Document:

exhibit103_032212.htm

Exhibit 10.3

 

AMENDED AND RESTATED

TERM LOAN NOTE

 

 

 

	$42,500,000 	 	 	

December 31, 2011

	 	 	 	 Fargo, North Dakota

 

 

FOR VALUE RECEIVED, the undersigned, Nedak Ethanol, LLC, a Nebraska limited liability company (“Borrower”), hereby promises to pay to the order of AgCountry Farm Credit Services, FLCA (together with any subsequent holder hereof, “Lender”) or its successors and assigns, at Post Office Box 6020, 1900 44th Street South, Fargo, North Dakota 58108, (a) on the Term Loan Maturity Date (as defined in the Amended and Restated Master Credit Agreement between Borrower and Lender dated as of December 31, 2011 and the First Supplement to the Amended and Restated Master Credit Agreement  (Restructured Term Loan) between Borrower and Lender dated the same date (as the same may be amended, restated, supplemented or otherwise modified from time to time), collectively known as the “Credit Agreement”), the principal sum of Forty Two Million Five Hundred Thousand and No/100 Dollars ($42,500,000.00) or so much of the unpaid principal amount of the Term Loan (as defined in the Credit Agreement) as has advanced by Lender to Borrower pursuant to the Credit Agreement, and (b) on each date specified in the Credit Agreement prior to the Term Loan Maturity Date, the principal amount of the Term Loan payable to Lender on such date as specified therein, in lawful money of the United States of America in immediately available funds, and to pay interest from the Closing Date on the unpaid principal amount thereof from time to time outstanding, in like funds, at said office, at the rate or rates per annum and payable on such dates as provided in the Credit Agreement. Borrower also promises to pay Default Interest (as defined in the Credit Agreement), on demand, on the terms and conditions set forth in the Credit Agreement. In addition, should legal action or an attorney-at-law be utilized to collect any amount due hereunder, Borrower further promises to pay all costs of collection, including the reasonable attorneys’ fees of Lender.

 

All borrowings evidenced by this Term Loan Note and all payments and prepayments of the principal hereof and the date thereof shall be recorded by Lender in its internal records; provided, that the failure of Lender to make such a notation or any error in such notation will not affect the obligations of Borrower to make the payments of principal and interest in accordance with the terms of this Term Loan Note and the Credit Agreement.  THIS NOTE RE-DOCUMENTS PRE-EXISTING INDEBTEDNESS UNDER THE MASTER CREDIT AGREEMENT BETWEEN BORROWER AND FARM CREDIT SERVICES OF GRAND FORKS, FLCA (PREDECESSOR BY MERGER TO LENDER) DATED FEBRUARY 14, 2007, AND THE CONSTRUCTION AND TERM LOAN NOTE IN THE ORIGINAL PRINCIPAL AMOUNT OF $42,500,000, DATED FEBRUARY 14, 2007. THE PRINCIPAL AMOUNT OUTSTANDING UNDER THIS NOTE HAS BEEN REDUCED BY PAYMENTS UNDER THE ORIGINAL CREDIT AGREEMENT AND NOTES, AND AS OF THE DATE HEREOF IS $33,105,272.00. THIS NOTE SHALL NOT BE CONSIDERED A REFINANCING OR NOVATION OF ANY SUCH PRIOR NOTE.

This Term Loan Note is issued in connection with, and is entitled to the benefits of, the Credit Agreement which, among other things, contains provisions for the acceleration of the maturity hereof upon the happening of certain events, all upon the terms and conditions therein specified.

 

  

  

  

THIS TERM LOAN NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NORTH DAKOTA AND ANY APPLICABLE LAWS OF THE UNITED STATES OF AMERICA.

 

 

	 	 	NEDAK ETHANOL,  LLC	 
	 	 	 	 

 

	 	By:	 /s/ Jerome Fagerland	 
	 	 	Jerome Fagerland	 
	 	 	President and General Managerexhibit104_032212.htm

Exhibit 10.4

 

	
WHEN RECORDED MAIL TO:

AgCountry Farm Credit Services, FLCA

1900 – 44th Street South

Fargo, ND 58108

ATTN:  Randy L. Aberle

 

 

SEND TAX NOTICES TO:

NEDAK Ethanol, LLC

87590 Hillcrest Road

Atkinson, NE 68713

ATTN:  Jerome Fagerland

 

