Document:

Filed by Bowne Pure Compliance

 

Exhibit 10.10

FIRST AMENDMENT TO FIRST AMENDED AND RESTATED LOAN AGREEMENT

THIS FIRST AMENDMENT TO FIRST AMENDED AND RESTATED LOAN AGREEMENT (the
“Amendment”) is made and entered into to be effective the
 _____ 
day of August 2007, by and
between Farm Credit of Southwest Florida, ACA, an agricultural credit association for
itself and as agent/nominee for other lending institutions having an interest, direct or indirect,
in the Loan (as defined hereinbelow) from time to time (the “Lender”), ALICO, Inc.
(“Borrower”), Bowen Brothers Fruit, LLC, (“Brothers”),
ALICO-AGRI, LTD. (“Agri”), Alico Land Development, Inc. (f/k/a Saddlebag
Lake Resorts, Inc.) (“Development”) and Alico Plant World, L.L.C. (“Plant”)
(Brothers, Agri, Development and Plant, collectively, “Guarantors”) (Lender, Borrower and
Guarantors collectively, the “Parties”, and, each singly, a “Party”) and amends
that certain Amended and Restated Loan Agreement among the Parties dated to be effective as of May
26, 2006 (the “Loan Agreement”).

PRELIMINARY STATEMENT

Lender currently has a $175,000,000 revolving line of credit loan (the “Loan”)
outstanding to Borrower. The Loan is governed by certain financial covenants as set forth in the
Loan Agreement. Lender, Borrower and Guarantors have agreed to amend the Net Worth ratio as set
forth below pursuant to the terms and conditions set forth in this Amendment.

Additionally, since the date of the Loan Agreement, a Guarantor, Saddlebag Lake Resorts, Inc.,
has changed its name to Alico Land Development, Inc. The Parties wish to amend the Loan Agreement
and respective Guaranty Agreement to reflect this name change.

All capitalized terms used and not otherwise defined herein shall have the meaning set forth
in the Loan Agreement, as amended by this Amendment.

NOW THEREFORE, the Parties hereby agree as follows:

1. Amendments to the Loan Agreement. The Loan Agreement is hereby amended as follows:

(a) Section 1.24, “Guarantors”, is hereby amended such that the name “Alico Land Development,
Inc. (f/k/a Saddlebag Lake Resorts, Inc.)” replaces the name “Saddlebag Lake Resorts, Inc.” The
Loan Agreement is further amended such that any use of the name “Saddlebag Lake Resorts, Inc.” is
replaced with the name “Alico Land Development, Inc. (f/k/a Saddlebag Lake Resorts, Inc.).”

(b) Section 4.3(d), “Net Worth”, is hereby amended such that the Net Worth requirement
stated therein is reduced to $110,000,000, effective as of the date hereof. The Borrower’s Net
Worth shall continue to be measured in the manner set forth therein.

(c) Exhibit 4.1(c), “Compliance Certificate”, is hereby deleted in its entirety and replaced
with the new Exhibit 4.1 (c) attached hereto and made a part hereof.

 

 

 

2. Conditions Precedent. As conditions precedent to the effectiveness of this
Amendment, Borrower and each Guarantor shall furnish duly authorized resolutions of all of its
members and managers or directors, as the case may be, evidencing its authority to enter into this
Amendment, together with such other documentation as Lender shall request in connection with the
execution of this Amendment.

3. Representations, Warranties, Covenants. Borrower and each Guarantor hereby
represents and warrants that at the time of the execution and delivery of this Amendment it is in
compliance with all of its covenants set forth in the Loan Agreement (as such may be modified
hereby) and each other Loan Document, and that the representations and warranties set forth therein
pertaining to it continue to be true and accurate.

4. Indemnification. Borrower and each Guarantor agrees to hold Lender harmless and
indemnify Lender and its successors and assigns from any and all claims or causes of action arising
in connection with Borrower’s or any Guarantor’s breach of the provisions of this Amendment or
otherwise related to a default or an Event of Default under the Loan Documents.

5. Costs, Fees, Expenses. Borrower agrees to pay all costs and expenses arising from
this Amendment, including, without limitation, all of Lender’s fees and expenses and all fees and
expenses of Lender’s legal counsel.

6. No Change. The Parties hereby acknowledge their express intent that the Loan
Agreement and all related loan and security documents executed in connection therewith, including,
but not limited to, the Loan Documents, govern, in accordance with their original terms and
conditions except as specifically amended hereby, the terms and conditions of the Loans. Any
provisions of the Loan Documents not specifically amended hereby shall be interpreted in a manner
consistent with the amendments set forth in this Amendment and, to the extent that any provisions
of such Loan Documents are inconsistent with this Amendment, the amendments set forth herein shall
prevail.

