l) any transfer by Borrower of all or any part of the security for the Obligations; and (m) any other legal or equitable defenses whatsoever to which the Guarantor might be entitled, to the extent permitted by law, unless such defenses are based upon the willful misconduct of the Bank. 

This Guaranty is unlimited and applies to all indebtedness of Borrower, whether now existing or hereafter arising, including without limitation all obligations of the Borrower to Bank in connection with any transfer of funds through the ACH System.

To secure the payment of all Obligations and in addition to the security interest granted to Bank in its deposit accounts, the Guarantor hereby grants a security interest and lien in the following property owned by the Guarantor: 
	
	
	

         (i)           Accounts, including all contract rights;
        (ii)           Equipment and Machinery, including all Accessions thereto, and all manufacturers’ warranties, parts and tools therefore;
        (iii)          Vehicles; 
        (iv)          Supporting Obligations; 
        (v)           to the extent not listed above as original collateral, all proceeds (cash and non-cash) and products of the foregoing.

 (the "Collateral").

The Guarantor agrees to execute and deliver to Bank any security agreement, deed of trust, mortgage, UCC financing statement, or other document required by the Bank in order to perfect and protect its security interest or lien in the Collateral.  This document shall constitute a security agreement under the Uniform Commercial Code of Florida ("Code"), and in addition to having all other legal rights and remedies, the Bank shall have all rights and remedies of a secured party under the Code.

This Guaranty shall inure to the benefit of Bank, its successors and assigns, and the owners and holders of any of the Obligations, and shall remain in force until a written notice revoking it has been received by Bank; but such revocation shall not release Guarantor from liability to Bank, its successors and assigns, or the owners and holders of any of Obligations, for any Obligation of the Borrower which is hereby guaranteed and then in existence or from any renewals, extensions or modifications thereof in whole or in part, whether such renewals, extensions or modifications are made before or after such revocation, with or without notice to the Guarantor.  The Guarantor waives presentment, demand, protest and notices of every kind and assents to any one or more extensions, modifications, renewals or postponements of the time or amount of payment or any other indulgences given to Borrower.  The Guarantor shall be responsible for and shall reimburse the Bank for all costs and expenses (including reasonable attorneys' fees) incurred by the Bank in connection with the enforcement of this Guaranty or the protection or preservation of any right or claim of the Bank in connection herewith, including without limitation costs and expenses incurred by the Bank in connection with its attempts to collect the Obligations.

If the Borrower is a corporation, this instrument covers all indebtedness, obligations and liabilities to Bank purporting to be made or undertaken on behalf of such corporation by any such officer or agent of said corporation without regard to the actual authority of such officer or agent.  The term "corporation" shall include associations of all kinds and all purported corporations, whether correctly and legally chartered and organized.

The Guarantor hereby warrants and represents to Bank that: (i) this Guaranty is enforceable against it in accordance with its terms; (ii) the execution and delivery of this Guaranty does not violate or constitute a breach of any agreement to which the Guarantor is a party; (iii) there is no litigation, claim, action or proceeding pending or, to the best knowledge of Guarantor, threatened against it which would materially adversely affect the financial condition of Guarantor or its ability to fulfill its obligations hereunder; (iv) that it has knowledge of the Borrower's financial condition and affairs; and (v) unless otherwise required in a Loan Agreement, if applicable, as long as any Obligations remain outstanding or as long as Bank remains obligated to make advances, the Guarantor shall furnish annually, as requested, an updated annual report of The Goldfield Corporation and Subsidiaries as filed with the Securities and Exchange Commission, which, when delivered shall be the property of Bank.

This Guaranty is made in and shall be construed in accordance with the laws and judicial decisions of the State of Florida. The Guarantor agrees that any dispute arising out of this Guaranty shall be adjudicated in either the state or federal courts of Florida and in no other forum.  For that purpose, the Guarantor hereby submits to the jurisdiction of the state and/or federal courts of Florida. The Guarantor waives any defense that venue is not proper for any action brought in any federal or state court in the State of Florida. 

UNLESS EXPRESSLY PROHIBITED BY APPLICABLE LAW, GUARANTOR HEREBY WAIVES THE RIGHT TO TRIAL BY JURY OF ANY MATTERS OR CLAIMS ARISING OUT OF THIS GUARANTY OR ANY OF THE LOAN DOCUMENTS EXECUTED BY THE BORROWER IN CONNECTION HEREWITH OR OUT OF THE CONDUCT OF THE RELATIONSHIP BETWEEN THE BORROWER OR GUARANTOR AND BANK.  THIS PROVISION IS A MATERIAL INDUCEMENT FOR BANK TO EXTEND CREDIT TO BORROWER. GUARANTOR HEREBY CERTIFIES THAT NO REPRESENTATIVE OR AGENT OF BANK, NOR BANK’S COUNSEL, HAS REPRESENTED THAT BANK WOULD NOT SEEK TO ENFORCE THIS WAIVER OF RIGHT TO JURY TRIAL PROVISION AND THAT NO REPRESENTATIVE OR AGENT OF BANK, NOR BANK’S COUNSEL, HAS THE AUTHORITY TO WAIVE, CONDITION OR MODIFY THIS PROVISION.
                                                                                          

ACCOUNT #9660933082/NOTE #00010          2 of 4                    Initials:  SRW 
1457FL (1301) NB

GUARANTY SIGNATURE PAGE

Witness the signature and seal of each of the undersigned Guarantors.   

