Document:

Exhibit 4.4.4

 

MORTGAGEE’S DISCLAIMER AND
CONSENT

 

Dated:  July 17, 2009

 

This MORTGAGEE’S DISCLAIMER
AND CONSENT is made as of the         
day of July, 2009, by the EXCHANGE NATIONAL BANK & TRUST CO. the “Mortgagee”) in favor of WELLS FARGO BANK, NATIONAL
ASSOCIATION (“Wells Fargo”).

 

Preliminary
Statements

 

The City of Atchison,
Kansas, a Kansas municipal corporation (the “City”)
is the owner of certain premises and improvements thereon located in Atchison
County, Kansas and described in Exhibit A attached hereto (the “Premises”).

 

The City issued its Taxable
Industrial Revenue Bonds, Series 2006 (MGP Ingredients Project), in an
aggregate principal amount of $7,000,000 (the “Bonds”), the proceeds
of which were used to pay the costs of acquiring, purchasing, constructing and
equipping a project consisting of an office building and a technical center
facility located on the Premises.

 

Pursuant to the Lease dated
as of December 28, 2006, between the City and MGP Ingredients, Inc.,
a Kansas corporation (“Company”), evidenced by a Notice of
Lease filed with the Register of Deeds of Atchison County, Kansas on January 16,
2007, in Book 559 at Page 137, the City leased the Premises, including all
machinery and equipment financed by the Bonds (the “Equipment”;
together with the Premises, the “Project”) to Company in
consideration for which the City, pursuant to a Trust Indenture dated as of the
issue date of the Bonds (the “Indenture”) between the City and
Trustee, issued the Bonds.

 

By Assignment of Lease dated
December 27, 2006, the City assigned to Trustee, all of the City’s right,
title and interest in the Lease for the purpose of (i) exercising certain
rights of the City under the Lease; and (ii) performing and carrying
out, to the extent directed to do so in the Indenture, any duties and
obligations of the City thereunder.

 

The Company has purchased
and is the sole registered and beneficial owner of the Bonds.

 

Mortgagee has provided
certain financing to Company (the “Exchange Financing”)
secured by Company’s interest (i) under the Lease pursuant to the
Leasehold Mortgage (as defined below), (ii) in the Bonds pursuant to that
certain Pledge and Security Agreement by Company in favor of Mortgagee dated as
of April 15, 2009 (the “Bond Pledge”)
and (iii) in certain real property of Company located in Tazewell County,
Illinois pursuant to that certain Mortgage with Future Advance Clause dated April 14,
2009, and recorded on April 16, 2009, as Document No. 09-8285 in the
real estate records of Tazewell County, Illinois (the 

 

 

“Pekin Mortgage”;
together with the Leasehold Mortgagee, Bond Pledge and each other document
relating to the Mortgagee Financing, the “Exchange Documents”).

 

Now therefore, to induce
Wells Fargo to extend credit and other financial accommodations to or for the
benefit of Company, secured by Company’s property including accounts, chattel
paper, commercial tort claims, deposit accounts, documents, equipment, farm
products, general intangibles, instruments, inventory, investment property,
letter-of-credit rights, letters of credit, money and any other personal
property (collectively, the “Collateral”),
and for other good and valuable consideration, Mortgagee agrees and certifies
as set forth herein.

 

Agreement

 

1.                                       Premises;
Leasehold Mortgage; Pledge.  In connection with the Exchange Financing, (i) Mortgagee
holds a leasehold mortgage lien on the leasehold estate created by the Lease,
pursuant to a that certain Leasehold Mortgage, Security Agreement and Fixture
Filing (as hereafter amended, modified or restated, the “Leasehold
Mortgage”), a true, correct and complete copy of which is attached
hereto as Exhibit B and (ii) Company has pledged to Mortgagee
the Company’s interest as holder of the Bonds pursuant to the Bond Pledge
(collectively, the “Exchange Collateral”).  The Exchange Documents are in full force and
effect and Company is not in default of any provision of the Exchange
Documents.