SPACE ABOVE THIS LINE IS FOR RECORDER’S USE ONLY

SECOND AMENDMENT

TO DEED OF TRUST, SECURITY AGREEMENT,

ASSIGNMENT OF LEASES AND RENTS

AND FIXTURE FINANCING STATEMENT

 

THIS SECOND AMENDMENT TO DEED OF TRUST, SECURITY AGREEMENT, ASSIGNMENT OF LEASES AND RENTS, AND FIXTURE FINANCING STATEMENT (the “Amendment”) is made effective this 31st day of December, 2011, by and between NEDAK ETHANOL, LLC, a Nebraska limited liability company (the “Borrower”), whose address is 87590 Hillcrest Road, PO Box 391, Atkinson, Nebraska 68713; TO AND IN FAVOR OF LAWYERS TITLE INSURANCE CORPORATION, a Nebraska corporation (the “Trustee”), whose address is 10 South LaSalle Street, Suite 2500, Chicago, IL 60603; FOR THE BENEFIT OF AGCOUNTRY FARM CREDIT SERVICES, FLCA, a federal land credit association organized under the Farm Credit Act of 1971, as amended (the “Lender”), whose address is 1900 – 44th Street South, Fargo, North Dakota 58108.

 

RECITALS:

 

A.           Lender originally extended credit to Borrower under that certain Revolving Credit Note and that certain Construction and Term Loan Note, each dated as of February 14, 2007, and which were amended and restated by that certain Amended and Restated Term Loan Note dated December 31, 2011 (collectively, the “Notes”), in accordance with the Master Credit Agreement by and between Borrower and Lender, dated as of February 14, 2007, as amended and supplemented by that certain First Supplement to Master Credit Agreement dated as of February 14, 2007, as further amended and supplemented by that certain Second Supplement to Master Credit Agreement dated as of February 14, 2007, as further amended and supplemented by that certain Third Supplement and Forbearance Agreement to Master Credit Agreement dated as of April 11, 2008, as further amended and supplemented by that certain Fourth Supplement and Forbearance Agreement to Master Credit Agreement dated as of March 29, 2009, as further amended and supplemented by that certain Fifth Supplement and Forbearance Agreement to

 

  

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Master Credit Agreement dated as of September 30, 2009, as further amended and supplemented by that certain Sixth Supplement and Forbearance Agreement to Master Credit Agreement dated July 30, 2010, and as further amended and supplemented by that certain Seventh Supplement and Forbearance Agreement to the Master Credit Agreement dated February 1, 2011, which were amended and restated in their entirety by that certain Amended and Restated Master Credit Agreement, dated as of December 31, 2011, as supplemented by that certain First Supplement to the Amended and Restated Master Credit Agreement dated as of December 31, 2011 (together with the “Supplements” defined therein, and as further amended and supplemented, the “Credit Agreement”).

 

B.           The Borrower’s obligations under the Notes are secured by, among other things, that certain Deed of Trust, Security Agreement, Assignment of Leases and Rents and Fixture Financing Statement, dated February 14, 2007 granted by Borrower to Trustee for the benefit of Lender, recorded February 16, 2007 in Book 318 of Deeds, at Page 48 of the records of Holt County, Nebraska, which was amended by that certain First Amendment to Deed of Trust, Security Agreement, Assignment of Leases and Rents and Fixture Financing Statement, dated December 13, 2007, granted by Borrower to Trustee for the benefit of Lender, recorded December 13, 2007, in Book 324 of Mortgages, at Page 140 of the records of Holt County, Nebraska (collectively, the “Deed of Trust”), recorded against the real property legally described on attached Exhibit A.

 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:

 

1.           Defined Terms.  Unless otherwise specifically defined in this Amendment, capitalized terms used in this Amendment shall have the meanings given those terms in the Deed of Trust or the Credit Agreement, as applicable.

 

2.           Incorporation of Recitals.  The Recitals set forth above are incorporated herein by reference.

 

3.           Amendment to Deed of Trust.  The Deed of Trust is hereby amended to incorporate into Recital A, the Notes, as defined in this Amendment.

 

4.           References.  From and after the date hereof, all references to the Deed of Trust shall be deemed to be references to the Deed of Trust, as amended by this Amendment.

 

5.           All Other Terms and Conditions Unchanged.  Except as expressly amended or modified by this Amendment, the Deed of Trust is and shall remain in full force and effect according to its terms. Borrower reaffirms and restates, as of the date hereof, all of the representations and warranties contained in the Deed of Trust as true and correct.

