Document:

Exhibit
10.69

 

CHANGE IN
TERMS AGREEMENT

 

	
  Principal

  $10,000,000.00

  	
   

  	
  Loan Date

  12-22-2009

  	
   

  	
  Maturity

  03-05-2010

  	
   

  	
  Loan No

  15525078252

  	
   

  	
  Call/Coll

  1A2/101

  	
   

  	
  Account

  	
   

  	
  Officer

  Krugeg

  	
   

  	
  Initials

  

 

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:

  	
  TOWER
  TECH SYSTEMS INC

  	
  Lender:

  	
  GREAT
  WESTERN BANK

  
	
   

  	
  101 S
  16TH ST PO BOX 1957

  	
   

  	
  Sioux Falls 

  
	
   

  	
  MANITOWOC,
  WI 54221-1957

  	
   

  	
  200 E 10th Street 

  
	
   

  	
   

  	
   

  	
  Sioux Falls, SD 57104

  

 

	
  Principal Amount: $10,000,000.00

  	
  Date of Agreement: December 22, 2009

  

 

DESCRIPTION OF EXISTING INDEBTEDNESS.  LOAN
#15525078252 FROM TOWER TECH SYSTEMS INC TO GREAT WESTERN BANK DATED APRIL 28,
2009.

 

DESCRIPTION OF COLLATERAL.  A
COLLATERAL REAL ESTATE MORTGAGE: COMMERCIAL SECURITY AGREMENT & AN
ASSIGNMENT OF DEPOSIT ACCOUNT SAVINGS #1347401 FROM TOWER TECH SYSTEMS, INC TO
GREAT WESTERN BANK DATED APRIL 28, 2009 AND A SUBORDINATION AGREEMENT BY AND
BETWEEN GREAT WESTERN BANK AND BROADWIND ENERGY, INC DATED APRIL 27, 2009 AND
COMMERCIAL GUARANTY FROM BROADWIND ENERGY, INC TO GREAT WESTERN BANK.

 

DESCRIPTION OF CHANGE IN TERMS.  TO
EXTEND MATURITY DATE ON NOTE & LINE OF CREDIT TO MARCH 5, 2010.
INTEREST RATE TO REMAIN AT 7.50%. THE NEXT MONTHLY INTEREST PAYMENT WILL BE DUE
ON JANUARY 5, 2010 AND CONTINUE EACH MONTH THEREAFTER UNTIL MATURITY ON
MARCH 5, 2010. BORROWER AGREES TO PAY INTEREST TO DATE IN THE AMOUNT OF
$41,157.77: DOCUMENT REVIEW OF $834.75 (CUTLER & DONAHOE) AND A
DOCUMENTATION FEE OF $250.00 TO GREAT WESTERN BANK UPON EXECUTION OF THIS
CHANGE IN TERMS AGREEMENT.

 

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, than 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.

 

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

 

	
  BORROWER:

  	
   

  	
  LENDER:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  TOWER TECH SYSTEMS INC

  	
   

  	
  GREAT WESTERN BANK

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Michael L Salutz

  	
   

  	
  By:

  	
  /s/ Gerald Kruger 

  
	
   

  	
  Authorized Signer for TOWER
  TECH SYSTEMS INC

  	
   

  	
   

  	
  Gerald Kruger, SVPExhibit
10.70

 

December 22, 2009

 

Tower
Tech Systems, Inc. 

101
S. 16th Street 

P.O.
Box 1957 

Manitowoc,
WI 54221-1957

 

Broadwind Energy, Inc. 

101 S. 16th Street 

P.O. Box 1957 

Manitowoc, WI 54221-1957

 

Re: Great Western
Bank Loan to Tower Tech Systems, Inc.

 

Gentlemen:

 

Reference is made to that
certain Letter Agreement dated April 28, 2009 entered into by and among
Great Western Bank as lender. Tower Tech Systems, Inc. as borrower, and
Broadwind Energy, Inc. as guarantor (the “Letter Agreement”), a copy
of which is attached hereto as Exhibit A and is incorporated herein
by this reference. Any capitalized terms not defined in this Change in Terms
Agreement shall have the meanings ascribed to such terms in the Letter
Agreement.

 

The Parties acknowledge and agree that the Letter
Agreement provides, among other things, that: (i) Tower Tech Systems, Inc.
may convert up to $6,500,000 of the outstanding balance of the Loan to a term
loan, at its sole option, upon written notice (the “Conversion Notice”) to
Lender given prior to January 5, 2010, provided Borrower is not in default
under the Note or any of the other Loan Documents; and (ii) that such
Conversion Notice shall specify the date on which such conversion shall be
effective, which date shall be no later than January 1, 2010. Each of
Great Western Bank, Tower Tech Systems, Inc. and Broadwind Energy, Inc. hereby
acknowledge and agree that the Letter Agreement shall be amended such that: (i) Tower
Tech Systems, Inc. may convert up to $6,500,000 of the outstanding balance
of the Loan to a term loan, at its sole option, upon delivery of a Conversion
Notice to Lender given prior to March 5, 2010, provided Borrower is not in
default under the Note or any of the other Loan Documents; and (ii) that
such Conversion Notice shall specify the date on which such conversion shall be
effective, which date shall be no later than March 1, 2010. All other
terms and conditions set forth in the Letter Agreement, including, without
limitation, any conditions relating to the conversion of all or a portion of
the Loan, shall remain in full force and effect, except as specifically
modified pursuant to this Change in Terms Agreement.

