Document:

EX-10.3

 

Exhibit 10.3

	 	 	 	 	 
	CHANGE IN TERM AGREEMENT

	 	 	 	Community Bank N.A.
	 

	 	 	 	331 West Pulteney Street
	 

	 	 	 	Corning, New York 14830

	 	 	 	 	 	 	 	 	 
	LOAN NUMBER	 	ORIGINAL PRINCIPAL	 	CURRENT PRINCIPAL	 	ORIGINAL 	 	AGREEMENT 
	 	 	BALANCE	 	BALANCE	 	AGREEMENT DATE	 	CHANGE DATE
	C-07-07-035695
	 	$1,900,000.00
	 	$1,076,658.00
	 	August 4, 2005
	 	October 22, 2007

DESCRIPTION OF EXISTING DEBT (“Existing Debt”)

Term Loan dated August 4, 2005 in the amount of $1,900,000.00, modified to a Demand Loan on Nov.
28, 2005.

BORROWER INFORMATION

Corning Natural Gas Corporation

330 William Street, P.O. Box 58

Corning, NY 14830-0058

BORROWER. The term “Borrower” means each party identified above.

LENDER. The term “Lender” means Community Bank N.A. whose address is 331 West Pulteney Street,
Corning, New York 14830, its successors and assigns.

TERM AND PROVISIONS. In consideration of the promises contained in this Agreement and in the
instruments evidencing the Existing Debt, and of other good and valuable consideration, the
sufficiency of which is acknowledged by the execution of this Agreement, Borrower agrees to the
following provisions:

	 	1.	 	The instrument evidencing the Existing Debt is modified and supplemented as
follows:
	 
	 	 	 	Interest Rate will be changed to the 30-day Libor Rate plus 1.85% as published in
the Wall Street Journal from the Prime Rate minus .50% as published in the Wall
Street Journal effective October 22, 2007.
	 
	 	 	 	The Demand feature of this note will be removed and the original maturity date of
August 4, 2010 will be reinstated.
	 
	 	2.	 	Ratification and Continued Validity. Except for the terms expressly modified
by this Agreement, by signing this Agreement Borrower acknowledges that Borrower is
still bound by the terms of the instruments and prior modifications, extensions, and
supplements evidencing the Existing Debt as if they were fully set forth and repeated
in this Agreement and that those terms will continue to bind Borrower as provided in
this Agreement and those instruments. Lender’s consent to this Agreement does not
waive the right to strictly enforce Lender’s rights under this Agreement or the
instruments evidencing the Existing Debt. Lender’s consent to this Agreement does not
mean that Lender must enter into another agreement like this one in the future. Lender
and Borrower intend that this Agreement does not replace the Existing Debt but restates
it as modified.
	 
	 	3.	 	Others Responsible for the Debt. Lender and Borrower intend that everyone else
who is liable for the Existing Debt, including, without limitation, cosigners,
guarantors and coborrowers, are not relieved of any obligation except as expressly
relived in this Agreement or other writing. Borrower agrees that the liability of each
person who signed the instruments evidencing the Existing Debt, whether primary or
secondary, continues in full force and effect, even if that person does not sign this
Agreement. This promise applies not only to this Agreement but also to any extension,
modification, or other agreement Borrower makes with Lender that represents a debt
which includes cosigners, guarantors, coborrowers, and others having similar liability.
Borrower understands that this Agreement is contingent on the continued liability of
each person who signed the documents evidencing the Existing Debt, whether or not that
person signs this Agreement.
	 
	 	4.	 	Pronouns and Gender. In this Agreement, whenever the circumstances or the
context so requires, the singular shall be construed as the plural, and the masculine
shall be construed as the feminine and/or the neuter and vice versa.

