Document:

Exhibit 10.96

 

LETTER
AGREEMENT MODIFYING THE TERMS OF CERTAIN

LOAN
DOCUMENTS BY AND AMONG GREAT WESTERN BANK,

LENDER,
TOWER TECH SYSTEMS INC., BORROWER,

AND
BROADWIND ENERGY, INC., GUARANTOR

 

This Letter Agreement (“Agreement”) dated April 28,
2009, by and among Great Western Bank (“Lender”), Tower Tech Systems Inc.
(“Borrower”) and Broadwind Energy, Inc. (“Guarantor”) is intended to
modify certain terms, provisions, and conditions of certain loan documents (the
“Loan Documents”), each dated of even date herewith, executed in connection
with that certain construction loan (the “Loan”) being made by Lender to
Borrower for the purpose of constructing a manufacturing facility in Brandon,
South Dakota (the “Project”) on land legally described on Exhibit A attached
hereto. Repayment of the Loan is to be guarantied by Guarantor to the extent
provided in the Guaranty.

 

The Loan Documents being hereby modified, each dated of even date
herewith, are as follows:

 

·        
Promissory Note

·        
Construction Loan Agreement between the Borrower and
the Lender (the “Loan Agreement”);

·        
Mortgage —  Collateral
Real Estate Mortgage — 180 Day Redemption from the Borrower to the Lender (the
“Mortage”);

·        
Commercial Guaranty from the Guarantor to the Lender
(“Guaranty”); and

·        
Commercial Security Agreement from the Borrower to the
Lender (the “Security Agreement”).

 

Modification to Promissory Note

 

The sentence headed Change in
Ownership on page 1 is deleted in its entirety.

 

Modifications to Construction Loan Agreement

 

1.    The paragraph on page 1
headed NO CONSTRUCTION PRIOR TO RECORDING OF
SECURITY DOCUMENT is deleted in its entirety and replaced with the
following:

 

Borrower represents and warrants to Lender that as
of the date of this Construction Loan Agreement, there are no unpaid invoices
in Borrower’s possession from any party which could claim a mechanic’s or
materialman’s lien in connection with the Project or the Property. Borrower
further covenants and agrees that it shall pay when due all such invoices which
are later received by it and shall cooperate with and assist Lender in
obtaining lien waivers from any such party which could claim a mechanic’s or
materialman’s lien in connection with the Project or the Property.

 

2.     The representations by
Borrower on page 1 in the paragraph under the heading Properties is limited to Borrower’s
properties in Brandon, South Dakota.

 

 

3.     The first line on page 1
in the paragraph under the heading Hazardous
Substances is revised to read as follows:

 

Except as disclosed to and acknowledged by Lender in
writing, and except in compliance with Environmental Laws, Borrower represents
and warrants that: (1) During the

 

The remainder of that
paragraph remains the same.

 

4.     Under the paragraph headed CONDITIONS PRECEDENT TO EACH ADVANCE on
page 2, Lender and Borrower acknowledge there is no Architect or
Architect’s Contract.

 

5.     The last line of the
paragraph headed Project Claims and Litigation shall
have added to it the words “in each case, of which the Borrower has actual
knowledge.”

 

6.     On page 5, the paragraphs
under the headings Indebtedness and Liens
and Loans, Acquisitions and Guaranties are
deleted in their entirety.

 

7.     On page 5, under the
heading Purchase of Materials; Conditional Sales
Contracts, Lender agrees that it will subordinate its interest in the
Security Agreement, as evidenced by an amendment to the Financing Statement,
with respect to specific items of equipment, adequately described and not
financed by Lender and used in the Project.

 

8.     On page 5, under the
heading Indemnity, Borrower’s obligation to
indemnify under this paragraph shall not apply to claims arising as a result of
or due to Lender’s negligence or willful misconduct.

 

9.     The sentence headed Change in Ownership on page 6 is
deleted in its entirety.

 

Modifications to Mortgage

 

1.     All references on page 2
of the Mortgage to “Personal Property” are deleted.

 

2.     Each of the clauses under
the heading Compliance With Environmental Laws
is modified to provide that such actions are only a violation of the
requirements under that heading if they are or were in violation of
Environmental Laws.

 

3.     Lender agrees that the
requirement to provide Annual Reports, and the form thereof, as required on page 12
of the Mortgage, shall be fulfilled by providing Lender with public filings
made on behalf of the Borrower with the Securities and Exchange Commission.