7. Ratification. Except as expressly amended by this Amendment, the terms and
conditions of the Loan Agreement and all other Loan Documents among anyone or more of the Parties
are hereby ratified and confirmed to be in full force and effect.

8. Counterparts. This Amendment may be executed in two or more originals, each of
which shall be deemed to be an original, but all of which shall constitute one in the same
instrument, and in making proof of this Amendment, it shall not be necessary to produce or account
for more than one such original.

9. Governing Law. This Amendment shall be interpreted in accordance with and governed
by the laws of the State of Florida. PROVIDED HOWEVER, to the extent that the creation, validity,
perfection, enforceability or priority of any lien or security interest, or the rights and remedies
with respect to any lien or security interest, in the Collateral are governed by the laws of a
jurisdiction other than the State of Florida, then the laws of such jurisdiction shall govern,
except as superseded by applicable United States Federal Law.

 

2

 

FIFTH AMENDMENT TO

RESTATED LOAN AGREEMENT

THIS FIFTH AMENDMENT TO RESTATED LOAN AGREEMENT (the “Amendment”) is made and entered
into on August _, 2007, by and among Farm Credit of Southwest Florida, ACA, an agricultural credit
association for itself and as agent/nominee for other lending institutions having an interest,
direct or indirect, in the Term Loan (as defined hereinbelow) from time to time (the
“Lender”) and ALICO, INC. (the “Borrower”) (Lender and Borrower together, the
“Parties”, and, singly, a “Party”) and amends that Restated Loan Agreement between
Borrower and Lender dated as of July 8, 1999, as amended on July 30th, 1999,
on May 5, 2000, on October 11, 2005 and on May 26, 2006 (collectively, the “Loan
Agreement”). Any capitalized terms used but not otherwise defined herein shall have the meaning
set forth in the Loan Agreement.

PRELIMINARY STATEMENT

Lender currently has a term loan in the original principal amount of $19,000,000 (the
“Term Loan”) outstanding to Borrower pursuant to the Loan Agreement and other Loan
Documents referenced therein. Lender also currently has a $175,000,000 revolving of credit loan
(“RLOC”) (the Term Loan and the RLOC, together the “Loans”) outstanding to Borrower
pursuant to an amended and restated loan agreement between Borrower, Lender and others named
therein dated May 26, 2006 (“RLOC Loan Agreement”). Borrower has requested and Lender has
agreed to modify the net worth covenant governing the Loans as set forth below.

NOW THEREFORE, the Parties hereby agree as follows:

1. Amendment to the Loan Agreement. Section 5.4(c) “Net Worth” is hereby
amended such that, commencing on the date hereof, Borrower’s Net Worth shall be maintained at not
less than $110,000,000, to be measured as set forth therein.

2. Conditions Precedent. As a condition precedent to the effectiveness of this
Amendment, Borrower shall furnish duly authorized resolutions of its board of directors evidencing
its authority to enter into this Amendment, together with such other documentation as Lender shall
request in connection with the execution of this Amendment.

3. No Change. The Parties hereby acknowledge their express intent that the Loan
Agreement and all related loan and security documents executed in connection therewith, including,
but not limited to, the Loan Documents, govern, in accordance with their original terms and
conditions except as specifically amended hereby or by amendment documents specifically related to
such Loan Documents, the terms and conditions of the Term Loan. Any provisions of the Loan
Documents not specifically amended hereby shall be interpreted in a manner consistent with the
amendments set forth in this Amendment and, to the extent that any provisions of such Loan
Documents are inconsistent with this Amendment, the amendments set forth herein shall prevail.

4. Representations, Warranties, Covenants. Borrower hereby represents and warrants
that at the time of the execution and delivery of this Amendment it is in compliance with all of
its covenants set forth in the Loan Agreement (as such may be modified hereby) and each other Loan
Document, and that the representations and warranties set forth therein pertaining to it continue
to be true and accurate.

Fifth Amendment to Restated Loan Agreement

Farm Credit of Southwest Florida, ACA/ALICO, INC.

Page l of 3

 

 

 

5. Indemnification. Borrower agrees to hold Lender harmless and indemnify
Lender and its successors and assigns from any and all claims or causes of action arising in
connection with Borrower’s breach of the provisions of this Amendment or otherwise related to the
Borrower’s default under the Loan Documents.

6. Costs, Fees, Expenses. Borrower agrees to pay all costs and expenses arising from
this Amendment, including, without limitation, all of Lender’s fees and expenses and fees and
expenses of Lender’s legal counsel.

