Document:

Keystone Consolidated Industries, Inc. - 10Q - 03-31-2007 - Exhibit 4.1

    Exhibit
      4.1

     

    

     

    FIRST
      AMENDMENT TO LOAN AGREEMENT

     

    This
      First Amendment to Loan Agreement (this"Amendment")
      is
      dated
      as of April 4, 2007,
      and
      is by and between KEYSTONE
      CONSOLIDATED INDUSTRIES, INC., a
      Delaware
      corporation (the "Company")
      and
      THE
      COUNTY OF PEORIA, ILLINOIS (the
      "Lender").

     

     

    WITNESSETH:

     

    WHEREAS,
      the Company and the Lender are parties to that certain Loan Agreement
dated
      as
      of March 13, 2002 (the same, as it may be amended, restated, modified or
      supplemented and
      in
      effect from time to time, the "Loan
      Agreement") under
      which the Lender made a $10,000,000
      term loan to the Company; and

     

    WHEREAS,
      the parties have agreed to amend the Loan Agreement in certain respects, as
      more
      fully set forth herein;

     

    NOW,
      THEREFORE, the parties hereto hereby agree as follows:

     

    1.  Definitions. Capitalized
      terms used in this Amendment and not otherwise defined herein are used with
      the
      meanings given such terms in the Loan Agreement.

     

    2.  Amendment.
      The
      Loan
      Agreement is hereby amended by amending and restating
      Section
      3.2 of
      the
      Loan Agreement:

     

    3.2.
      Maturity
      Date. Unless
      the same shall become due earlier as a result
      of
      acceleration of the maturity, the Loan shall mature on June 1, 2007 (the
      "Maturity Date"), at which time the outstanding principal balance and all
      accrued interest,
      if any, of the Loan shall become due and payable.

     

    3.  Conditions
      to Effectiveness. This
      Amendment shall become effective on the date
      (the
"Amendment
      Effective Date") on
      which
      the Company and the Lender shall have each executed
      and delivered this Amendment to the other party.

     

    4.  Representation
      and Warranties. To
      induce
      the Lender to enter into this Amendment,
      the Company hereby represents and warrants to the Lender as of the Amendment
      Effective
      Date that:

     

    (a)  The
      Company has the corporate power and authority, and the legal right, to
      make
      and deliver this Amendment and to perform all of its obligations under the
      Loan
Agreement,
      as amended by this Amendment, and has taken all necessary corporate action
      to
      authorize the execution and delivery of this Amendment and the performance
      of
      the Note,
      the
      Mortgage, or Security Agreement, as so amended.

     

    (b)  When
      executed and delivered, this Amendment and the Loan Agreement, as
      amended by this Amendment, will constitute legal, valid and binding obligations
      of the Company,
      enforceable against it, in accordance with its terms, except as affected by
      bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and
      other similar
      laws relating to or affecting the enforcement of creditors' rights generally,
      general equitable
      principles (whether considered in a proceeding in equity or at law) and an
      implied
      covenant of good faith and fair dealing.
       

    

    

    
      
        
        

      

      
        -1-

        
          

        

      

      
        
        

      

    

    (c)
      The
      representations and warranties made by the Company in the Loan Agreement
      are true and correct in all material respects on and as of the Amendment
Effective
      Date, before and after giving effect to the effectiveness of this Amendment,
      as
if
      made
      on and- as of the Amendment Effective Date, other than those that relate to
      an
earlier
      or specific date.

     

    5.  Miscellaneous.

     

    (a)  The
      Company hereby agrees to pay all of the Lender's reasonable attorneys'
      fees and expenses related to this Amendment.

     

    (b)  This
      Amendment may be executed in one or more counterparts, each of which
      shall be deemed to be an original, but all of which shall together constitute
      but one and the same document.

     

    (c)  This
      Amendment shall be binding upon and inure to the benefit of the parties
      hereto and their respective successors and assigns.

     

    (d)  Section
      captions and headings used in this Amendment are for convenience only and are
      not part of and shall not affect the construction of this Amendment.

     

    (e)  This
      Amendment shall be a contract made under and governed by the laws of
      the
      State of Illinois, without regard to conflict of laws principles. Whenever
      possible, each provision of this Amendment shall be interpreted in such a manner
      as to be effective and
      valid
      under applicable law, but if any provision of this Amendment shall be
prohibited
      by or invalid under such law, such provision shall be ineffective to the extent
      of
      such
      prohibition or invalidity, without invalidating the remainder of such provision
      or the
      remaining provisions of this Amendment.

     

    (f)  No
      promises, either expressed or implied, exist between the Company and
the
      Lender unless contained herein. This Amendment supersedes all negotiations,
      commitments, term sheets, discussions, negotiations, offers or contracts (of
      any
      kind or nature,
      whether oral or written) prior to or contemporaneous with the execution hereof
      with
      respect to any matter, directly or indirectly related to the terms of this
      Amendment. The
      execution and delivery of this Amendment by the Lender shall not create any
      obligation
      for the Lender to execute and deliver any future amendment, modification or
      supplement
      of the Loan Agreement in the future.

     

     

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

     

    (g)  From
      and
      after the date of execution of this Amendment, any reference to the
      Loan
      Agreement contained in any notice, request, certificate or other instrument,
      document
      or agreement executed concurrently with or after the execution and delivery
      of
this
      Amendment shall be deemed to include this
      Amendment unless the context shall otherwise
      require.