 

Modifications
to Commercial Guaranty

 

1.     On page 1 of the
Guaranty, under the heading GUARANTOR’S
REPRESENTATIONS AND WARRANTIES, in clause E, the words at the end “,
or any interest therein” are deleted.

 

2

 

2.     On page 1 of the
Guaranty, under the heading GUARANTOR’S
REPRESENTATIONS AND WARRANTIES, the requirements of clause F shall
be satisfied by providing Lender with public filings made by the Guarantor with
the Securities and Exchange Commission.

 

Modifications
to Security Agreement

 

1.     On page 1, under the heading All Fixtures, the clause labeled B is
hereby deleted.

 

2.     On page 1, at the end
of the section under the heading All Fixtures,
the final sentence shall read “All of the Collateral will be located
on the following described real estate.”

 

Miscellaneous

 

Lender and Borrower agree that Borrower may convert up to $6,500,000 of
the outstanding balance of the Loan to a term loan, at its sole option, upon
written notice (the “Conversion Notice”) to Lender given prior to January 5,
2010, provided Borrower is not in default under the Note or any of the other
Loan Documents. The Conversion Notice shall state the date upon which the
conversion shall be effective, which date shall be no later than January 1,
2010. Such term loan shall provide for a maturity date not less than
seventy-eight (78) months from the date on which the term loan is originated.
The new note shall be fully amortized over the term of the note and shall bear
interest at an annual rate not to exceed 8.5%. Any outstanding balance of the
Loan in excess of $6,500,000 shall be repaid in full prior to its conversion to
a term loan. Following the conversion to a term loan, Lender shall retain its
security position in regard to the Collateral given as security for the Loan,
except for the sum of $2,000,000 in the Deposit Account held by Lender, which
sum and the assignment of the deposit account therefor shall be released by Lender
to Borrower. At the time of originating the term loan, Borrower shall pay
Lender a 1.0% origination fee. All such other terms and conditions as are usual
and customary in transactions of this sort shall be mutually agreed upon by
Borrower and Lender.

 

The loan commitment dated January 21, 2009, from Lender to
Borrower and accepted by Borrower on February 6, 2009, is hereby merged
into the Loan Documents and shall not survive the execution thereof.

 

IN WITNESS WHEREOF, Lender, Borrower and
Guarantor have entered into this Letter Agreement this 28 day of April, 2009.

 

The
remainder of this page is intentionally left blank.

 

Signature page follows.

 

3

 

	
  LENDER:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  GREAT
  WESTERN BANK

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:  

  	
  /s/ Gerald E.
  Kruger

  	
   

  	
   

  
	
  Gerald E. Kruger  

  	
   

  	
   

  
	
  Senior
  Vice President

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  BORROWER:

  	
   

  	
  GUARANTOR:

  
	
   

  	
   

  	
   

  
	
  TOWER
  TECH SYSTEMS INC.

  	
   

  	
  BROADWIND
  ENERGY, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:  

  	
  /s/ Steve
  Huntington

  	
   

  	
  By:  

  	
  /s/ J. Cameron
  Drecoll

  
	
  Steven
  Huntington, Chief Financial Officer

  	
   

  	
  J.
  Cameron Drecoll, Chief Executive Officer

  

 

4

 

EXHIBIT A

TO

LETTER AGREEMENT MODIFYING THE TERMS OF CERTAIN

LOAN DOCUMENTS BY AND AMONG GREAT WESTERN BANK,

LENDER, TOWER TECH SYSTEMS INC., BORROWER,

AND BROADWIND ENERGY, INC., GUARANTOR

 

Lot
Three (3), Block One (1), Corson Development Park Addition to the City of
Brandon, Minnehaha County, South Dakota,Unassociated Document

    AMENDMENT
TO SHARE PURCHASE AGREEMENT

    

    This
AMENDMENT TO SHARE PURCHASE AGREEMENT (this “Amendment”), dated as of June 29,
2009, is made by and between ANEMOS MARITIME HOLDINGS INC. (the “Seller”), a
wholly-owned subsidiary of Navios Maritime Holdings Inc. (“NMHI”) and a
corporation organized under the laws of the Republic of the Marshall Islands,
and NAVIOS MARITIME PARTNERS L.P. (the “Buyer,” and together with Seller, the
“Parties”), a limited partnership organized under the laws of the Republic of
the Marshall Islands.