 

6.           Counterparts.  This Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed an original and all of which counterparts, taken together, shall constitute one and the same instrument.

 

7.           Binding Effect.  This Amendment shall be binding upon and inure to the benefit of the Lender and the Borrower and their respective successors and assigns.

 

  

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IN WITNESS WHEREOF, Borrower has executed and delivered this Amendment as of the date first above written.

 

 

	 	 	
NEDAK ETHANOL, LLC, a Nebraska limited

liability company

	 
	 	 	 	 

 

	 	By:	/s/ Jerome Fagerland	 
	 	 	Name: Jerome Fagerland	 
	 	 	Title: Pres and Gen Manager	 
	 	 	 	 
	 	 	 	 
	 	 and	 	 
	 	 	 	 
	 	 	 	 

	 	By:	/s/ Everett L. Vogel	 
	 	 	Name: Evertt L. Vogel	 
	 	 	Title: Chairman of Board	 

 

 

  

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ACKNOWLEDGMENT OF BORROWER

 

STATE OF NEBRASKA                                        )

                    ) ss.

COUNTY OF HOLT                                                )

The foregoing instrument was acknowledged before me this 31st day of December, 2011, by Jerome Fagerland, as the President and General Manager of NEDAK ETHANOL, LLC, a Nebraska limited liability company, on behalf of the limited liability company.

 

Witness my hand and official seal.

 

 

	[SEAL]        	 	/s/ James J. Brennan	 
	 	 	Notary	 

 

 

My commission expires:    02-06-2014                                   

STATE OF NEBRASKA                                        )

                    ) ss.

COUNTY OF HOLT                                                )

The foregoing instrument was acknowledged before me this 31st  day of December, 2011, by Everett L. Vogel, as the Chairman of Board of NEDAK ETHANOL, LLC, a Nebraska limited liability company, on behalf of the limited liability company.

 

Witness my hand and official seal.

 

	[SEAL]        	 	/s/ James J. Brennan	 
	 	 	Notary	 
	 	 	 	 

 

      

My commission expires:    02-06-2014                                   

  

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AGCOUNTRY FARM CREDIT SERVICES, 

FLCA, a federal land credit association 

	 
	 	 	organized under the Farm Credit Act of 1971, as	 
	 	 	as amended	 
	 	 	 	 

 

	 	By:	/s/ Randolph L. Aberle	 
	 	 	Randolph L. Aberle	 
	 	 	Vice President	 

 

 

 

ACKNOWLEDGMENT OF LENDER

 

 

STATE OF NORTH DAKOTA                                          )

                    ) ss.

COUNTY OF CASS                                                             )

The foregoing instrument was acknowledged before me this 2nd day of January, 2012, by Randolph L. Aberle, as the Vice President of AGCOUNTRY FARM CREDIT SERVICES, FLCA, a federal land credit association organized under the Farm Credit Act of 1971, as amended, on behalf of the association.

 

Witness my hand and official seal.

 

 

 

	[SEAL]	 	Peggy Pitsenbarger	 
	 	 	Notary Public	 

My commission expires:  8-5-2014

 

  

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Exhibit “A”

 

Parcel 1:

The Plant Site:

Beginning at the southwest corner of the NE 1/4 of Section 4, T29N, R14W of the 6th P.M. in Holt County, Nebraska, and assuming the west line of said NE 1/4 has a bearing of S 00°04'33" E, thence N 89°33'18"E along the south line of said NE 1/4, 1,312.51 feet; thence N 00°59'49"W, 694.43 feet; thence N 89°00'11" E, 539.97 feet; thence N 00°59'49" W, 635.59 feet, to the southwesterly right-of-way line of the Cowboy Trail; thence N 51°52'31" W along said southwest right-of-way, 732.65 feet; thence S 38°07'29" W, 200.00 feet; thence N 51°52'31" W, 200.00 feet; thence N 38°07'29" E, 200.00 feet, to said southwest right-of-way line of Cowboy Trail; thence S 89°54'11" W, 1,073.08 feet, to a point 25.0 feet east of said west line of the NE 1/4 of Section 4; thence N 00°04'33" W, parallel with said west line, 776.67 feet, to the north line of said NE 1/4; thence S 89°16'37" W along said north line, 25.00 feet, to the N 1/4 corner of said Section 4; thence S 89°32'36" W along the north line of the NW 1/4 of said Section 4, 35.05 feet; thence S 00°04'33" E, parallel with said west line of the NE 1/4 2,699.74 feet, to the south line of said NW 1/4; thence N 89°32'57" E along said south line, 35.05 feet, to the point of beginning.