 

2.                                       Disclaimer;
Limitation of Lien.  Mortgagee
does not own or hold, and hereby releases and disclaims, any title, security
interest, lien, claim or other interest in any Collateral. Notwithstanding the
preceding sentence, Mortgagee does not hereby disclaim any interest in
fixtures, improvements, machinery and equipment which now or in the future
constitute part of the Project, and all substitutions for, changes in or
replacements of the whole or any part thereof, but only to the extent that such
substitutions, changes and replacements constitute a part of the Project.  Mortgagee hereby agrees that the outstanding
principal balance of any financing provided by Mortgagee to Company, including
the Exchange Financing, secured by the Exchange Documents may not exceed
$2,800,000 at any time (which shall not be deemed a limitation on interest,
fees or expenses that are secured by the Financing Documents) and hereby
releases and disclaims, any title, security interest, lien, claim or other
interest in the Lease, Bonds or Collateral which exceeds this aggregate amount.

 

3.                                       Notices to
Wells Fargo.  Mortgagee
shall use its best efforts to promptly notify Wells Fargo as provided herein of
each of the following events:

 

(a)                                  any notice which Mortgagee
may give to Company regarding any breach of the Exchange Documents, or any
termination of Company’s rights to use, lease or possess the Project;

 

(b)                                 any legal action which
Mortgagee may commence to foreclose Company’s interests in the Exchange
Collateral, or to take possession of the Project;

 

2

 

(c)                                  any agreement or proposal
for Company to voluntarily convey to Mortgagee title to all or any portion of
the Exchange Collateral; and

 

(d)                                 Mortgagee, or any receiver
or agent on its behalf, acquires possession of the Project through foreclosure,
voluntary conveyance by Company, court order or otherwise.

 

All notices to Wells Fargo shall be deemed
given when received by Wells Fargo at:

 

Wells Fargo Bank, National
Association

MAC N9312-040

109 South 7th Street, 4th Floor

Minneapolis, MN 55402

Attention: Becky A. Koehler

 

4.                                       Wells Fargo’s
Right to Occupy Project. 
Mortgagee hereby grants Wells Fargo the right to take and remain in
possession of the Project for purposes of holding, processing, manufacturing,
selling, using, storing, liquidating, realizing upon or otherwise disposing of
the Collateral, and for related and incidental purposes, for up to 180 days
from and after the date on which Mortgagee, or any receiver or agent on its
behalf, acquires possession of the Project through foreclosure, voluntary
conveyance, court order or otherwise. 
During the period Wells Fargo occupies the Project, Wells Fargo will pay
Mortgagee a fee of $200 per day or portion thereof.  Wells Fargo shall reimburse Mortgagee for any
physical damage to the Premises actually caused by Wells Fargo during any
period when Wells Fargo is in possession of the Premises.  Mortgagee acknowledges that Wells Fargo shall
not be liable for any diminution in value of the Project during the period of
time in which Wells Fargo has physical possession of the Project.

 

5.                                       Miscellaneous.  This Disclaimer and Consent shall be governed
by and construed in accordance with the substantive laws (other than conflict
laws) of the State of  Kansas.  This Disclaimer and Consent may be executed
in any number of counterparts, each of which shall be an original, but all of
which together shall constitute one instrument. 
No failure on the part of Wells Fargo to exercise, and no delay in
exercising any right, power or remedy hereunder shall operate as a waiver of such
right, power or remedy; nor shall any single or partial exercise of any right,
power or remedy hereunder preclude any other or further exercise of such right,
power or remedy or the exercise of any other right, power or remedy.  This Disclaimer and Consent expresses
completely, exclusively and finally all the agreements, conditions and
covenants of the parties and does not need evidence (written or oral) of prior,
contemporaneous or subsequent statements or representations (express or
implied) to reflect the intentions of the parties.  This Disclaimer and Consent may not be
supplemented or modified except in writing. 
This Disclaimer and Consent inures to the benefit of Wells Fargo and its
participants, successors, and assigns, and binds Mortgagee and its respective
successors and assigns.  Mortgagee will
notify any successor or assign of the terms of this Disclaimer and
Consent.  This Disclaimer and Consent
does not imply a commitment to lend and shall be binding as long as any credit
facility 