 

If you are in agreement with the terms and
provisions of this Letter Amendment, please signify your acceptance and
agreement to be bound by such terms and provisions, by signing where indicated
below and returning a fully executed counterpart of this Letter Amendment to me
at the address set forth above. Great Western Bank’s obligation to abide by the
terms of this Letter Agreement is contingent upon its receipt of a signed

 

www.greatwesternbank.com

 

 

copy of this Letter Agreement from each of Tower Tech Systems, Inc.
and Broadwind Energy, Inc. on or before December 29, 2009.

 

 

	
   

  	
  GREAT
  WESTERN BANK

  
	
   

  	
   

  
	
   

  	
  /s/
  Gerald Kruger 

  
	
   

  	
  Gerald
  Kruger

  

 

Acknowledged and agreed to this 28 day

of December, 2009.

 

	
  TOWER
  TECH SYSTEMS. INC

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ Michael L. Salutz

  	
   

  
	
  By:

  	
  Michael L. Salutz

  	
   

  
	
  Its:

  	
  Group
  Controller

  	
   

  
	
   

  	
   

  
	
  Acknowledged
  and agreed to this 28th day

  	
   

  
	
  of
  December, 2009.

  	
   

  
	
   

  	
   

  
	
  BROADWIND
  ENERGY, INC.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ S.K. Kushner

  	
   

  
	
  By:

  	
  S.K. Kushner

  	
   

  
	
  Its:

  	
  Chief Financial OfficerExhibit 10.71

 

CHANGE IN TERMS AGREEMENT

 

	
  Principal

  $10,000,000.00

  	
   

  	
  Loan Date 

  02-16-2010

  	
   

  	
  Maturity 

  04-05-2010

  	
   

  	
  Loan No

  15525078252

  	
   

  	
  Call/Coll

  1A2 / 101

  	
   

  	
  Account

  	
   

  	
  Officer

  krugeg

  	
   

  	
  Initials

  

 

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:

  	
  TOWER TECH SYSTEMS INC

  	
  Lender:

  	
  GREAT WESTERN BANK

  
	
   

  	
  101 S 16TH ST PO BOX 1957

  	
   

  	
  Sioux Falls 

  
	
   

  	
  MANITOWOC,
  WI 54221-1857

  	
   

  	
  200 E 10th Street

  
	
   

  	
   

  	
   

  	
  Sioux Falls, SD 57104

  

 

	
  Principal Amount: $10,000,000.00

  	
  Date of Agreement: February 16, 2010

  

 

DESCRIPTION OF EXISTING INDEBTEDNESS. LOAN #15525078252 FROM TOWER
TECH SYSTEMS INC TO GREAT WESTERN BANK DATED APRIL 28, 2009.

 

DESCRIPTION OF COLLATERAL.  A COLLATERAL REAL ESTATE MORTGAGE: COMMERCIAL
SECURITY AGREMENT & AN ASSIGNMENT OF DEPOSIT ACCOUNT SAVINGS #1347401
FROM TOWER TECH SYSTEMS, INC TO GREAT WESTERN BANK DATED APRIL 28, 2009 AND A
SUBORDINATION AGREEMENT BY AND BETWEEN GREAT WESTERN BANK AND BROADWIND ENERGY,
INC DATED APRIL 27, 2009 AND COMMERCIAL GUARANTY FROM BROADWIND ENERGY, INC TO
GREAT WESTERN BANK.

 

DESCRIPTION OF CHANGE IN TERMS.  TO EXTEND MATURITY DATE ON NOTE &  LINE
OF CREDIT TO APRIL 5, 2010. INTEREST RATE TO REMAIN AT 7.50%. THE NEXT MONTHLY
INTEREST PAYMENT WILL BE DUE ON MARCH 5, 2010 AND CONTINUE EACH MONTH
THEREAFTER UNTIL MATURITY ON APRIL 5, 2010. INTEREST WAS PAID TO FEBRUARY 5, 2010
WITH THE LAST MONTHLY PAYMENT. BORROWER AGREES TO PAY A DOCUMENTATION FEE OF
$250,00 TO GREAT WESTERN BANK UPON EXECUTION OF THIS CHANGE IN TERMS AGREEMENT.

 

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. It 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.

 

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

 

	
  BORROWER:

  	
   

  	
  LENDER:

  
	
   

  	
   

  	
   

  
	
  TOWER TECH SYSTEMS INC

  	
   

  	
  GREAT WESTERN BANK

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Michael L Salutz

  	
   

  	
  /s/ Gerald Kruger

  
	
   

  	
  Michael L Salutz, Group
  Controller

  	
   

  	
  Gerald Kruger, SVP

  
	
   

  	
  TOWER TECH SYSTEMS INC

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00170-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00170-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00170-of-00352.parquet"}]]