And a tract of land located in the NW 1/4 of Section 4, T29N, R14W of the 6th P.M. in Holt County, Nebraska, described as follows:

Beginning at a point on the south line of said NW 1/4 and 35.05 feet west of the southeast corner of said NW 1/4, and assuming the south line to have a bearing of S 89°30'01" W; thence N 00°04'33" W and parallel with the east line of said NW 1/4, 200 feet; thence S 89°30'01" W and parallel with the south line of the said NW 1/4, 900 feet; thence S 00°04'33" E to a point on the south line of said NW 1/4, 200 feet; thence N 89°30'01" E on the south line of said NW 1/4, 900 feet, to the point of beginning.

Together with the appurtenant easements contained in the Drainage Easement Agreement dated March 28, 2007, recorded December 12, 2007 in Book 84, Page 698.

Parcel 2:

The Transload Site:

A tract of land located in the Northeast Quarter of the Southwest Quarter of Section 25, Township 29 North, Range 12, West of the 6th P.M., Holt County, Nebraska, described as follows:

 

 

 

  

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Beginning at a point that is 421.95 feet South of the Northeast Corner of the Southwest Quarter of said Section 25; thence continuing South on the Quarter Section line a distance of 309.6 feet; thence right 99°35' a distance of 1336.6 feet, along the northerly right of way of the Chicago and Northwestern Railroad; thence right 80°31' a distance of 380.2 feet, to the Southerly right of way of Highway 20; thence right 89° 37' a distance of 735.90 feet; thence right 90°17' a distance of 300.0 feet; thence left 90°17' a distance of 580.8 feet to the point of beginning.

Parcel 3:

Leased Property:

That part of Section 30, T29N, R11W of the 6th P.M. in Holt County, Nebraska, described as follows:

Commencing at the southeast corner of Block 43, Rigg’s Addition to the City of O’Neill, Holt County, Nebraska; thence S 00°04'37" W (assumed bearing) on the west line of 1st Street, a distance of 29.10 feet, to the true point of beginning of an 18.5-foot wide strip of land; thence easterly on a centerline of said strip of land, with 10 feet of said strip of land on the southerly side measured radially from said centerline and with 8.5 feet of said strip of land on the northerly side measured radially from said centerline, on a non-tangential curve with the last course, concaved northerly, having a radius of 764.47 feet, a chord distance of 83.90 feet and a chord bearing of S 89°43'34" E, an arc distance of 83.94 feet, to the east line of said 1st Street; thence continuing on the last described curve with a chord bearing of N 83°54'35" E and a chord distance of 85.84 feet, an arc distance of 85.89 feet, to a point of tangency; thence continuing on said centerline N 80°41'30" E, a distance of 241.82 feet, to the southerly line of Grant Street, also being the point of termination, containing 0.138 acre of land, more or less.

AND:

Those parts of Section 25, T29N, R12W, and Section 30, T29N, R11W of the 6th P.M. in Holt County, Nebraska, described as follows:

Commencing at the southeast corner of Block 43, Rigg’s Addition to the City of O’Neill, Holt County, Nebraska, said point also being on the northeasterly right-of-way line of the Cowboy Trail, formerly known as the northeasterly right-of-way line of Chicago and Northwestern Railroad, and assuming the northeasterly right-of-way line of said Cowboy Trail to have a bearing of S 78°40'55" E; thence S 78°40'55" E and on said northeasterly right-of-way line, 80.81 feet, to the point of beginning; thence S 78°40'55" E and on said northeasterly right-of-way line, 124.10 feet; thence S 77°08'28" W, 5.91 feet, to a point on a curve; thence southwesterly on a 782.49-foot radius curve concaved northwesterly, 327.73 feet, with a chord bearing of S 89°08'23" W and chord distance of 325.34 feet; thence N 78°51'42" W, 434.10 feet; thence southwesterly on a 5,711.65-foot radius curve concaved southwesterly, 118.56 feet, with a chord bearing of N 79°27'23" W and chord distance of 118.56 feet; thence N 80°03'04" W, 5,928.92 feet; thence N 09°56'56" E, 43.00 feet; thence S 80°03'04" E, 859.12 feet; thence S

