Document:

Document

Exhibit 10.2

CHANGE IN TERMS AGREEMENT

																								
	Principal	Loan Date	Maturity
	Loan No
	Call / Coll	Account
	Officer
	Initials
	$15,000,000.00	09-12-2018	02-28-2023
	4061111013
	Note #1000
	823
	

			
	References in the boxes above are for Lender's use only and do not limit the applicability of this document to any particular loan or item.
Any item above containing "***" has been omitted due to text length limitations.

												
	Borrower:
	Hancock Park Corporate Income, Inc., a Maryland corporation
10 South Wacker Drive, Suite 2500
Chicago, IL  60606
	Lender:
	Pacific Western Bank
Los Angeles Real Estate and Construction
9701 Wilshire Boulevard, Suite 700
Beverly Hills, CA  90212

			
	

						
	Principal Amount:  $15,000,000.00
	Date of Agreement:  February 17, 2021

DESCRIPTION OF EXISTING INDEBTEDNESS.  
Promissory Note dated September 12, 2018 in the original principal amount of $10,000,000.00 as modified by a Change in Terms Agreement dated September 9, 2019; together with all renewals, extensions and modifications related thereto (the "Note").
DESCRIPTION OF COLLATERAL.  
A Commercial Security Agreement dated September 9, 2019, granting Lender a security interest in all business assets.
DESCRIPTION OF CHANGE IN TERMS.  
This Change In Terms Agreement ("Agreement") is entered into by Borrower and is effective on the latter of (i) its acceptance by Lender, (ii) the satisfaction of all conditions precedent to effectiveness (if any), or (iii) as of the Date of the Agreement set forth above.  Borrower agrees that the terms of the Note, and any other Related Documents described herein, are hereby modified by the terms of this Agreement.  To the extent any provision of this Agreement conflicts with the provisions of the Note, or any other Related Documents described herein, then the provisions of this Agreement shall control.
1.  The Note is hereby modified as follows:
a)  Effective as of the date of this Agreement, the floor rate is amended as further described in the Variable Interest Rate paragraph of this Agreement; and
b)  The Maturity Date is hereby extended from February 28, 2021 to February 28, 2023.  Borrower shall make regular payments as further outlined in this Agreement.
2.  An Amendment Number One to Business Loan Agreement and other Related Documents of even date is executed concurrently with this Agreement.
PAYMENT.  Borrower will pay this loan in one payment of all outstanding principal plus all accrued unpaid interest on February 28, 2023.  In addition, Borrower will pay regular monthly payments of all accrued unpaid interest due as of each payment date, beginning February 28, 2021, with all subsequent interest payments to be due on the same day of each month after that.
VARIABLE INTEREST RATE.  The interest rate on this loan is subject to change from time to time based on changes in an independent index which is the Wall Street Journal Prime Rate (the "Index").  The Index is not necessarily the lowest rate charged by Lender on its loans.  If the Index becomes unavailable during the term of this loan, Lender may designate a substitute index after notifying Borrower.  Lender will tell Borrower the current Index rate upon Borrower's request.  The interest rate change will not occur more often than each day.  Borrower understands that Lender may make loans based on other rates as well.  The Index currently is 3.250% per annum.  Interest on the unpaid principal balance of this loan will be calculated as described in the "INTEREST CALCULATION METHOD" paragraph using a rate of 0.750 percentage points over the Index, adjusted if necessary for any minimum and maximum rate limitations described below, resulting in an initial rate of 5.250%.  NOTICE:  Under no circumstances will the interest rate on this loan be less than 5.250% per annum or more than the maximum rate allowed by applicable law.
INTEREST CALCULATION METHOD.  Interest on this loan is computed on a 365/360 basis; that is, by applying the ratio of the interest rate over a year of 360 days, multiplied by the outstanding principal balance, multiplied by the actual number of days the principal balance is outstanding.  All interest payable under this loan is computed using this method.
CONTINUING VALIDITY.  Except as expressly changed by this Agreement, the terms of the original obligation or obligations, including all agreements evidenced or securing the obligation(s), remain unchanged and in full force and effect.  Consent by Lender to this Agreement does not waive Lender's right to strict performance of the obligation(s) as changed, nor obligate Lender to make any future change in terms.  Nothing in this Agreement will constitute a satisfaction of the obligation(s).  It is the intention of Lender to retain as liable parties all makers and endorsers of the original obligation(s), including accommodation parties, unless a party is expressly released by Lender in writing.  Any maker or endorser, including accommodation makers, will not be released by virtue of this Agreement.  If any person who signed the original obligation does not sign this Agreement below, then all persons signing below acknowledge that this Agreement is given conditionally, based on the representation to Lender that the non-signing party consents to the changes and provisions of this Agreement or otherwise will not be released by it.  This waiver applies not only to any initial extension, modification or release, but also to all such subsequent actions.
INTEGRATION. The parties agree that (a) this Agreement and the Business Loan Agreement, which governs the Note, together with all of the Related Documents, represents the final agreement between the parties, and therefore incorporates all negotiations of the parties hereto (b) there are no unwritten oral agreements between the parties, and (c) this Agreement may not be contradicted by evidence of any prior, contemporaneous, or subsequent oral agreements or understandings of the parties.

