Document:

ex101busnote

                                                                                                                                      Exhibit 10.1             BUSINESS                      eFIPCO   W. B. A.         451 (3/15)          11221                    BUSINESS NOTE                                                   Boxes checked are applicable. © 2015 Wisconsin Bankers Association/Distributed by FIPCO® (Use only for business purpose loans)                            Boxes not checked are inapplicable.                                                                                                                              $                                       (MAKER)                                                        (DATE) 1. Promise to Pay and Payment Schedule.      The undersigned ("Maker," whether one or more) promises to pay to the order of                                                                                                   ("Lender") at                                                                   , Wisconsin, the sum of $                                       , plus interest as set forth below, according to the following schedule:   2. Interest. Interest shall accrue before maturity (whether by acceleration or lapse of time) at the stated interest rate(s) identified in section 2(a), (b) or (c) below (each a "stated  interest  rate"), as applicable, on the unpaid principal balance, calculated as provided in section 2(g) or (h), as applicable, below: [Check (a), (b) or (c); only one shall apply.] (a)    Fixed Interest Rate                   % (b)    Stepped Fixed Interest Rate.      n a/   % until                  a/n              and       a/n  % thereafter.  (c)    Variable Interest Rate. The stated interest rate is variable and will adjust to equal the Index Rate (as defined below), plus  minus     percentage points. However, the stated interest rate shall not exceed          % and shall not be less than            % and until the first change date     described below the stated interest rate shall be         %. The stated interest rate shall be adjusted on the change dates provided below. The "Index     Rate" is:                                                                                                                                                            .     The Index Rate may or may not be the lowest rate charged by Lender. The stated interest rate shall be adjusted on the following change dates:                                                                                                                                                             .     If the Index Rate ceases to be made available to Lender during the term of this Note, Lender may substitute a comparable Index. (d) Payment  Modification.   If  section  2(b)  or  (c)  above  is  checked,  an  adjustment  in  the  stated  interest  rate  will  result  in  an  increase  or  decrease  in     (1)   the amount of each payment of interest, (2)     the amount of the final payment, (3)    the number of scheduled periodic payments sufficient to     repay this Note in substantially equal payments, (4)  the amount of each remaining payment of principal and interest so that those remaining payments     will be substantially equal and sufficient to repay this Note by its scheduled maturity date, (5) the amount of each remaining payment of principal and     interest (other than the final payment) so that those remaining payments will be substantially equal and sufficient to repay this Note by its scheduled     maturity date based on the original amortization schedule used by Lender, plus the final payment of principal and interest, or (6)                                                                                                                                                           .                                                                         . In addition, Lender is authorized to change the amount of periodic payments if and to     the extent necessary to pay in full all accrued interest owing on this Note. Maker agrees to pay any resulting payments or amounts.  (e) Interest After Maturity and Application of All Payments.    Interest shall accrue on unpaid principal and interest after maturity (whether by acceleration     or lapse of time) until paid  at the stated interest rate(s) under section 2(a), (b) or (c) above, as applicable, plus     percentage points     at the     stated interest rate of         %, calculated as provided in section 2(g) or (h), as applicable, below. All payments applied to this Note shall be applied     in such order as Lender determines to interest, principal and payments due under this Note or any agreement securing this Note. (f)    Compounding. Prior to maturity (whether by acceleration or lapse of time), unpaid and past due interest shall bear interest from its due     date at the stated interest rate then in effect for this Note under Section 2(a), (b) or (c) above, as applicable, calculated as provided in section     2(g) or (h), as applicable, below. (g)    Interest Calculation (Actual Days).   Interest will be calculated by applying a daily interest rate for the actual number of days interest is owing, up to     365 days in a full year or 366 days in a full leap year. The daily interest rate will be calculated as follows: [Check (1) or (2); only one shall apply.] (1)    360 Day Rate Calculation.  The daily interest rate will be calculated on the basis of a 360 day year, which means that it is calculated by dividing the applicable stated interest rate in section 2(a), (b) or (c), above, as applicable, and in section 2(e), above, by 360. Maker understands and agrees that calculating the daily interest rate using a 360 day year means the actual annual interest rate in a 365 day year and in a 366 day leap year is higher than the stated interest rate in section 2(a), (b) or (c), above, as applicable, and in section 2(e), above. (2)    365 Day Rate Calculation.  The daily interest rate will be calculated on the basis of a 365 day year, which means that it is calculated by dividing the applicable stated interest rate in section 2(a), (b) or (c), above, as applicable, and in section 2(e), above, by 365. Maker understands and agrees that calculating  the  daily  interest  rate  using  a  365  day  year  means  the  actual  annual  interest  rate  in  a  366  day  leap  year  is  higher  than  the  stated interest rate in section 2(a), (b) or (c), above, as applicable, and in section 2(e), above. (h)    Interest Calculation (30/360).  Interest will be calculated by applying the applicable stated interest rate based on a 360 day year, counting each day     as one thirtieth of a month and disregarding differences in lengths of months and years. 3. Other  Charges.   If  any  payment  (other  than  the  final  payment)  is  not  made  on  or  before the day  after  its  due  date,  Lender  may  collect  a delinquency charge of                % of the unpaid amount                          . Maker agrees to pay a charge of $                    for each check or electronic debit presented for payment under this Note which is returned unsatisfied. 4. Collateral Disclaimer.     Lender disclaims as collateral security for this Note (i) any real estate mortgage or security agreement covering real property on which any building is located in a special flood hazard area, and (ii) any mobile home located in a special flood hazard area, when such collateral security arises under a mortgage or agreement between Lender        and Maker      and any indorser or guarantor of this Note or any other person providing collateral security for Maker’s obligations; provided, however, Lender does not disclaim any such collateral security arising under a real estate mortgage or security agreement taken contemporaneously with this Note or real estate mortgage(s) or security agreement(s) in favor of Lender, whenever taken, from ________________________________________________________________________________________________________________, dated ____________________________________. A special flood hazard area is an area designated as such under the National Flood Insurance Program. 5. Renewal.     This Note renews and does not satisfy or discharge a note Maker executed to Lender dated                                                  . 6. Prepayment.   Full or partial prepayment of this Note  is permitted at any time without penalty                                                                                                                                                             .                                              THIS NOTE INCLUDES ADDITIONAL PROVISIONS ON PAGE 2.                                                                                                                                                      (SEAL)                                                                                                                (Type of Organization)                                                                                                                                                      (SEAL)                                                                                                                                                      (SEAL)                                                                                                                                                      (SEAL)                                                                                                                                                      (SEAL)                                                                                                           (ADDRESS)                            (PHONE)                                                            FOR LENDER CLERICAL USE ONLY                                                                                                                                LOAN OFFICER                                                                                                                                                 Page 1 of 2 