			
	 	 	 
	© 2004-2006 Copyright Compliance Systems, Inc. 8B92-115D — 2006.09.56
	 	www.compliancesystems.com
	Change in Terms Agreement — DL6006
	 	800-968-8522 — Fax 616-956-1868

Page 1 of 2

 

	 	5.	 	Miscellaneous Terms. Borrower agrees that if Lender delays or
forgoes enforcing Lender’s rights under this Agreement in any particular
instance, Lender retains the right to strictly enforce the same provision in any
such instance, or later in the same instance. Every person signing this
Agreement waives, to the extent allowed by law, presentment, demand, protest,
and notice of dishonor. Every person signing this Agreement agrees that Lender
may renew, extend, supplement, or otherwise modify the debt represented by this
Agreement and the documents evidencing the Existing Debt without the permission
of any other person who is liable, and such modification will not release or
reduce the liability of any party, even if that party does not sign this
Agreement.

ORAL AGREEMENT DISCLAIMER. This Agreement represents the final agreement between the
parties and may not be contradicted by evidence of prior, contemporaneous or subsequent oral
agreements of the parties. There are no unwritten oral agreements between the parties.

By signing this Change in Terms Agreement, each Borrower acknowledges reading,
understanding, and agreeing to all its provisions, and receiving a copy.

	 	 	 	 	 
	Corning Natural Gas Corporation
	 	 	 	 
	 
	 	 	 	 
	/s/ Michael German

	 	October 31, 2007	 	 
	 	 	 
	By: Michael German

	 	Date	 	 
	Its: CEO & President
	 	 	 	 

By signing this Change in Terms Agreement, each Borrower acknowledges reading,
understanding, and agreeing to all its provisions.

	 	 	 	 	 
	Community Bank N.A
	 	 	 	 
	 
	 	 	 	 
	/s/ Thomas Beers

	 	October 22, 2007	 	 
	 	 	 
	By: Thomas Beers

	 	Date	 	 
	Its: Commercial Loan Officer/Vice President	 	 

			
	 	 	 
	© 2004-2006 Copyright Compliance Systems, Inc. 8B92-115D — 2006.09.56
	 	www.compliancesystems.com
	Change in Terms Agreement — DL6006
	 	800-968-8522 — Fax 616-956-1868

Page 2 of 2EX-10.4

 

Exhibit 10.4

	 	 	 	 	 
	CHANGE IN TERMS AGREEMENT

	 	 	 	Community Bank N.A.
	 

	 	 	 	331 West Pulteney Street
	 

	 	 	 	Corning, New York 14830

	 	 	 	 	 	 	 	 	 
	LOAN NUMBER	 	ORIGINAL PRINCIPAL	 	CURRENT	 	ORIGINAL	 	AGREEMENT 
	 	 	BALANCE	 	PRINCIPAL	 	AGREEMENT	 	CHANGE DATE
	 	 	 	 	BALANCE	 	DATE	 	 
	C-07-07-035695
	 	$1,900,000.00
	 	$918,323.00
	 	 August 4, 2005
	 	March 19, 2008
	 
	DESCRIPTION OF THE EXISTING DEBT (“Existing Debt”)
	 
	Term Loan dated August 4, 2005 in the amount of $1,900,000.00, modified to reduce the interest rate.

BORROWER INFORMATION

Coming Natural Gas Corporation 330 William Street, P. 0. 58 Coming, NY 14830-0058

BORROWER. The term “Borrower” means each party identified above.

LENDER. The term “Lender” means Community Bank N.A. whose address is 331 West Pulteney Street,
Coming, New York 14830 , its successors and assigns.

TERMS AND PROVISIONS. In consideration of the promises contained in this Agreement and in the
instruments evidencing the Existing Debt, and of other good and valuable consideration, the
sufficiency of which is acknowledged by the execution of this Agreement, Borrower agrees to the
following provisions:

	 	1.	 	The instrument evidencing the Existing Debt is modified and supplemented as follows:
	 
	 	 	 	Interest Rate will be changed to the 30-day Libor Rate plus 1.35% as published in the
Wall Street Journal from the 30 day Libor Rate plus 1.85% as published in the Wall Street
Journal effective March 19, 2008.
	 
