Document:

iretexhibit101-60222012.htm

  

  

  

Exhibit 10.1

 

THIRD AMENDMENT TO LOAN AGREEMENT

THIS THIRD AMENDMENT TO LOAN AGREEMENT (this “Third Amendment”) is made effective as of June 15, 2012, by and between IRET PROPERTIES, A NORTH DAKOTA LIMITED PARTNERSHIP, a North Dakota limited partnership (the “Borrower”), and FIRST INTERNATIONAL BANK & TRUST, a North Dakota state bank (the “Lender”).

RECITALS

A. Borrower and Lender are parties to that certain Loan Agreement, dated August 12, 2010 (as amended, the “Loan Agreement”), providing for a revolving credit facility from the Lender to the Borrower (the “Loan”), which is evidenced by that certain Revolving Promissory Note, dated August 12, 2010, payable to the Lender in the amount of the Loan (the “Note”).

 

B. Borrower and Lender entered into that First Amendment to Loan Agreement, dated August 25, 2011 and that Second Amendment to Loan Agreement, dated November 8, 2011, by which the parties modified certain terms and conditions of the Loan Agreement.

 

C. Borrower and Lender wish to amend the Loan Agreement as provided herein.

 

NOW THEREFORE, in consideration of the premises and their mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

1. Definitions.  Unless the context clearly requires otherwise, capitalized terms used herein and not defined herein shall have the meanings given to them in the Loan Agreement.

 

2. Amendment to Loan Agreement.  The term “Revolving Interest Rate” as used in the Loan Agreement and defined in Section 1.01 therein is hereby deleted in its entirety and restated as follows:

 

“Revolving Interest Rate” – The annual rate of interest that shall at all times be equal to the Prime Rate plus one and one quarter percent (1.25%).  The Revolving Interest Rate shall change on the effective date of any change in the Prime Rate.  Except as otherwise provided herein, the Revolving Interest Rate will never be less than 5.15% per annum and will never be greater than 8.65% per annum.  Notwithstanding the foregoing, from and after the occurrence of any Default or Event of Default and continuing thereafter until such Default or
Event of Default shall be remedied to the written satisfaction of the Lender, the Revolving Interest Rate shall, at the election of the Lender, be that rate of interest that would otherwise be then in effect plus four percent (4.0%) per annum.  The Lender may lend to its customers at rates that are at, above, or below the Revolving Interest Rate.

 

3. Conditions Precedent.  This Third Amendment shall be subject to the condition precedent that the Lender shall have received the following, each satisfactory to the Lender in form and substance:

 

(a) This Third Amendment, duly executed by the Borrower;

 

(b) Satisfactory evidence that all corporate and other proceedings that are necessary in connection with this Third Amendment have been taken to the Lender’s and its counsel’s reasonable satisfaction;

 

(c) Such other information and documents as may reasonably be required by the Lender and its counsel in connection with this Third Amendment; and

 

(d) Payment of all of Lender’s fees and costs associated with this Third Amendment.

 

  

  

  

4. No Other Amendments Intended.  Except as specifically provided herein, no other amendment of the Loan Documents is intended and all other terms and conditions of the Loan Documents shall remain in full force and effect and shall not be modified or released in any way by this Third Amendment.  Borrower hereby ratifies and reaffirms all of Borrower’s obligations under the Loan Documents as amended hereby.

 

5. No Impairment of Lien.  Any and all collateral described in the Mortgages and the transactions contemplated thereunder and thereby shall remain subject to the lien, charge or encumbrance of such Mortgages, and nothing in this Third Amendment shall affect the lien of any of the Mortgages or other Loan Documents on such collateral or the priority of such liens over any other liens, charges, encumbrances or conveyances, nor release or change the liability of any party who may now be or after the
date of this Third Amendment, become liable, primarily or secondarily, under the Loan Documents.  Borrower agrees to execute any instruments Lender reasonably determines to be necessary to maintain a perfected security interest in any of such collateral.

 

6. Representations and Warranties of Borrower.

 

(a) Qualification of Undersigned.  The undersigned officer of Borrower is duly qualified and acting in such official capacity on behalf of Borrower, is familiar with the facts herein represented and warranted, and is duly authorized to represent and warrant the same and make this Third Amendment.

(b) Representations and Warranties in Loan Documents.  The representations and warranties of the Borrower contained in the Loan Agreement and the other Loan Documents are true and correct in all material respects as of the date first written above (as if such representations and warranties were made effective as of the date first written above).

(c) Organizational Documents.  The Organizational Documents constitute all of the organizational documents of Borrower and are in full force and effect and have not been amended or modified.

(d) Power to Perform.  Borrower has the power, under the Organizational Documents, to enter into this Third Amendment and to perform the obligations required to be performed by Borrower under the terms of this Third Amendment.