 

                                                               ADDITIONAL     PROVISIONS    7. Default and Enforcement.     Upon the occurrence of any one or more of the following events of default: (a) Maker fails to pay any amount when due under this Note or under any other instrument evidencing any indebtedness of Maker to Lender, (b) any representation or warranty made under this Note or information provided by Maker or any guarantor of this Note to Lender in connection with this Note is or was false or fraudulent in any material respect, (c) a material adverse change occurs in Maker's financial condition, (d) Maker fails to timely observe or perform any of the covenants or duties contained in this Note, (e) any guarantee of Maker's obligations under this Note is revoked or becomes unenforceable for any reason, (f) Maker, Maker's spouse or a surety or guarantor of this Note dies or ceases to exist, (g) an event of default occurs under any agreement securing this Note, or (h) Lender at any time believes in good  faith that the prospect of payment or performance  under  this Note, under any other instrument evidencing  any indebtedness   of Maker to Lender  or under any agreement securing this Note is impaired, then the unpaid balance shall, at the option of Lender, without notice, mature and become immediately payable. The unpaid balance shall automatically mature and become immediately payable in      the event any Maker or any surety, indorser or guarantor for any of Maker's obligations under this Note becomes the subject of bankruptcy or other insolvency proceedings. Lender's receipt of any payment on this Note after the occurrence of an event of default shall not constitute a waiver of the default or the Lender's rights and remedies upon such default. Lender may waive any default  without waiving any other subsequent  or prior default by Maker. Lender may also fail or delay in exercising any right, power or remedy under this Note without waiving any such right, power or remedy. Lender's single or partial exercise of any right, power or remedy under this Note shall not preclude  any other  or further exercise of any right, power  or remedy.  To the  extent not prohibited by law, Maker   consents  that venue  for any legal proceeding  relating to collection of this Note shall be, at Lender's option, the county in which Lender has its principal office in Wisconsin, the county and state in which any Maker resides or the county and state in which this Note was executed and Maker submits to the jurisdiction of any such court.    8. Security. Except for collateral disclaimed as security for this Note under section 4 on page 1 of this Note, this Note is secured by all existing and future security agreements and mortgages between Lender and Maker, between Lender and any indorser or guarantor of this Note, and between Lender and any other person  providing collateral security for Maker's obligations, and payment  may  be accelerated  according  to any of them.  Unless  a lien would be prohibited by law or would render a nontaxable account taxable, Maker grants to Lender a security interest and lien in any deposit account Maker may at any  time have  with Lender. Lender  may,  at any time after an occurrence  of an  event of default, without notice or demand,  set-off against any deposit balance or other money now or hereafter owed any Maker by Lender any amount unpaid under this Note    9. Rights of Lender.  All rights and remedies of Lender are cumulative and may be exercised from time to time together, separately, and in any order. Without  affecting the liability of any Maker, indorser, surety, or guarantor, Lender may, without notice, accept partial payments,  release or impair any collateral security for the payment of this Note or agree  not to sue any  party liable on it. Lender may  apply prepayments,  if permitted, to such future installments as it elects. Lender may without notice to Maker apply payments made by or for Maker to any obligations of Maker to Lender. Without affecting the liability of any indorser, surety or guarantor, Lender may from time to time, without notice, renew or extend the time for payment.    10. Obligations  and  Agreements    of Maker.  The  obligations under this Note of all Makers are joint and several. All Makers, indorsers, sureties, and guarantors  agree  to pay all costs of collection before and after judgment,  including reasonable attorneys' fees (including those incurred  in successful defense or settlement of any counterclaim brought by Maker or incident to any action or proceeding involving Maker brought pursuant to the United States Bankruptcy  Code)  and  waive presentment,  protest, demand   and notice of dishonor. Maker  agrees  to indemnify and  hold harmless  Lender, its directors, officers, employees and  agents, for, from and against any  and all claims, damages,  judgments,  penalties, and expenses,  including reasonable attorneys' fees, arising directly or indirectly from credit extended under this Note or the activities of Maker. This indemnity shall survive payment of this Note. Each Maker acknowledges    that Lender has  not made  any  representations or warranties with respect to, and that Lender does not assume   any responsibility to Maker for, the collectability or enforceability of this Note or the financial condition of any Maker. Each Maker has independently determined the collectability and enforceability of this Note. Maker represents that the legal name of Maker and the address of Maker's principal residence are as set forth on page 1. Maker shall not change its legal name or address without providing at least 30 days prior written notice of the change to Lender.    11. Entire Agreement.   THIS  NOTE   IS INTENDED     BY  LENDER    AND  MAKER    AS  A  FINAL  EXPRESSION     OF  THIS  NOTE   AND   AS  A COMPLETE AND   EXCLUSIVE     STATEMENT     OF  ITS  TERMS,   THERE    BEING   NO  CONDITIONS     TO   THE  ENFORCEABILITY       OF  THIS  NOTE,   AND   THIS  NOTE MAY   NOT   BE   CONTRADICTED       OR  VARIED    BY   EVIDENCE    OF   PRIOR,  CONTEMPORANEOUS           OR  SUBSEQUENT       ORAL    AGREEMENTS       OR DISCUSSIONS OF THE PARTIES TO THIS NOTE. THERE ARE NO ORAL AGREEMENTS AMONG THE PARTIES TO THIS NOTE. THIS NOTE MAY NOT BE SUPPLEMENTED OR MODIFIED EXCEPT IN WRITING SIGNED BY LENDER AND MAKER.    12. Interpretation. This Note benefits Lender, its successors and assigns, and binds Maker and Maker's heirs, personal representatives, successors  and assigns. The  validity, construction and enforcement  of this Note  are governed  by  the internal laws of Wisconsin  except  to the extent such  laws  are preempted by federal law. Invalidity or unenforceability of any provision of this Note shall not affect the validity or enforceability of any other provisions of this Note.    13. Other Provisions.  If none stated there are no other provisions.                                                                                                                                                 Business Note EWI451  Rev. 4/2015                                                                                                                              Page 2 of 2 

