Document:

Unassociated Document

EXHIBIT 10.20

 

SECURED PROMISSORY NOTE

 

 

	US $ 1,300,000	 Date: November 22, 2010

 

FOR VALUE RECEIVED, Global Food Technologies, Inc, a Delaware corporation (“Maker”) promises to pay MUKESH or NIHAR PARIPATYADAR, an individual and resident of the United Kingdom, (“Holder”)  the sum of  One Million Three Hundred Thousand Dollars ($ 1,300,000) in lawful money of the United States of America, in SIX MONTHS from the date of this note entered above (”Maturity Date”). The term may be extended for an additional six months at Holders sole option. Such sum will bear simple interest at the rate of EIGHTEEN (18%) per annum computed on a 365 day year. Interest shall be payable in Common Stock of the Maker at the rate of $2.25 per share and shall be payable at maturity.

 

This note may be prepaid in whole or part at any time without penalty or bonus. However Holder shall still earn the minimum of the interest for the initial term of six months.

 

This note is secured by collateral described in a Security Agreement of even date herewith executed by Maker in favor of Holder.

 

This Note may not be assigned by the Holder without the prior written consent of Maker.

 

This Note is convertible in full or in part into fully-paid and non-assessable shares of Common Stock of Maker, at any time at the option of the Holder. Principal may be converted into shares of Common Stock at the initial conversion price of Two Dollars and Twenty Five Cents ($2.25) per share.

 

The conversion price shall be adjusted for any reclassification or recapitalization of its Common Stock.

 

This note is made and delivered in the State of California and shall be construed and enforced in accordance with and governed by the laws of the State of California. Any action or proceeding relating to this note will be brought exclusively in the State Courts in Kings County, California.

 

IN WITNESS WHEREOF, this Promissory Note is executed on the date first written above.

 

	 
GLOBAL FOOD TECHNOLOGIES, INC.

	 
	 	 	 
	
By: 

	 	 
	 	 
Keith Meeks, President

	 
	 	 
113 Court St, Hanford CA 93230

	 

 

	
 Accepted by:

	  	  
	 	MUKESH PARIPATYADARUnassociated Document

EXHIBIT 10.21

 

SECURITY AGREEMENT

 

This Security Agreement is entered into as of November 22, 2010 by and between Global Food Technologies, Inc ("Grantor") and MUKESH PARIPATYADAR ("Lender").

 

 RECITALS:  Lender has agreed to make a certain Loan (the "Loan") in the amount and manner set forth in that certain Promissory Note by and between Lender and Grantor dated November 22, 2010. Lender is willing to make the Loan to Grantor, but only upon the condition, among others, that Grantor shall grant to Lender a security interest in all of the assets of Grantor. Therefore, Grantor has granted to Lender this security interest in all of Grantor's assets as Collateral for the Loan.

 

Lender represents and Grantor acknowledges that a security interest in all of the Grantor’s assets has been granted as security for a loan with a principal balance of $250,000 issued in April 2006 and is a superior claim on the Collateral.

 

NOW, THEREFORE, for good and valuable consideration, receipt of which is hereby acknowledged, and intending to be legally bound, as collateral security for the prompt and complete payment when due of its obligations under the Loan Agreement, Grantor hereby represents, warrants, covenants and agrees as follows:

 

 AGREEMENT To secure its obligations under the Loan Agreement, Grantor grants and pledges to Lender a security interest in all of Grantor's, assets including any intellectual property assets held by Grantor. This security interest is granted in conjunction with the security interest granted to Lender under the Loan Agreement and shall terminate upon payment of all Obligations under the Loan Agreement. The rights and remedies of Lender with respect to the security interest granted hereby are those which are now or hereafter available to Lender as a matter of law or equity. Each right, power and remedy of Lender provided for herein or in the Loan Agreement or any of the Loan Documents, or now or hereafter existing at law or in equity shall be cumulative and concurrent and shall be in addition to every right, power or remedy provided for herein and the exercise by Lender of any one or more of the rights, powers or remedies provided for in this Security Agreement, the Loan Agreement, or now or hereafter existing at law or in equity, shall not preclude the simultaneous or later exercise by any person, including Lender, of any or all other rights, powers or remedies. Upon termination of Lender's security interests hereunder, Lender shall promptly execute and deliver to Borrower a release of Lender's security interests granted hereunder in a form that is recordable, as applicable, and is reasonably acceptable to Grantor and its counsel. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which shall constitute but one instrument.