  

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85°15'22" E, 184.57 feet; thence southeasterly on a 789.49-foot radius curve concaved southwesterly, 71.72 feet, with a chord bearing of S 82°39'13" E and a chord distance of 71.70 feet; thence S 80°03'04" E, 1,376.76 feet; thence southeasterly on a 189.49-foot radius curve concaved southwesterly, 71.72 feet, with a chord bearing of S 77°26'55" E and a chord distance of 71.70 feet; thence S 74°50'46" E, 184.57 feet; thence S 80°03'04" E, 3,182.17 feet; thence southeasterly on a 5,754.65-foot radius curve concaved southwesterly, 119.45 feet, with a chord bearing of S 79°27'23" E and a chord distance of 119.45 feet; thence S 78°51'42" E, 434.10 feet; thence southeasterly on a 739.49-foot radius curve concaved northeasterly 202.03 feet, with a chord bearing of S 86°41'19" E and a chord distance of 201.40 feet, to the point of beginning.

Parcel 4:

Temporary Easement:

A 100-foot wide temporary easement located in the S 1/2 of Section 25, T29N, R12W and the SW 1/4 of Section 30, T29N, R11W of the 6th P.M. in Holt County, Nebraska, 50 feet on each side of a line described as follows:

Commencing at the southeast corner of Block 43, Rigg’s Addition to the City of O’Neill, Holt County, Nebraska, said point also being on the northeasterly right-of-way line of the Cowboy Trail, formerly known as the northeasterly right-of-way line of the Chicago and Northwestern Railroad, and assuming the northeasterly right-of-way line of said Cowboy Trail to have a bearing of S 78°40'55" E; thence S 78°40'55" E and on said northeasterly right-of-way line, 85.51 feet; thence S 00°01'08" W, 50.99 feet, to the point of beginning; thence N 78°40'55" W, 462.40 feet; thence N 77°35'30" W, 80.25 feet; thence N 80°14'25" W, 455.06 feet; thence N 80°01'09" W, 1,447.34 feet; thence N 80°04'36" W, 4,251.08 feet, to the point of termination.

Parcel 5:

Nebraska Northeastern Easement:

A non-exclusive easement over that part of Section 30, T29N, R11W of the 6th P.M. in Holt County, Nebraska, described as follows:

Commencing at the southeast corner of Block 43, Rigg’s Addition to the City of O’Neill, Holt County, Nebraska; thence S 00°04'37" W (assumed bearing) on the west line of 1st Street, a distance of 29.10 feet; thence on a non-tangential curve with the last course, concaved northerly, having a radius of 764.47 feet, a chord distance of 83.9 feet, and a chord bearing of S 89°43'34" E, an arc distance of 83.94 feet, to the east line of said 1st Street; thence continuing easterly on last described curve with a chord bearing of N 83°54'35" E and a chord distance of 85.84 feet, an arc distance of 85.89 feet, to a point of tangency; thence continuing on said centerline N 80°41'30" E, a distance of 241.82 feet, to the southerly line of Grant Street, also being the true 

  

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point of beginning of an 18.5-foot right-of-way easement lying within Grant Street; thence continuing N 80°41'30" E on a centerline with 10 feet on the south side measured radially from said centerline and with 8.5 feet on the north side measured radially from said centerline, a distance of 108.62 feet, to the beginning of a tangential curve concaved southerly, having a radius of 1,015.42 feet, a chord distance of 163.88 feet, and a chord bearing of N 85°19'14" E; thence northeasterly, an arc distance of 164.07 feet on said curve, along said centerline, to a point of tangency; thence continuing on said centerline N 89°56'44" E, a distance of 623.78 feet, to the west line of 4th Street; thence N 89°14'39" E on said centerline with 10 feet on the south side measured radially from said centerline and with 8.5 feet on the north side measured radially from said centerline, 239.49 feet, to the beginning of a tangential curve concaved southerly, having a radius of 2,155.07 feet, a chord distance of 703.76 feet, and a chord bearing of S 81°21'30" E; thence easterly, an arc distance of 706.92 feet on said curve along said centerline, to a point of tangency; thence S 71°57'40" E, 22.53 feet, to a point on the east line of 6th Street, said point being 73.90 feet south of the northwest corner of Block 1, Fahy’s Addition, to the City of O'Neill, Holt County, Nebraska, said point also being on the centerline of the existing track of the Nebraska Northeastern Railway Company.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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