 

3

 

remains outstanding, or any obligations of Company
to Wells Fargo remain outstanding or are subject to being set aside, recovered,
rescinded or required to be returned for any reason.  THE PARTIES WAIVE ANY
RIGHT TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING BASED ON OR PERTAINING TO
THIS DISCLAIMER AND CONSENT.

 

9.                                       Preliminary
Statements.  The
preliminary statements set forth above are accurate, represent the intent of
the parties hereto and are incorporated herein by reference.

 

4

 

IN WITNESS WHEREOF, the
undersigned has caused this Mortgagee’s Disclaimer and Consent to be executed
by its respective officer thereunto duly authorized, as of the date first above
written.

 

	
   

  	
  EXCHANGE NATIONAL
  BANK & TRUST CO.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mark Windsor

  
	
   

  	
   

  	
  Name:

  	
  Mark Windsor

  
	
   

  	
   

  	
  Title:

  	
  President

  

 

This instrument was drafted by:

Trevor A. Jenkins

1200 Main Street, Suite 3500

Kansas City, MO 64106

 

 

	
  STATE OF KANSAS

  	
  )

  
	
   

  	
  )

  
	
  COUNTY OF ATCHISON

  	
  )

  
	
   

  	
   

  
	
   

  	
   

  

The foregoing instrument was
acknowledged before me this 17th day of July,
2009, by Mark Windsor, the President of Exchange National Bank & Trust
Co., on behalf of said bank and trust.

 

	
   

  	
   

  	
  /s/ Sandra L. Becker

  
	
   

  	
   

  	
  Notary Public

  

 

 

EXHIBIT A

TO

MORTGAGEE’S DISCLAIMER AND CONSENT

 

The Premises referred to in
the referenced instrument are located in Atchison County, Kansas, and are
described as follows:

 

1

 

EXHIBIT B

TO

MORTGAGEE’S DISCLAIMER AND CONSENT

 

[COPY
OF LEASEHOLD MORTGAGE]

 

1Exhibit 4.4.5

 

ORIGINAL

 

COMMERCIAL LOAN
EXTENSTION AGREEMENT

 

WHEREAS Exchange National Bank & Trust Co. of Atchison (“Lender”)
loaned MGP Ingredients, Inc (“Borrower”) the sum of Two Million Eight Hundred
Thousand Dollars and 00/100 ($2,800,000.00) as evidenced by a note (#6406) and
two mortgages, executed and delivered on April 15, 2009, and are hereby
incorporated herein as a part of this instrument, and

 

WHEREAS, said note has matured on September 3,
2009 with a principal balance of Two Million Eight Hundred Thousand Dollars and
00/100 ($2,800,000.00).

 

THEREFORE, it is hereby agreed that said note be extended until July 5,
2010 at which time the principal balance will then be due, plus accrued
interest. It is further agreed all other respects of said note and mortgage
contract shall remain in full force and effect.

 

AND, the Borrower agrees to pay a one-time
modification fee of $2,500.00.

 

Signed, sealed and delivered on this 3rd day of
September, 2009.

 

	
  EXCHANGE
  NATIONAL BANK & TRUST CO.

  	
  MGP
  INGREDIENTS, INC

  
	
  OF
  ATCHISON

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/
  Mark Windsor

  	
   

  	
  /s/
  Timothy W. Newkirk

  
	
   

  	
  Mark Windsor, President

  	
   

  	
  Timothy
  W Newkirk, President & CEO

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00163-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00163-of-00352.parquet"}]]