CHANGE IN TERMS AGREEMENT
Loan No: 4061111013                                                                                      (Continued)                                                                                                          Page 2
			
	

 

PRIOR TO SIGNING THIS AGREEMENT, BORROWER READ AND UNDERSTOOD ALL THE PROVISIONS OF THIS AGREEMENT, INCLUDING THE VARIABLE INTEREST RATE PROVISIONS.  BORROWER AGREES TO THE TERMS OF THE AGREEMENT.

BORROWER:
HANCOCK PARK CORPORATE INCOME, INC., A MARYLAND CORPORATION

By: /s/ Jeffrey A. Cerny
Jeffrey A. Cerny, Chief Financial Officer of Hancock Park Corporate Income, Inc., a Maryland corporationExhibit 10.1 Second Amending Agreement dated February 15, 2021 by and between JR Resources Corp. and Dakota Territory Resource Corp

 

Exhibit 10.1

 

AMENDING AGREEMENT #2

 

This Amending Agreement #2 (the “Agreement”) is made as of the 15th day of February, 2021, by and between Dakota Territory Resource Corp, a Nevada corporation (the “Company”), and JR Resources Corp., a Nevada corporation (“JR”). 

 

WHEREAS, on May 26, 2020 the Company and JR entered into an agreement (the “Original Agreement”), pursuant to which the Company granted a subscription right to JR to purchase from the Company a certain amount of Shares. 

 

WHEREAS, on October 15, 2020 the Company and JR entered into an amending agreement (the “Amending Agreement”) pursuant to which JR exercised in part its right to purchase Shares pursuant to the Original Agreement for an Investment Amount of $10,450,000, and the parties agreed to extend the term of the Original Agreement until February 15, 2021. 

 

WHEREAS, the Company and JR desire to extend the term of the Original Agreement until March 17, 2021.

 

NOW, THEREFORE, in consideration of the mutual covenants contained in this Agreement, and for other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged and agreed is beneficial for both parties, the Company and JR agree as follows:

 

Section 1 Amendment to Original Agreement. 

 

The Original Agreement is hereby amended as follows, to be effective as of the date hereof:

 

(1)The definition of “Termination Date” in Section 1.1. is amended and restated in its entirety as follows: 

 

“Termination Date” shall mean 5:00 p.m. Vancouver time on March 17, 2021, being the date the right to purchase Shares under this Agreement expires, unless such right to purchase Shares is terminated prior thereto by (i) mutual agreement of JR and the Company or (ii) the purchase by JR of the maximum number of Shares as provided for in this Agreement.

 

(2)Section 7.15 is amended and restated in its entirety as follows: 

 

Termination. This Agreement, and all rights and obligations hereunder, shall terminate at 5:00 Vancouver time on March 17, 2021, and thereafter, this Agreement shall terminate, become null and void and be of no further force or effect.

 

Section 2 Reference to and Effect on the Original Agreement. 

 

(1)Except as expressly set forth herein, this Agreement shall not, by implication or otherwise, limit, impair, constitute a waiver of or otherwise affect the rights and remedies of any party under the Original Agreement, and shall not alter, modify or amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Original Agreement, the Amending Agreement or the Transaction Documents. Capitalized terms used herein without definition have the same meanings as in the Original Agreement (as may have been modified in the Amending Agreement).  

 

(2)This Agreement is incorporated by reference in, and forms an integral part of, the Original Agreement and Amending Agreement. Upon execution of this Agreement, each reference in the Original Agreement and Amending Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or words of like import shall mean and be a reference to the Original Agreement as amended by the Amending Agreement and hereby, and each reference to the Original Agreement and Amending Agreement in any other document, instrument or agreement executed and/or delivered in connection with the Original Agreement and Amending Agreement shall mean and be a reference to the Original Agreement and Amending Agreement as amended hereby. 

 

(3)The Original Agreement and Amending Agreement (each as amended hereby) and the Transaction Documents shall remain in full force and effect, other than those provisions amended pursuant to Section 1 of this Agreement. 

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Section 3 Miscellaneous  

 

(1)Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes. 

 

(2)Further Assurances. From and after the date of this Agreement, upon the reasonable request of either JR or the Company, the respective parties shall execute and deliver such instruments, documents, or other writings as may be reasonably necessary or desirable to confirm and carry out and to effectuate fully the intent and purposes of this Agreement.  

 

(3)Construction. The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect any of the provisions hereof. The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no rules of strict construction will be applied against any party. This Agreement shall be construed as if drafted jointly by the parties, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provisions of this Agreement.  

 

(4)Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by the provisions set forth in the Original Agreement and Amending Agreement.  

 

(5)Severability. Should any one or more of the provisions of this Agreement be determined to be illegal or unenforceable, all other provisions of this Agreement shall be given effect separately from the provision or provisions determined to be illegal or unenforceable and shall not be effected thereby. 

 

(6)Entire Agreement. This Agreement, the Original Agreement and Amending Agreement constitute the full and entire understanding and agreement between the parties with respect to the subject matter hereof. 

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK.

 

SIGNATURE PAGES FOLLOW.]

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

 

	DAKOTA TERRITORY RESOURCE CORP.

	 

	By:

	/s/ Gerald M. Aberle, Chief Executive Officer

	 

	Gerald M. Aberle, Chief Executive Officer 

 

	JR RESOURCES CORP.

	 

	By:

	Jonathan T. Awde, Chief Executive Officer

	 

	Jonathan T. Awde, Chief Executive Officer 

	 

	 

 

 

SIGNATURE PAGE FOR AMENDING AGREEMENT #2

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