(e) Due Authorization.  The execution, delivery and performance by Borrower of this Third Amendment has been duly authorized by all necessary action on the part of Borrower.  This Third Amendment has been duly executed and delivered on behalf of Borrower and, assuming the due execution and delivery of this Third Amendment by the Lender, constitutes the legal, valid and binding obligation of Borrower enforceable against Borrower in accordance with its terms, except as such enforceability may be limited by
applicable bankruptcy, insolvency, reorganization, moratorium or similar laws or equitable principles affecting the enforcement of creditors’ rights generally.  No registration with, or consent or approval of, or notice to, or other action by: (i) any trustee or holder of any indebtedness or obligation of Borrower; or (ii) any other person for the execution, delivery and performance of this Third Amendment by Borrower is required or, if required, such registration has been made, such consent, approval or notice given, or such other appropriate action taken.

(f) No Defenses.  Borrower hereby represents and warrants that: (i) as of the date hereof, it has no defenses or rights of setoff against the enforcement by the Lender of its obligations under the Loan Documents; and (ii) no events have occurred which, with the giving of notice or passage of time, or both, would entitle it to any such defenses or rights of setoff.

(g) Financial Information.  The financial statements heretofore delivered to Lender in connection with the Loan Documents, including this Third Amendment, are true and correct in all material respects and fairly present the financial condition of the subjects thereof, and there have been no material adverse changes in the condition or prospects, financial or otherwise, of the subjects thereof since the dates of such financial statements.

  

  

  

(g) Lender Not in Default.  Lender is not in default under the Loan Documents or any instrument executed in connection with the Loan Documents, and no condition exists which, with the giving of notice or lapse of time, or both, would constitute a default by Lender thereunder.  Any default or purported default of Lender in connection with the Loan Documents arising prior to the execution
of this Third Amendment, whether known or unknown, is waived by Borrower.

7. Release.  In consideration of the covenants of this Third Amendment, Borrower hereby releases and discharges Lender, and each of its predecessors, successors and assigns, and each and all of its or their directors, officers, employees, attorneys, accountants, consultants, and other agents, of and from any and all claims, causes of action, obligations, costs, damages, judgments, and liabilities, of whatever kind or nature, in law, equity or otherwise, whether known or unknown, which it may have
had or now has, in connection with the Loan to and including the date of this Third Amendment.  This release shall be binding upon the Borrower and its subsidiary and affiliated entities and all trustees and receivers.  Borrower acknowledges that it has entered into the foregoing release freely and voluntarily upon its own information and investigation and after consultation with legal counsel of its own choosing.  The foregoing release shall operate as a full and complete release between and among the parties notwithstanding the discovery of any different or additional facts.

 

8. Expenses.  Borrower agrees to reimburse Lender upon demand for all reasonable out-of-pocket expenses incurred by Lender in connection with the Loan, the Loan Documents and this Third Amendment including, but not limited to, legal expenses and attorneys’ fees sustained by Lender in connection with the preparation of this Third Amendment, the administration of the Loan or the exercise of any right or remedy available to Lender under the Loan Documents as amended hereby (whether or not suit is
commenced) or otherwise at law or in equity.

 

(Signature pages follow.)

  

  

  

BORROWER’S SIGNATURE PAGE

TO

THIRD AMENDMENT TO LOAN AGREEMENT

IN WITNESS WHEREOF, the parties have caused this Third Amendment to be executed by their duly authorized representatives as of the day and year first set forth above.

	  	
BORROWER:

	  	  
	  	
IRET PROPERTIES, A NORTH DAKOTA LIMITED PARTNERSHIP,

a North Dakota limited partnership

	  	  
	  	
BY:  ITS GENERAL PARTNER:

	  	  
	  	
IRET, INC.,

a North Dakota corporation

 

	  	  
	  	
By: /s/ Michael A. Bosh

	  	
Name:  Michael A. Bosh

Its:  Senior Vice President and Assistant Secretary

  

  

  

LENDER’S SIGNATURE PAGE

TO

THIRD AMENDMENT TO LOAN AGREEMENT

IN WITNESS WHEREOF, the parties have caused this Third Amendment to be executed by their duly authorized representatives as of the day and year first set forth above.

	  	
LENDER:

	  	  
	  	
FIRST INTERNATIONAL BANK & TRUST,

a North Dakota state bank

	  	  
	  	
By: /s/ Stacey J. Diehl

	  	
Stacey J. Diehl, Senior Vice PresidentExhibit 4.1

 

Series A non-cumulative

Perpetual Preferred Stock

PAR VALUE $0.01

 

THIS CERTIFICATE IS
TRANSFERABLE IN

CANTON, MA AND NEW YORK, NY

 

	
  Certificate
  Number

  	
   

  	
  -[Number of Shares]-

  
	
   

  	
   

  	
  CUSIP 872277 30 6

  

 

SEE REVERSE FOR CERTAIN
DEFINITIONS

 