     

    WITNESSETH:

     

    WHEREAS,
the Parties are currently parties to that certain Share Purchase Agreement,
dated as of November 16, 2007 (the “Share Purchase Agreement”);

     

    WHEREAS, Buyer, NMHI, Navios GP
L.L.C., a Marshall Islands limited liability company, and Navios Maritime
Operating L.L.C., a Marshall Islands limited liability company (together, the
“Navios Entities”), are currently parties to that certain Omnibus Agreement,
dated as of November 16, 2007 (the “Omnibus Agreement”); and

     

    WHEREAS,
the Parties and the other Navios Entities desire to amend the Share Purchase
Agreement, as set forth herein, and the Omnibus Agreement, as set forth in that
certain Amendment to Omnibus Agreement, dated of even date herewith, in
consideration for the issuance by Buyer to NMHI of 1,000,000 Subordinated Series
A Units of the Buyer pursuant to that certain Subscription Agreement, dated June
9, 2009, attached hereto as Exhibit A;
capitalized terms used herein and not otherwise defined shall have the meanings
given such terms in the Share Purchase Agreement.

     

    NOW,
THEREFORE, in consideration of the premises and the mutual covenants contained
herein and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Parties hereby agree as
follows:

     

    1.        The
first recital of the Share Purchase Agreement is hereby deleted in its entirety
and replaced by the following:

     

    “WHEREAS,
the Buyer may wish to purchase from the Seller, and the Seller wishes to sell to
the Buyer, subject to the terms and conditions set forth herein, the shares of
common stock as set forth on Schedule C to this Agreement (the “Shares”)
representing all of the issued and outstanding shares of common stock of the
vessel owning subsidiary that will take delivery of the Capesize vessel (the
“Vessel”) as set forth in Schedule A hereto (the “Vessel Owning
Subsidiary”).”

     

    2.        The
following definitions are hereby added to Section 1.01 of the Share Purchase
Agreement:

     

    “Election Notice” has
the meaning given to it in Section 2.01(b); and

     

    “Notice Period” means
the term commencing at 12:01 am, New York time, on June 29, 2009 and ending at
11:59 pm, New York time on June 29, 2010;

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    3.        Article
II of the Share Purchase Agreement is hereby deleted in its entirety and
replaced by the following:

     

    “ARTICLE II

     

    Purchase and Sale of Shares;
Closing

     

    SECTION
2.01  Purchase and Sale of
Shares.

     

    (a)           The
Seller agrees to sell and transfer to the Buyer, and, subject to the provisions
of Section 2.01(b), the Buyer agrees to purchase from the Seller for the
Purchase Price and in accordance with and subject to the terms and conditions
set forth in this Agreement, the Shares.

     

    (b)           Notwithstanding
the provisions of Section 2.01(a), the Buyer shall not be obligated to purchase
the Shares from the Seller unless the Buyer shall have delivered to the Seller
at any time during the Notice Period a written notice indicating an affirmative
election to purchase the Shares (“Election Notice”). The Buyer shall have the
sole discretion to determine whether to deliver an Election Notice to the
Seller. If the Election Notice has not been delivered by the Buyer to the Seller
at any time during the Notice Period, any and all rights and obligations of the
Buyer and the Seller set forth in this Agreement shall expire and terminate upon
the expiration of the Notice Period.

     

               SECTION
2.02  Closing. On the terms
and subject to the conditions of this Agreement, the sale and transfer of the
Shares and payment of the Purchase Price shall take place on a date that is
within five (5) Business Days of the delivery of the Election Notice by the
Buyer to the Seller as set forth in Section 2.01(b) or on such other date as may
be agreed upon in writing by the Seller and the Buyer (the “Time of Closing”);
provided that
if any such sale and transfer of the Shares is scheduled to occur on the
Delivery Date, the Time of Closing must be after the registration of the Vessel
in the name of the Vessel Owning Subsidiary. The sale and transfer of the Shares
is hereinafter referred to as the “Closing.”

     

    SECTION
2.03  Place
of Closing. The Closing shall occur at a place agreed upon in writing by
the Seller and the Buyer.

     

    SECTION
2.04  Purchase Price for the
Shares. At the Time of Closing, the Buyer shall pay to the Seller (to
such account as the Seller shall nominate) the amount set out on Schedule B
across from the Vessel Owning Subsidiary’s name, for the Shares (the “Purchase
Price”).

     

    SECTION
2.05  Payment of the Purchase
Price. The Purchase Price will be paid by the Buyer to the Seller by wire
transfer of immediately available funds to an account designated in writing by
the Seller.

     

    SECTION
2.06  [Intentionally omitted.]”