 

                    GENERAL RIDER TO BUSINESS NOTE          This General Rider to Loan Documents ("Rider") is made and entered into as of June 26,  2019 (the "Effective Date") by and between Citizens Community Bancorp, Inc., a Maryland  corporation ("Maker"), and Chippewa Valley Bank ("Lender").          WHEREAS, on the Effective Date, Maker is executing in favor of Lender a Business Note  (the "Note") evidencing a loan in the original principal amount of $29,856,388.88 (the "Loan");          WHEREAS, the obligations, liabilities and indebtedness of Maker with respect to the Loan  will be secured by a security interest in certain investment property of Maker pursuant to the terms  of a Collateral Pledge Agreement; and          WHEREAS, Maker and Lender wish to amend the terms and provisions of the Note as set  forth herein.          NOW, THEREFORE, in consideration of the mutual covenants, agreements and promises  herein contained, and for other good and valuable consideration, the receipt and sufficiency of  which is acknowledged by all parties, the parties do hereby agree as follows, notwithstanding any  other provisions to the contrary set forth in the Note:          1.    Definitions.  All capitalized terms used herein shall have the same meaning as  defined in the Note, unless otherwise defined in this Rider.         2.    Amendments to Note.  The Note is hereby amended as follows:              (a)    The first sentence of Section 7 of the Note is deleted in its entirety and  replaced with the following language:                     Upon the occurrence of any one or more of the following events of              default: (a) Maker fails to pay any amount within 10 days after such amount              is due under this Note or under any other instrument evidencing any              indebtedness of Maker to Lender, (b) any representation or warranty made              under this Note or information provided by Maker or any guarantor of this              Note to Lender in connection with this Note is or was false or fraudulent in              any material respect, (c) a material adverse change occurs in Maker's              financial condition, (d) Maker fails to timely observe or perform any of the              covenants or duties contained in this Note, (e) any guarantee of Maker's              obligations under this Note is revoked or becomes unenforceable for any              reason, (f) Maker, Maker's spouse or a surety or guarantor of this Note dies              or ceases to exist, or (g) an event of default occurs under any agreement              securing this Note, then the unpaid balance shall, at the option of Lender,              without notice, mature and become immediately payable. Notwithstanding              the foregoing, if an event of default occurs under Section 7(d), Customer              shall have 10 days after notice thereof to cure such event of default,              provided that Lender, in its reasonable discretion, believes that such event              of default is able to be cured.               (b)   The fourth sentence of Section 9 of the Note is amended in its entirety to  read as follows:                     After an event of default as described in Section 7 above, Lender              may, without notice to Maker, apply payments made by or for Maker to any              obligations of Maker to Lender under this Note.               (c)   The Note is amended by inserting the following sentence at the end of  Section 10:                     Notwithstanding the foregoing, Maker shall have no obligation to              indemnify or hold harmless Lender, its directors, officers, employees or              agents for events caused by any of their fraud or willful misconduct.  