 

 IN WITNESS WHEREOF, the parties have cause this Security Agreement to be duly executed as of the first date written above.

 

	Grantor:  Global Food Technologies, Inc	Lender:  MUKESH PARIPATYADAR
	 	 
	By	 	 	By	 	 
	 	 	 	 
	 	Keith Meeks, PresidentEXTENSION AGREEMENT

THIS EXTENSION AGREEMENT (this “Agreement”) is made and entered into on the date set forth on the signature page hereto, to be effective as of February 5, 2011 (the “Effective Date”), by and between RALEY HOLDINGS, LLC, a Nevada limited liability company, on its behalf and on behalf of certain participant lenders (“Agent”) and UNITED DEVELOPMENT FUNDING IV, a Maryland real estate investment trust (“Borrower”).

RECITALS:

A.           Agent and certain participants extended a revolving line of credit (the “Loan”) to Borrower pursuant to that certain Secured Line of Credit Promissory Note in the original maximum principal amount of U.S. Eight  Million and NO/100 Dollars ($8,000,000.00), dated as of February 5, 2010, executed and issued by Borrower to Agent and its assigns, as amended on August 10, 2010 and increased to the new maximum principal amount of U.S. Twenty Million and NO/100 Dollars ($20,000,000.00) (as so amended, and as it may be further amended, modified, renewed, extended, or restated from time to time, the “Note”).

B.           The payment and performance of Borrower’s obligations under the Note are secured by a lien and security interest against certain assets of Borrower for which advances are made under the Note (the “Collateral”).

C.           The Loan is evidenced and secured by the following: (i) the Note, (ii) that certain Collateral Assignment of Note and Liens and Security Agreement (the “Security Agreement”), executed by Borrower for the benefit of Agent and its assigns, pursuant to which Borrower has granted to Agent, a security interest in the Collateral, and (iii) all collateral instruments securing the payment and performance of the Note including, without limitation, for each promissory note owned by Borrower covered by the Security Agreement, an allonge in the form attached to the Security Agreement, and, if such promissory note is secured by a deed of trust, a Collateral Assignment of Note, Deed of Trust and Loan Documents and Assumption in the form attached to the Security Agreement, and such other documents, agreements, assignments and instruments as Agent shall require in order to evidence, acknowledge or perfect its security interest in the Collateral, as determined by Agent in its sole discretion (collectively, as each may be amended, modified, renewed, extended, or restated from time to time, the “Collateral Documents”).  This Note, the Security Agreement, the Collateral Documents, all UCC financing statements, amendments thereto and continuation statements filed by or in favor of Agent and its assigns, all Advance Requests (as such term is defined in the Note), and all other instruments, agreements, certificates, assignments and other agreements and documents executed, entered into or delivered by any party in connection with this Note, whether prior to, on or after the Effective Date, are collectively referred to in this Agreement as the “Loan Documents”.

D.           The current Maturity Date of the Note is February 5, 2011, and Borrower has requested that Agent extend the Maturity Date of the Note to February 5, 2012.

E.           Agent is willing to extend the Maturity Date of the Note to February 5, 2012, as further set forth in this Agreement.

AGREEMENT:

NOW, THEREFORE, for and in consideration of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Agent and Borrower agree as follows:

 

Extension Agreement – Raley Holdings, LLC – UDF IV

  

Page 1

 

 

1.           Extension.  The Maturity Date of the Note is hereby extended to February 5, 2012.  All references in the Note to the Maturity Date shall be deemed to refer to the new Maturity Date of February 5, 2012.

2.           Borrower Representations.  Borrower represents and warrants to Agent as follows:

(a)           No event constituting an Event of Default (as defined in the Note) has occurred and is continuing.

(b)           The representations and warranties made in the Note and the other Loan Documents by Borrower and in all certificates and other documents delivered pursuant thereto are true and correct in all material respects.