    (h)
      Except as expressly set forth herein, nothing in this Amendment is intended
      to or shall be deemed to have amended the Loan Agreement, which is hereby
      reaffirmed, as amended, in all respects. Notwithstanding anything contained
      herein, the terms
      of
      this Amendment are not intended to and do not serve to effect a novation as
      to
the
      Loan
      Agreement. The parties hereto expressly do not intend to extinguish the Loan
      Agreement. Instead, it is the express intention of the parties hereto to
      reaffirm the indebtedness
      created under the Loan Agreement which is evidenced by the Note and secured
      by the collateral referred to in the Mortgage and the Security Agreement. The
      Loan
      Agreement, as amended hereby, and each of the Note, the Mortgage, and Security
      Agreement
      remain in full force and effect and are hereby reaffirmed in all
      respects.

     

     

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

     

     

    IN
      WITNESS WHEREOF, the parties have executed this Amendment as of the date first
      set forth above.

     

    KEYSTONE
      CONSOLIDATED INDUSTRIES, INC., a
      Delaware corporation

     

    By:/s/
      Bert E.
      Downing                                

     

    Its
      :Vice
      Present and Chief Financial Officer 

    

    THE
      COUNTY OF PEORIA, ILLINOIS

    

    By:/s/
      Patrick
      Urich                                      

     

    Its:County
      Administrator                             

     

    
      
        
        

      

      
        -4-EXHIBIT 10.2

    AMENDMENT
      NO. 1

    TO

    PURCHASE
      AGREEMENT AND ESCROW INSTRUCTIONS

    

     

     

    DATED: Dated
      for
      reference purpose only as of March 20, 2007.

     

    PARTIES: This
      Amendment No. 1 to Purchase Agreement and Escrow Instructions (this “Amendment”)
      is between COST-U-LESS, INC., a Washington corporation, as “Seller”,
      and
      SERIES B, LLC, an Arizona limited liability company, as “Buyer”.

     

    WHEREAS,
      Seller and Buyer are parties to that certain Purchase Agreement and Escrow
      Instructions, dated December 21, 2006 (the “PSA”), concerning certain improved
      property located at 4300 Sion Farm, Christiansted, St. Croix, USVI 00820, as
      legally described therein; and

     

    WHEREAS,
      Seller and Buyer desire to amend the PSA as set forth herein.

     

    NOW
      THEREFORE, Seller and Buyer hereby agree as follows:

     

    
      	
              1.

            	
              The
                following shall be added as a new section (Section 57) of the Lease
                Form
                attached to the PSA as Exhibit E:

            

    

     

    57. Power
      House Encroachment.
      Reference is hereby made to the ALTA/ACSM Land Title Survey of Plot No.’s 4-Q,
      4-M & Road Plot No. 4-O, Estate Sion Farm, Christiansted Jurisdiction, Queen
      Quarter, St. Croix, United States Virgin Islands, dated February 5, 2007 (the
      “Survey”), prepared by Survey Services Company, LLC, and to the masonry building
      (which is also referred to as “One Sty. Masonry Power House” on Pages 2 and 3 of
      the Survey)(the “Power House”) referenced in the “List of Encroachments” on Page
      1 of the Survey (which reads, in part, as follows: “1) A masonry building
      located along the west line of Plot No. 4-Q is 9.2’ into A Portion of the
      Remainder of Plot No. 4-J.”).

     

    Lessee
      hereby agrees that, within one (1) year after the Effective Date and at Lessee’s
      expense, Lessee shall either:

     

    
      	 	
              (a)

            	
              relocate
                the “Power House” so that no part of the Power House will be located on
                any part of “Easement ‘B’” or Plot No. 4-J identified on the Survey; or
                

            

    

     

    
      	 	
              (b)

            	
              obtain
                from (i) the owner of Plot No. 4-J an easement to permit the continued
                presence of the Power House at its current location for a term and
                upon
                conditions reasonably acceptable to Lessor; and
                (ii) 

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	
            	
               

            	
              obtain
                a waiver of the encroachment from the holder of the easement rights
                to
                “Easement ‘B’” and “Easement ‘C’” referenced
                above.

            

    

     

     

    
      	
              2.

            	
              Seller
                and Buyer acknowledge and agree that (i) the PSA has not been amended
                or modified except by this Amendment and by the e-mail extensions
                of
                certain dates referenced in Sections 6 and 17 of the PSA, under which
                the
                COE (as such term is defined in the PSA) shall be on or before 5
                p.m. MST
                on March 26, 2007, or such earlier date as Buyer and Seller may choose
                by
                mutual Agreement; (ii) the PSA is in full force and effect; and
                (iii) except as expressly amended hereby and by the above-referenced
                e-mail extensions, all of the terms and conditions of the PSA shall
                remain
                in full force and effect.

            

    

     

    
      	
              3.

            	
              This
                Amendment may be executed by facsimile and/or in any number of
                counterparts. Each party may rely upon any facsimile or counterpart
                copy
                as if it were one original
                document.

            

    

     

    IN
      WITNESS WHEREOF, Seller and Buyer have executed this Amendment as of the first
      above written.

     

    SELLER: COST-U-LESS,
      INC., a Washington corporation

     

    By:
      /s/Martin
      Moore 

    Name:
      Martin Moore 

    Title:
      VP-CFO 

    

    

     

    BUYER: SERIES
      B,
      LLC, an Arizona limited liability
      company

     

     

    By:
      /s/
      John M. Pons 

    John
      M.
      Pons

    Its
      Authorized Officer

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