 

            (d)   The first sentence of Section 11 of the Note is amended in its entirety to read as follows:                     THIS NOTE IS INTENDED BY LENDER AND MAKER AS A              FINAL EXPRESSION OF THIS NOTE AND AS A COMPLETE AND              EXCLUSIVE STATEMENT OF ITS TERMS, THERE BEING NO              CONDITIONS TO THE ENFORCEABILITY OR EFFECTIVENESS              OF THIS NOTE EXCEPT AS SET FORTH HEREIN, AND THIS              NOTE MAY NOT BE CONTRADICTED OR VARIED BY              EVIDENCE OF PRIOR, CONTEMPORANEOUS OR              SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS OF THE              PARTIES TO THIS NOTE.               (e)   The following provisions are added to the end of Section 13 of the Note:                    Notice. Except as otherwise provided in this Note, all notices             required or provided for under this Note shall be in writing and mailed, sent              or delivered, if to Maker, at Maker's last known address or email address as              shown on the records of Lender, and if to Lender, at its address shown on              page 1, or, as to each party, at such other address as shall be designated by              such party in a written notice to the other party. All such notices shall be              deemed duly given when delivered by hand or courier, or three business              days after being deposited in the mail (including any private mail service),              postage prepaid.                     Waiver of Jury Trial. MAKER AND LENDER HEREBY             KNOWINGLY AND VOLUNTARILY WAIVE THE RIGHT EACH OF             THEM MAY HAVE TO A JURY TRIAL WITH RESPECT TO ANY             ACTION OR CLAIM BASED ON OR ARISING OUT OF OR IN             CONNECTION WITH THIS NOTE, ANY COURSE OF CONDUCT,             COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR             WRITTEN) OR ANY OTHER ACTION OF ANY PARTY.      3.       Inconsistency.  To the extent there is any inconsistency between the Note and this       Rider, this Rider shall control.                               [Signature Page Follows]  

 

      IN WITNESS WHEREOF, the parties have executed this Rider as of the Effective Date  and agree to be bound by all provisions of this Rider.                                                 MAKER:                                                                                                                               CITIZENS COMMUNITY BANCORP, INC.                                                                                                                                       By:  ______________________________                                                      Stephen Bianchi, President & Chief                                                        Executive Officer                                                                                                                                       LENDER:                                                                                                                               CHIPPEWA VALLEY BANK                                                                                                                                        By:  ______________________________                                                      Rick Gerber, Chief Executive Officerex102buscragree