     

    4.         Section
8.02(d) of the Share Purchase Agreement is hereby deleted in its entirety and
replaced by the following:

     

    “(d)           “the
Buyer shall have obtained the funds necessary to consummate the purchase and
sale of the Shares, to refinance all indebtedness the Buyer is required to
refinance as a result of the purchase and sale of the Shares and to pay all
related fees and expenses;”

     

    3.         Section
8.02(f) of the Share Purchase Agreement is hereby deleted in its entirety and
replaced by the following:

     

    “(f)       the
Buyer shall have delivered the Election Notice to the Seller during the Notice
Period; and

     

    (g)           all
proceedings to be taken in connection with the transaction contemplated by this
Agreement and all documents incidental thereto shall be reasonably satisfactory
in form and substance to the Buyer and its counsel, and the Buyer shall have
received copies of all such documents and other evidence as it or its counsel
may reasonably request in order to establish the consummation of such
transaction and the taking of all proceedings in connection
therewith.”

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    4.         Section
9.01 of the Share Purchase Agreement is hereby deleted in its entirety and
replaced by the  following:

     

    “SECTION
9.01  Termination of
Agreement. Notwithstanding anything to the contrary in this Agreement,
this Agreement may be terminated and the purchase and sale of the Vessel Owning
Subsidiary contemplated by this Agreement abandoned at any time prior to the
Closing:

     

    (a)          by
mutual written consent of the Seller and the Buyer;

     

    (b)         without
any further action by either the Buyer or the Seller if, by the expiration of
the Notice Period, the Election Notice has not been delivered by the Buyer to
the Seller at any time during the Notice Period;

     

    (c)          by
the Seller if any of the conditions set forth in Section 8.01 shall have become
incapable of fulfillment, and shall not have been waived by the Seller;
or

     

    (d)          by
the Buyer if any of the conditions set forth in Section 8.02 shall have become
incapable of fulfillment, and shall not have been waived by the
Buyer.

     

    provided, however, that the
party seeking termination pursuant to clause (c) or (d) is not then in material
breach of any of its representations, warranties, covenants or agreements
contained in this Agreement.”

     

    5.         Section
9.02(b) of the Share Purchase Agreement is hereby deleted in its entirety and
replaced by the  following:

     

    “(b)           [Intentionally
omitted.]”

     

    6.         Schedule
B of the Share Purchase Agreement is hereby deleted in its entirety and replaced
with Exhibit B
hereto.

     

    7.        Except
as modified by this Amendment, all other terms and conditions in the Share
Purchase Agreement shall remain in full force and effect.

     

    8.         Unless
the context otherwise requires, the Share Purchase Agreement and this Amendment
shall be read together and shall have effect as if the provisions of the Share
Purchase Agreement and this Amendment were contained in one
agreement.  After the effective date of this Amendment, all references
in the Share Purchase Agreement to “this Agreement,” “hereto,” “hereof,”
“hereunder” or words of like import referring to the Share Purchase Agreement
shall mean the Share Purchase Agreement as amended by this
Amendment.

     

    9.        This
Amendment may be executed in separate counterparts, all of which taken together
shall constitute a single instrument.

     

    10.      This
Amendment shall be governed by, and construed in accordance with, the laws of
the Republic of the Marshall Islands applicable to contracts made and to be
performed wholly within such jurisdiction without giving effect to conflict of
law principles thereof, except to the extent that it is mandatory that the law
of some other jurisdiction, such as wherein the Vessel is located, shall
apply.

     

    [The remainder of this page has been
intentionally left blank]

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    IN WITNESS WHEREOF, the
parties hereto have executed this Amendment as of the day and year first above
written.

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            	 	ANEMOS
      MARITIME HOLDINGS INC.	 
	 	 	 	 
	
                                     

                                  	
                                    By:
      

                                  	/s/ George Akhniotis	 
	 	Name:	George
      Akhniotis	 
	 	Title: 	Director/President	 
	 	 	 	 
	 	 	 	 
	 	NAVIOS
      MARITIME PARTNERS L.P.	 
	 	 	 	 
	 	By:	/s/ Michael McClure	 
	 	Name: 	Michael
      McClure	 
	 	Title: 	Chief
      Financial Officer	 

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    

    Exhibit
A

    SUBSCRIPTION
AGREEMENT

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

     Exhibit B

    

    SCHEDULE
B

     

    PURCHASE
PRICE

     

    
      
        	
                Vessel Owning Subsidiary

              	 
      	
                Purchase Price

                (U.S. Dollars)

              	 
      
	
                Nostos
      Shipmanagement Corp.

              	 
      	
                $

              	
                125,000,000

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