TCF FINANCIAL
CORPORATION

A Corporation Organized
Under the Laws of the State of Delaware

This certifies that SPECIMEN  is the owner of                               fully
paid and non-assessable shares of Series A non-cumulative perpetual preferred
Stock, par value $0.01 per share, liquidation preference of $25,000 per share,
of 

TCF FINANCIAL
CORPORATION

(the “Corporation”) transferable on the books of
the Corporation by the holder thereof in person or by its duly authorized
attorney, upon surrender of this Certificate properly endorsed. This
Certificate and the shares represented hereby are issued and shall be held
subject to all of the provisions of the Amended and Restated Certificate of
Incorporation and the Bylaws of the Corporation and any amendments thereto. This
Certificate is not valid unless countersigned and registered by the Registrar.

 

IN WITNESS WHEREOF, this Corporation has caused
this Certificate to be executed on its behalf by its duly authorized officers.

 

 

 

	
   

  	
   

  	
  Dated __________, ____

  
	
   

  	
   

  	
   

  COUNTERSIGNED AND REGISTERED:

  
	
  Chief Executive
  Officer

  	
   

  	
  COMPUTERSHARE TRUST COMPANY, N.A.

  
	
   

  	
   

  	
  TRANSFER AGENT AND REGISTRAR,

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By

  
	
  Secretary

  	
   

  	
  AUTHORIZED
  SIGNATURE

  

 

 

 

IMPORTANT NOTICE

The Corporation will
furnish to any stockholder, on request, without charge and in writing, a full
statement of the powers, designations and any preferences, conversion and other
rights, restrictions, limitations as to dividends and other distributions,
qualifications and terms and conditions of redemption of the stock of each
class which the Corporation has authority to issue and, if the Corporation is
authorized to issue any preferred or special class in series, (i) the
differences in the relative rights and preferences between the shares of each
series to the extent set, and (ii) the authority of the Board of Directors to
set such rights and preferences of subsequent series. The foregoing summary
does not purport to be complete and is subject to and qualified in its entirety
by references to the Amended and Restated Certificate of Incorporation of the
Corporation, as amended from time to time, a copy of which will be sent without
charge to each stockholder who so requests. Such request must be made to the
Corporate Secretary of the Corporation at its principal office or to the
Registrar.

 

KEEP THIS
CERTIFICATE IN A SAFE PLACE. IF IT IS LOST, STOLEN OR DESTROYED, THE
CORPORATION WILL REQUIRE A BOND OF INDEMNITY AS A CONDITION TO THE ISSUANCE OF
A REPLACEMENT CERTIFICATE.

 

The following
abbreviations, when used in the inscription on the face of this certificate,
shall be construed as though they were written out in full according to
applicable laws or regulations:

 

TEN
COM - as tenants in common 

TEN
ENT - as tenants by the entireties 

JT
TEN - as joint tenants with right of survivorship and not as tenants in common

UNIF GIFT MIN ACT
-_________ Custodian ___________ under Uniform Gifts to Minors Act _________

                                           
(Cust)                           
(Minor)                                                                   (State)

UNIF TRF MIN ACT -
________Custodian (until age___) _________ under Uniform Transfers to Minors
Act ________

                                       
   (Cust)                                              
(Minor)                                                                       (State)     

 

Additional
abbreviations may also be used though not in the above list.

 

For value received,
_______________ hereby sell, assign and transfer unto 

 

Please
insert social security or other 

identifying
number of assignee

	
   

  	
   

  

(Please Print or Typewrite Name and Address Including
Zip Code, of Assignee) 

 

____________________shares
represented by this Certificate and do hereby irrevocably constitute and
appoint ________________________________­­_____________ Attorney to transfer
the said shares on the books of the Corporation, with full power of substitution
in the premises. 

 

Dated:
_______________, 20___

 

Signature:__________________

 

Signature:__________________

Notice: The signature to this assignment
most correspond with the name as written upon the face of the certificate, in
every particular, without alteration or enlargement or any change whatever.

 

	
  Signature(s)
  Guaranteed: Medallion Guarantee Stamp

  THE SIGNATURE(S)
  SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (Banks,

  Stockbrokers,
  Savings and Loan Associations and Credit Unions) WITH MEMBERSHIP IN AN
  APPROVED

  SIGNATURE
  GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15.

   

  

 

 

The IRS requires that we report the cost basis of certain shares
acquired after January 1, 2011. If your shares were covered by the legislation
and you have sold or transferred the shares and requested a specific cost basis
calculation method, we have processed as requested. If you did not specify a
cost basis calculation method, we have defaulted to the first in, first out
(FIFO) method. Please visit our website or consult your tax advisor if you need
additional information about cost basis.

 

If you do not keep
in contact with us or do not have any activity in your account for the time
periods specified by state law, your property could become subject to state
unclaimed property laws and transferred to the appropriate state.

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