                                                                                                                                     Exhibit 10.2                                          eFIPCO  W. B. A.       448 BCA (3/15)        11238 © 2015 Wisconsin Bankers Association/Distributed by FIPCO®   BUSINESS CREDIT AGREEMENT                                            Boxes checked are applicable                                                                     (Business  Purpose    Loans)                             Boxes not checked are inapplicable        The undersigned ("Customer", whether one or more) agrees with the undersigned lender ("Lender") as follows:   1. Loans.  Customer  requests  that  Lender  lend  to  Customer  from  time  to  time  such  amounts  as  Customer  may  request  in  accordance  with this   Agreement (the "Loans"), and subject to the terms of this Agreement, Lender agrees to make such Loans up to (a)      the aggregate principal amount   of  $____________________  at  any  time  outstanding  (the  "Credit  Limit"),  within  which  amount  Customer  may  borrow,  repay  and  reborrow  under this   Agreement (b)      the aggregate principal amount of $________________________________ (the "Credit Limit"). Lender is not obligated to but may make   Loans in excess of the Credit Limit, and in any event Customer is liable for and agrees to pay to Lender at Lender's address shown below all Loans, interest   and other charges made to or imposed on Customer under this Agreement.   2. Loan   Procedures.    Customer  may  obtain  Loans  under  this  Agreement  only  as  provided    below:      (a)    Customer shall give Lender at least           business days' prior notice of any Loan requested under this Agreement, specifying the date and             amount of the Loan. Lender will make the Loan available to Customer         by crediting the amount of the Loan to Customer's deposit account             no.                                    with Lender    by                                                                                       .      (b)    Whenever the      ledger    collected balance in Customer's deposit account no.                                         with Lender is less than                                     on  any  business  day  ("Trigger  Amount"), for  whatever  reason,  Customer  requests  Lender  to  automatically  advance             funds in increments of $                     to  such  deposit  account  in  an  amount  sufficient  to  increase  the  balance  to  the  Trigger  Amount,             or such lesser amount as may be available to Customer under this    Agreement.      (c)    3. Fees. Customer agrees to pay to Lender the following nonrefundable fees as a condition of access to Loans under this   Agreement:      (a)    Commitment fee in the amount of $                                 payable                                                                      .      (b)                                                                                                                                                            .   Customer agrees to pay any fees and charges described in this Agreement as Loans under this Agreement if such fees and charges are not required by   Lender  to  be  paid  in  cash  by  Customer  at  the  time  the  fee  or  charge  is  incurred  under  this  Agreement.  Furthermore,  charges  for  credit  insurance  if   separately requested by Customer may be charged by Lender as Loans to Customer under this Agreement.   4. Interest. Interest  shall accrue  before maturity  (whether by  acceleration  or  lapse  of time)  at the  stated interest  rate(s)  identified in  section 4(a),  (b) or   (c) below (each a “stated  interest  rate”), as applicable, on the unpaid principal balance, calculated as provided in section 4(f) below:   [Check (a),  (b) or  (c); only one  shall apply.]      (a)    Fixed  Interest  Rate.               %.      (b)    Stepped  Fixed  Interest  Rate.         a/n      % until            a/n        and         a/n      % thereafter.      (c)    Variable  Interest  Rate. The stated interest rate is variable and will  adjust to equal the Index Rate (defined below)  plus    minus           percentage points.  However, the stated interest rate shall not exceed           % and shall not be less than           % and until the first change          date described below the stated interest rate shall be            %. The stated interest rate shall be adjusted on the change dates provided below.          The “Index  Rate" is:                                                                                                                                                             .          The Index Rate may or may not be the lowest rate charged by Lender. The stated interest rate shall be adjusted on the following change dates:                                                                                                                                                            .          A change in the interest rate will apply both to the unpaid principal balance of Loans outstanding under this Agreement and to new Loans. If the Index          Rate ceases to be made available to Lender during the term of this Agreement, Lender may substitute a comparable index.    If section 4(b) or 4(c) is checked, a change in the interest rate will result in an increase or decrease in the amount of each payment of interest due under   this Agreement.       (d) Interest  After  Maturity. Interest  shall  accrue on  unpaid  principal  and  interest  after maturity  (whether  by  acceleration  or lapse  of  time)  until  paid             at  the  stated  interest  rate(s) under  4(a),  (b)  or  (c)  above,  as  applicable,  plus percentage  points    at  the  stated  interest  rate  of                    %, calculated as provided in section 4(f) below.       (e)     Compounding.  Prior  to  maturity  (whether  by  acceleration  or  lapse  of  time),  unpaid  and  past  due  interest  shall  bear  interest  from              its due date at the stated interest rate then in effect for this Agreement, calculated as provided in section 4(f) below.      (f) Interest  Calculation. Interest will be calculated by applying a daily interest rate for the actual number of days interest is owing, up to 365 days in          a full year or 366 days in a full leap year. The daily interest rate will be calculated as follows:   [Check (1) or (2); only one shall apply.]      (1)    360 Day Rate Calculation.  The daily interest rate will be calculated on the basis of a 360 day year, which means that it is calculated by dividing      the applicable  stated interest rate in  section 4(a), (b) or  (c), above, as applicable,  and in section 4(d),  above, by 360. Customer  understands  and      agrees that calculating the daily interest rate using a 360 day year means the actual annual interest rate in a 365 day year and in a 366 day      leap year is higher than the stated interest rate in section 4(a), (b) or (c), above, as applicable, and in section 4(d), above.      2)     365 Day Rate Calculation.  The daily interest rate will be calculated on the basis of a 365 day year, which means that it is calculated by dividing      the applicable  stated interest rate in  section 4(a), (b) or  (c), above, as applicable,  and in section 4(d),  above, by 365. Customer  understands  and      agrees  that  calculating  the  daily  interest  rate  using  a  365  day  year  means  the  actual  annual  interest  rate  in  a  366  day  leap  year  is  higher      than the stated interest rate in section 4(a), (b) or (c), above, as applicable, and in section 4(d), above.      (g) Other  Charges.  If any payment (other than the final payment) is not made on or before the            day after its due date, Lender may collect a          delinquency charge of                % of the unpaid amount                              . Customer agrees to pay a charge of $          for each check or electronic debit presented for payment under this Agreement which is returned unsatisfied.   5. Payment  Schedule.   Customer agrees to pay to Lender the unpaid principal balance of Loans outstanding under this Agreement and accrued interest   as follows:     In addition, Customer shall immediately pay any amount by which the Loans exceed the Credit Limit, any prior unpaid payments and any unpaid fees and   charges. Lender is authorized to automatically charge payments due under this Agreement to any account of Customer with Lender. If payments are not   automatically  charged  to  Customer's  account,  payments  must  be  made  to  Lender  at  its  address  shown  below  and  are  not  credited  until received  in   Lender's office. Lender  is authorized to make book  entries evidencing Loans and payments under  this Agreement and the aggregate  unpaid amount of   all Loans as evidenced by those entries is presumptive evidence that those amounts are outstanding and unpaid to Lender. All payments shall be applied in    such order as Lender elects to charges and amounts due under this Agreement.         If checked here, the date final payment is due ("Maturity Date") shall thereafter automatically extend from year to year for one year periods from the original    Maturity Date, unless Lender gives Customer written notice to the contrary at least ______________ days prior to the then current Maturity Date.   This  Agreement  includes  the  Additional  Provisions  on  page  2.        Dated as of                                                                  .                                                                        (SEAL)                      (Name of Lender)                                                                                                               (SEAL)     By                                                                                                                                                (SEAL)                                                                                                                                                      (SEAL)                                                                                                                                                      (SEAL)                                                                                                                                                      (SEAL)                                                                                                                                                   Page 1 of 2 