	 	2.	 	Ratification and Continued Validity. Except for the terms expressly modified by
this Agreement, by signing this Agreement Borrower acknowledges that Borrower is still
bound by the terms of the instruments and prior modifications, extensions, and
supplements evidencing the Existing Debt as if they were fully set forth and repeated in
this Agreement and that those terms will continue to bind Borrower as provided in this
Agreement and those instruments. Lender’s consent to this Agreement does not waive the
right to strictly enforce Lender’s rights under this Agreement or the instruments
evidencing the Existing Debt. Lender’s consent to this Agreement does not mean that
Lender must enter into another agreement like this one in the future. Lender and
Borrower intend that this Agreement does not replace the Existing Debt but restates it
as modified.
	 
	 	3.	 	Others Responsible for the Debt. Lender and Borrower intend that anyone else who
is liable for the Existing Debt, including, without limitation, cosigners, guarantors,
and coborrowers, are not relieved of any obligation except as expressly relieved in this
Agreement or other writing. Borrower agrees that the liability of each person who signed
the instruments evidencing the Existing Debt, whether primary or secondary, continues in
full force and effect, even if that person does not sign this Agreement. This promise
applies not only to this Agreement but also to any extension, modification, or other
agreement Borrower makes with Lender that represents a debt which includes cosigners,
guarantors, coborrowers, and others having similar liability. Borrower understands that
this Agreement is contingent on the continued liability of each person who signed the
documents evidencing the Existing Debt, whether or not that person signs this Agreement.
	 
	 	4.	 	Pronouns and Gender. In this Agreement, whenever the circumstances or the context
so requires, the singular shall be construed as the plural, the masculine shall be
construed as the feminine and/or the neuter and vice versa.
	 
	 	5.	 	Miscellaneous Terms. Borrower agrees that if Lender delays or forgoes enforcing
Lender’s rights under this Agreement in any particular instance, Lender retains the
right to strictly enforce the same provision in any other instance, or later in the same
instance. Every person signing this Agreement waives, to the extent allowed by law,
presentment, demand, protest, and notice of dishonor. Every person signing this
Agreement agrees that Lender may renew, extend, supplement, or otherwise modify the debt
represented by this Agreement and the documents evidencing the Existing Debt without the
permission of any other person who is liable, and such modification will not release or
reduce the liability of any party, even if that party does not sign this Agreement.

ORAL AGREEMENTS DISCLAIMER. This Agreement represents the final agreement between the parties and
may not be contradicted by evidence of prior, contemporaneous or subsequent oral agreements of the
parties. There are no unwritten oral agreements between the parties.

			
	 	 	 
	©
2004-2006 Copyright Compliance Systems, Inc. 8B92-115D — 2006.09.56
	Change in Terms Agreement — DL6006
	 	www.compliancesystems.com
	 
	 	800-968-8522 — Fax 616-956-1868

Page 1 of 2

 

By signing this Change In Terms Agreement, each Borrower acknowledges reading, understanding, and
agreeing to all its provisions, and receiving a copy.

	 	 	 	 	 
	Coming Natural Gas Corporation
	 	 	 	 
	 
	 	 	 	 
	/s/ Michael German

	 	March 20, 2008	 	 
	 	 	 
	By: Michael German

	 	Date	 	 
	Its: CEO & President
	 	 	 	 

By signing this Change In Terms Agreement, Lender acknowledges reading, understanding, and agreeing
to all its provisions.

	 	 	 	 	 
	Community Bank N.A.
	 	 	 	 
	 
	 	 	 	 
	/s/ ThomasBeers

	 	March 19, 2008	 	 
	 	 	 
	By: Thomas Beers

	 	Date	 	 
	Its: Commercial Loan Officer/Vice President	 	 

			
	 	 	 
	© 2004-2006
Copyright Compliance Systems, Inc. 8B92-115D — 2006.09.56
	Change in Terms Agreement — DL6006
	 	www.compliancesystems.com
	 
	 	800-968-8522 — Fax 616-956-1868

Page 2 of 2

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