(c)           All of the covenants and agreements contained in the Note and the other Loan Documents to be complied with and performed by Borrower have been duly complied with and performed in all material respects.

3.           Acknowledgment of Debt.  Borrower acknowledges and agrees that the Loan, as evidenced and secured by the Loan Documents, is a valid and existing indebtedness payable and owing to Agent, and Borrower covenants and agrees to pay the Note, as extended by this Agreement, in accordance with its terms.

4.           Costs.  Borrower agrees to pay all costs and expenses incurred by Agent in connection with the transactions contemplated by this Agreement and the other Loan Documents, including, without limitation, reasonable fees and expenses of legal counsel to Agent.

5.           Ratification; No Waiver.  Borrower hereby represents and agrees that there are no oral agreements which modify any of the Loan Documents, and that the Loan Documents, as expressly modified herein and as previously modified pursuant to the written amendment referenced in the recitals hereto, remain unaltered and in full force and effect and constitute the entire agreement between Borrower and Agent with respect to the Loan.  Nothing herein shall constitute, and there has not otherwise occurred, any extinguishment or release of the obligations and agreements of Borrower under the Note or any of the other Loan Documents, and nothing herein shall constitute, and there has not otherwise occurred, any novation with respect to the Note.  Borrower does hereby expressly ratify and confirm that the liens and security interests created by the Loan Documents are valid and subsisting.  Borrower hereby acknowledges and agrees that Agent has made no agreement, and is in no way obligated, to grant any future extension, indulgence, waiver, or consent or enter into any further agreement or modification with respect to the Loan.

6.           Binding Effect; Assignment. This Agreement shall be binding on and its successors and assigns, including, without limitation, any receiver, trustee or debtor in possession of or for Borrower, and shall inure to the benefit of Agent and its successors and assigns.

7.           Captions; Number or Gender of Words.  The captions in this Agreement are for the convenience of reference only and shall not limit or otherwise affect any of the terms or provisions hereof.  Except where the context indicates otherwise, words in the singular number will include the plural and words in the masculine gender will include the feminine and neutral, and vice versa, when they should so apply.

 

Extension Agreement – Raley Holdings, LLC – UDF IV

  

Page 2

 

 

8.           Counterparts.  This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all of which together shall constitute but one and the same instrument.

9.           Severability.  If any provision of this Agreement shall be held invalid under any applicable laws, then all other terms and provisions of this Agreement and the Loan Documents shall nevertheless remain effective and shall be enforced to the fullest extent permitted by applicable law.

10.           FINAL AGREEMENT.  THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS EMBODY THE FINAL, ENTIRE AGREEMENT AMONG THE PARTIES HERETO AND THERETO AND SUPERSEDE ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS, AND UNDERSTANDINGS, WHETHER WRITTEN OR ORAL, RELATING TO THE SUBJECT MATTER HEREOF AND THEREOF AND MAY NOT BE CONTRADICTED OR VARIED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS OF THE PARTIES HERETO OR THERETO.  THERE ARE NO ORAL AGREEMENTS AMONG THE PARTIES HERETO OR THERETO.  THE PROVISIONS OF THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS MAY BE AMENDED OR WAIVED ONLY BY AN INSTRUMENT IN WRITING SIGNED BY THE RESPECTIVE PARTIES TO SUCH DOCUMENTS.

[The remainder of this page is left blank intentionally.]

 

Extension Agreement – Raley Holdings, LLC – UDF IV

  

Page 3

 

 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement on this the 8th day of February, 2011, to be effective as of the Effective Date.

	
AGENT:

	 
	
RALEY HOLDINGS, LLC,

	
a Nevada limited liability company

	  	  
	
By:

	
/s/ Richard Raley

	
Name: 

	
Richard Raley

	
Title:

	
President and Chief Financial Officer

	  	  
	
BORROWER:

	  
	
UNITED DEVELOPMENT FUNDING IV,

	
a real estate investment trust organized under the laws of

the state of Maryland

	  	  
	
By:

	
/s/ David Hanson

	
Name: 

	
David Hanson

	
Title:

	
Chief Operating Officer

 

Extension Agreement – Raley Holdings, LLC – UDF IV

  

Page 4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00187-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00187-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00187-of-00352.parquet"}]]