 

                                                           ADDITIONAL PROVISIONS      6. Termination. Lender’s obligation to make Loans under this Agreement shall terminate, and Customer shall have no further right to obtain Loans under  this Agreement, upon the first to occur of any of the following:     (a)  When full and final payment of all unpaid principal and interest is due under section 5.     (b)    At any time, with or without cause, upon written notice from Lender to Customer.     (c)  Upon written notice by Lender to Customer following an event of default under section 10, or, without notice at such time that Customer becomes the          subject of bankruptcy or other insolvency proceedings.     (d)  At such date and time that Lender has received and is reasonably able to react to written notice of termination from Customer. Notice of termination         signed by a Customer is binding on each Customer who signs this Agreement. Customer shall continue to make payments when required under          section 5.     (e)    ___________________________________________________________________________________________________________________ If Section 6(b) or 6(e), above, is checked, and Lender’s obligation to make Loans terminates as a result, then the total unpaid balance        shall automatically become immediately due and payable in full       may be paid when required under section 5. Termination of Lender’s obligation to make Loans under this  Agreement, for whatever reason or by whichever party, does not affect Lender's rights, powers, and privileges with regard to, nor Customer's duties and  liabilities to pay, the then existing balance due, or to perform Customer’s other obligations under this Agreement.     7. Collateral Disclaimer.      Lender disclaims as collateral security for this Agreement (i) any real estate mortgage or security agreement covering real  property on which any building is located in a special flood hazard area, and (ii) any mobile home located in a special flood hazard area, when such collateral  security arises under a mortgage or agreement between Lender       and Customer       and any indorser or guarantor of this Agreement or any other person  providing collateral security for Customer’s obligations; provided, however, Lender does not disclaim any such collateral security arising under a real  estate mortgage or security agreement taken contemporaneously with this Agreement or real estate mortgage(s) or security agreement(s) in favor  of Lender, whenever taken, from ______________________________________________________________________________________________,  dated _________________________________. A special flood hazard area is an area designated as such under the National Flood Insurance Program.     8. Financial Statement. Customer shall furnish to Lender financial statements at least annually and such other financial information respecting Customer  at such times and in such form as Lender may request from time to time.     9. Security  Interest. Except for collateral disclaimed as security for this Agreement under section 7 of this Agreement, this Agreement is secured by all  existing and future security agreements, assignments and mortgages from any Customer to Lender, from any guarantor of this Agreement to Lender, and  from any other person providing collateral security for Customer's obligations to Lender under this Agreement (each a "Security Document" and collectively  the "Security Documents"), and payment of the Loans may be accelerated according to any of them. Unless a lien would be prohibited by law or would  render a nontaxable account taxable, Customer also grants to Lender a security interest and lien in any deposit account Customer may at any time have with  Lender. Lender may at any time after the occurrence of an event of default set-off any amount unpaid under this Agreement against any deposit balances or  other money now or hereafter owed to Customer by Lender.     10.  Default and  Acceleration. Upon   the occurrence of any  one or more  of the following events of default: (a) Customer fails to pay any amount  when  due under  this Agreement  or under  any other instrument  evidencing any  indebtedness  of Customer  to Lender,  (b) any information provided by Customer   in connection with this Agreement  is or was false or fraudulent in any material respect, (c) a material adverse change occurs  in Customer's financial condition, (d) Customer fails to timely observe or perform any of the duties contained in this Agreement, (e) Customer, Customer's  spouse  or any  surety or guarantor  for any  of the Customer's  indebtedness  under  this Agreement   dies, ceases  to exist, becomes  insolvent or the  subject of bankruptcy  or insolvency proceedings,  (f) any guaranty of Customer's  obligations under this Agreement  is revoked  or becomes  unenforceable  for any  reason, or (g) an  event of default occurs  under  any  Security Document;   then, at Lender's  option, and  upon  written notice to Customer, Lender’s  obligation to make Loans under this Agreement shall terminate and the total unpaid balance shall become immediately due and payable without  presentment, demand, protest,  or further notice of any kind, all of which are hereby expressly waived by Customer. Lender's  obligation to make Loans  under this Agreement  shall automatically terminate and  the total unpaid balance shall automatically become  due  and  payable in the event  Customer  becomes   the subject of bankruptcy  or other insolvency proceedings.  