                                                                                                GUARANTORS:

	
					
	 
	 
	

	 
	 
	Southeast Power Corporation, a Florida corporation

	WITNESS:
	 
	 

	 
	 

	 
	/s/ Denise Diaz
	 
	By:
	/s/ Stephen R. Wherry

	 
	 
	 
	 
	Stephen R. Wherry, Vice President

	 
	 
	 
	 
	 

	 
	/s/ Barry Forbes
	 
	 
	 

	 
	 
	 
	 
	 

	
					
	 
	 
	 

	 
	 
	Power Corporation of America, a Florida corporation

	WITNESS:
	 
	 

	 
	 

	 
	/s/ Denise Diaz
	 
	By:
	/s/ Stephen R. Wherry

	 
	 
	 
	 
	Stephen R. Wherry, Vice President

	 
	 
	 
	 
	 

	 
	/s/ Barry Forbes
	 
	 
	 

	 
	 
	 
	 
	 

	
					
	 
	 
	 

	 
	 
	Bayswater Development Corporation, a Florida corporation

	WITNESS:
	 
	 

	 
	 

	 
	/s/ Denise Diaz
	 
	By:
	/s/ Stephen R. Wherry

	 
	 
	 
	 
	Stephen R. Wherry, Vice President

	 
	 
	 
	 
	 

	 
	/s/ Barry Forbes
	 
	 
	 

	 
	 
	 
	 
	 

	
					
	 
	 
	 

	 
	 
	Pineapple House of Brevard, Inc., a Florida corporation

	WITNESS:
	 
	 

	 
	 

	 
	/s/ Denise Diaz
	 
	By:
	/s/ Stephen R. Wherry

	 
	 
	 
	 
	Stephen R. Wherry, Vice President

	 
	 
	 
	 
	 

	 
	/s/ Barry Forbes
	 
	 
	 

ACCOUNT #9660933082/NOTE #00010          3 of 4                    Initials:  SRW 
1457FL (1301) NB

	
					
	 
	 
	 

	 
	 
	C and C Power Line, Inc., a Florida corporation

	WITNESS:
	 
	 

	 
	 

	 
	/s/ Denise Diaz
	 
	By:
	/s/ Stephen R. Wherry

	 
	 
	 
	 
	Stephen R. Wherry, Authorized Signer

	 
	 
	 
	 
	 

	 
	/s/ Barry Forbes
	 
	 
	 

	 
	 
	 
	 
	 

	
					
	 
	 
	 

	 
	 
	Precision Foundations, Inc., a Florida corporation

	WITNESS:
	 
	 

	 
	 

	 
	/s/ Denise Diaz
	 
	By:
	/s/ Stephen R. Wherry

	 
	 
	 
	 
	Stephen R. Wherry, Vice President

	 
	 
	 
	 
	 

	 
	/s/ Barry Forbes
	 
	 
	 

	 
	 
	 
	 
	 

Acknowledgments

	
				
	STATE OF  FLORIDA

	CITY/COUNTY OF BREVARD      to-wit:

	 

	

I HEREBY CERTIFY, that on this 9th day of June, 2017, before me, the undersigned, a Notary Public of the State aforesaid, personally appeared Stephen R. Wherry, who acknowledged himself to be the Vice President of Southeast Power Corporation, Vice President of Power Corporation of America, Vice President of Bayswater Development Corporation, Vice President of Pineapple House of Brevard, Inc., Vice President of Precision Foundations, Inc and Authorized Signer of C and C Power Line, Inc., who is personally known to me, or has been satisfactorily proven to be, the person whose name is subscribed to the foregoing instrument, and he acknowledged that he, being so authorized to do, executed the foregoing instrument for the purposes therein contained as the duly authorized officer or signer of said respective corporation.

Given under my hand and official seal this 9th day of June, 2017.

	 

	(SEAL)
	/s/ Melissa A. Munson
	(SEAL)

	 
	Notary Public
	 

	 
	My Commission Expires:
	5/21/2020
	 

ACCOUNT #9660933082/NOTE #00010          4 of 4                    Initials:  SRW 
1457FL (1301) NB

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