Lender  may   waive any  default without waiving any  other subsequent   or prior default. Customer  agrees  to pay  all costs of collection, before and after judgment, including, without limitation, reasonable attorneys' fees (including those  incurred  in successful defense  or  settlement of any  counterclaim  brought  by  Customer   or incident to any  action or proceeding   involving  Customer  brought  pursuant to the United  States Bankruptcy  Code).  Customer  agrees  to indemnify and  hold harmless  Lender,  its officers, directors, employees   and  agents, for, from and against any  and all claims, damages,  judgments,  penalties and expenses,  including reasonable  attorneys' fees, arising directly or indirectly from credit extended under this Agreement  or the activities of Customer. This indemnity shall survive termination of this  Agreement, the repayment of all Loans and the discharge and release of any collateral for the Loans.     11. No   Waiver;  Remedies. No failure on the part of Lender to exercise, and no delay in exercising, any right, power or remedy under this Agreement  shall operate as a waiver of such right, power or remedy; nor shall any single or partial exercise of any right under this Agreement preclude any other or further  exercise of the right or the exercise of any other right. All rights and remedies of Lender are cumulative and may be exercised from time to time together,  separately, and in any order.     12.  Entire Agreement;    Use   of Proceeds.   THIS  AGREEMENT       AND   THE   SECURITY     DOCUMENTS      ARE   INTENDED     BY   LENDER    AND CUSTOMER      AS  A FINAL   EXPRESSION     OF  THIS  AGREEMENT      AND   AS  A COMPLETE      AND  EXCLUSIVE     STATEMENT     OF  ITS  TERMS,   THERE BEING   NO   CONDITIONS     TO  THE  FULL   EFFECTIVENESS       OF  THIS  AGREEMENT      EXCEPT    AS  SET   FORTH   IN  THIS  AGREEMENT      AND   THE SECURITY      DOCUMENTS,       AND     THIS   AGREEMENT        MAY    NOT    BE    CONTRADICTED        OR    VARIED     BY   EVIDENCE      OF    PRIOR, CONTEMPORANEOUS          OR   SUBSEQUENT      ORAL    AGREEMENTS       OR  DISCUSSIONS      OF  THE   PARTIES   TO   THIS  AGREEMENT.      THERE    ARE NO   ORAL   AGREEMENTS       AMONG    THE   PARTIES    TO  THIS  AGREEMENT.     Customer   represents and  warrants to Lender  that no part of any Loan will be used for personal, family or household purposes.     13. More  Than   One  Customer.   If more than one person signs this Agreement as Customer, any Customer acting alone may request Loans under this Agreement, but each Customer is jointly and severally liable for all Loans and other obligations under this Agreement.      14. Notice. Except as otherwise provided in this Agreement, all notices required or provided for under this Agreement shall be in writing and mailed, sent  or delivered, if to Customer, at any Customer's last known address or email address as shown on the records of Lender, and if to Lender, at its address shown  on page 1, or, as to each party, at such other address as shall be designated by such party in a written notice to the other party. All such notices shall be  deemed duly given when delivered by hand or courier, or three business days after being deposited in the mail (including any private mail service), postage  prepaid, provided that notice to Lender pursuant to section 6 shall not be effective until received by Lender and Lender has a reasonable opportunity to act  on the notice.     15. Name   and  Address.  Customer represents that   the legal name of Customer  and the  address of Customer's principal residence are as set forth on page 1. Customer shall not change its legal name or address without providing at least 30 days’ prior notice of the change to Lender.     16. Venue.   Customer  consents  that venue  for any  legal proceeding relating to enforcement  of this Agreement   shall be, at Lender's option, the county  in which Lender  has its principal office in this state, the county in which Customer resides in this state, or the county in this state in which this  Agreement was executed by Customer, and Customer submits to the jurisdiction of any such court.     17.  Amendment.    No amendment or modification of any provision of this Agreement shall in any event be effective unless it is in writing and signed by Lender and Customer. Any waiver by Lender shall be in writing and is effective only in the specific instance and for the specific purposes for which given.      18.  Interpretation. Each  Customer  acknowledges   that Lender  has not  made  any  representations or warranties with respect to, and  that Lender does not assume any responsibility to Customer for, the collectibility or enforceability of this Agreement or the financial condition of any Customer. Each Customer   has  independently  determined  the  collectibility and enforceability of this Agreement. The validity, construction and enforcement   of this Agreement are governed by the internal laws   of Wisconsin except to the extent such laws are preempted by federal law. Invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provisions of this Agreement.     19. Persons   Bound.   This Agreement   shall be binding upon and  inure to the benefit of Lender and Customer  and  their respective heirs, personal representatives, successors  and assigns,  except that Customer  may  not assign  or transfer any of Customer's rights under this Agreement.     20. Other  Provisions.   (If none stated, there are no other provisions.)                                                                                                                                Business  Credit Agreement EWI448BCA  Rev. 5/2015                                                                                                                       Page 2 of 2 

 

             GENERAL RIDER TO BUSINESS CREDIT AGREEMENT            This General Rider to Business Credit Agreement (this "Rider") is made and entered into   as of August 1, 2019 (the "Effective Date"), by and between Citizens Community Bancorp, Inc.,   a Maryland corporation ("Customer"), and Chippewa Valley Bank ("Lender").            WHEREAS, on the Effective Date, Customer and Lender are entering into a Business   Credit Agreement (the "Credit Agreement") evidencing a line of credit in an aggregate principal   amount of up to $5,000,000 (the "Loan");          WHEREAS, the obligations, liabilities and indebtedness of Customer with respect to the  Loan will be secured by a security interest in certain investment property of Customer pursuant  to the terms of a Collateral Pledge Agreement; and                WHEREAS, Customer and Lender wish to amend the terms and provisions of the Credit  Agreement as set forth herein.          NOW, THEREFORE, in consideration of the mutual covenants, agreements and  promises herein contained, and for other good and valuable consideration, the receipt and  sufficiency of which is acknowledged by all parties, the parties do hereby agree as follows,  notwithstanding any other provisions to the contrary set forth in the Credit Agreement:           1.    Definitions.  All capitalized terms used herein shall have the same meaning as   defined in the Credit Agreement, unless otherwise defined in this Rider.          2.    Amendments to Credit Agreement.  The Credit Agreement is hereby amended as   follows:                (a)   Section 8 of the Credit Agreement is amended in its entirety to   read as follows:                      8. Financial Statement. Customer shall furnish to Lender               financial statements at least annually and such other publically available               financial information respecting Customer at such times and in such form               as Lender may reasonably request from time to time. Customer shall have               satisfied its requirement to deliver financial statements if such statements               are publically available through https://www.ccf.us/about-us/investor-              relations.html.                (b)   The first sentence of Section 10 of the Credit Agreement is deleted in its   entirety and replaced with the following language:                      Upon the occurrence of any one or more of the following events of               default: (a) Customer fails to pay any amount within 10 days after such               amount is due under this Agreement or under any other instrument               evidencing any indebtedness of Customer to Lender, (b) any information               provided by Customer in connection with this Agreement is or was false               or fraudulent in any material respect, (c) a material adverse change occurs               in Customer's financial condition, (d) Customer fails to timely observe or               perform any of the duties contained in this Agreement, (e) Customer,               Customer's spouse or any surety or guarantor for any of the Customer's               indebtedness under this Agreement dies, ceases to exist, becomes               insolvent or the subject of bankruptcy or insolvency proceedings, (f) any               guaranty of Customer's obligations under this Agreement is revoked or               becomes unenforceable for any reason, or (g) an event of default occurs               under any Security Document; then, at Lender's option, and upon written               notice to Customer, Lender’s obligation to make Loans under this               Agreement shall terminate and the total unpaid balance shall become               immediately due and payable without presentment, demand, protest, or               further notice of any kind, all of which are hereby expressly waived by               Customer. Notwithstanding the foregoing, if an event of default occurs               under Section 10(d), Customer shall have 10 days after notice thereof to  

 

            cure such event of default, provided that Lender, in its reasonable              discretion, deems such event of default curable.               (c)   Section 14 of the Credit Agreement is amended to add "not to exceed 3  business days" at the end of the last sentence.               (d)   The following provisions are added to the end of Section 20 of the Credit  Agreement:                     Waiver of Jury Trial. CUSTOMER AND LENDER HEREBY             KNOWINGLY AND VOLUNTARILY WAIVE THE RIGHT EACH OF             THEM MAY HAVE TO A JURY TRIAL WITH RESPECT TO ANY             ACTION OR CLAIM BASED ON OR ARISING OUT OF OR IN             CONNECTION WITH THIS AGREEMENT, ANY COURSE OF             CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER             VERBAL OR WRITTEN) OR ANY OTHER ACTION OF ANY             PARTY.         3.    Inconsistency.  To the extent there is any inconsistency between the Credit  Agreement and this Rider, this Rider shall control.                                 [Signature Page Follows]  

 

       IN WITNESS WHEREOF, the parties have executed this Rider as of the Effective Date  and agree to be bound by all provisions of this Rider.                                                   CUSTOMER:                                                                                                                            CITIZENS COMMUNITY BANCORP, INC.                                                                                                                                       By:  ______________________________                                                       Stephen Bianchi, President & Chief                                                        Executive Officer                                                                                                                                       LENDER:                                                                                                                               CHIPPEWA VALLEY BANK                                                                                                                                        By:  ______________________________                                                      Rick Gerber, Chief Executive Officer

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