7. Ratification. Except as expressly amended by this Amendment, the terms and
conditions of the Loan Agreement and all other Loan Documents among Borrower and Lender pertaining
thereto and hereto are hereby ratified and confirmed to be in full force and effect.

8. Counterparts. This Amendment may be executed in two or more originals, each of
which shall be deemed to be an original, but all of which shall constitute one in the same
instrument, and in making proof of this Amendment, it shall not be necessary to produce or account
for more than one such original.

9. Governing Law. This Amendment shall be interpreted in accordance with and governed
by the laws of the State of Florida. PROVIDED HOWEVER, to the extent that the creation, validity,
perfection, enforceability or priority of any lien or security interest, or the rights and remedies
with respect to any lien or security interest, in the Collateral are governed by the laws of a
jurisdiction other than the State of Florida, then the laws of such jurisdiction shall govern,
except as superseded by applicable United States Federal Law.

10. Continuing Effect. The execution of this Amendment shall constitute a modification
of the Loan Agreement and shall not be construed as a notation of the Obligations under the Loan
Documents. The Parties hereby acknowledge their intent that this Amendment shall not disturb the
existing priority of the Loan Documents or the liens granted thereunder to Lender. The Parties
intend that the security interests evidenced by the Loan Documents retain the same priority as when
originally executed, and delivered as of the respective dates of the Loan Documents.

11. Savings Clause. It is the intent of the parties that the terms and conditions of
the Loan Agreement be consistent with those contained in the RLOC Loan Agreement, as amended and
restated on even date herewith. To the extent the terms and conditions of the Loan Agreement
conflict with the terms and conditions of the RLOC Loan Agreement, as amended and restated on even
date herewith, the terms of the RLOC Loan Agreement, as amended and restated on even date herewith,
shall control and govern the parties with regard to the Term Loan.

Fifth Amendment to Restated Loan Agreement

Farm Credit of Southwest Florida, ACA/ALlCO, INC.

Page 2 of 3

 

 

 

In Witness Whereof, the Parties place their signatures on the date first set fourth above.

	 	 	 	 	 
	 	 	BORROWER:
	 
	 	 	 	 
	 	 	ALICO, INC.
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 	 	Print: John R. Alexander
	 	 	Its: Chairman and Chief Executive Officer
	 
	 	 	 	 
	 	 	LENDER:
	 
	 	 	 	 
	 	 	FARM CREDIT OF SOUTHWEST
	 	 	FLORIDA, ACA for itself and as
	 	 	agent/nominee for other lending institutions
	 	 	having an interest, direct or indirect, in the
	 	 	Loan from time to time
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 	 	Print Name: Bryan L. Byrd
	 	 	Its: Chief Operations Officer/Executive Vice

President

Fifth Amendment to Restated Loan Agreement

Farm Credit of Southwest Florida, ACA/ALlCO, INC.

Page 3 of 3Filed by Bowne Pure Compliance

 

Exhibit 10.20

PURCHASE AND SALE AGREEMENT

This Purchase and Sale Agreement is entered into effective as of July 31, 2007, by and between
PURE CYCLE CORPORATION, a Delaware corporation (“Pure Cycle”), and APEX INVESTMENT FUND II, L.P., a
Delaware limited partnership (“Seller”).

RECITALS

WHEREAS, Pure Cycle and Seller are parties to a Comprehensive Amendment Agreement No. 1, dated
as of April 11, 1996 (the “CAA”), pursuant to which Pure Cycle is obligated to pay to the parties
to the CAA certain proceeds it receives from the sale of Export Water (as defined in the CAA); and

WHEREAS, Seller is a party entitled to receive Gross Proceeds totaling $7,163,274 in
categories (i), (p), (q), (s), and (t) of Paragraph 2 of the CAA; and

WHEREAS, Pure Cycle has offered to purchase from Seller its rights to receive all payments
under the CAA at a discount to the face amount of the Gross Proceeds to be received, and Seller has
accepted the offer, on and subject to the terms set forth herein.

AGREEMENT

NOW THEREFORE, in consideration of the mutual promises herein and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby
agree as follows:

1. Purchase of CAA Interest. Pure Cycle hereby purchases from Seller, and Seller
hereby sells to Pure Cycle, all of its right, title and interest in the CAA. Seller hereby
unconditionally and irrevocably transfers, assigns and conveys to Pure Cycle, and Pure Cycle hereby
accepts from Seller, all of Seller’s rights related to its interest in the CAA, including, without
limitation: (i) the rights of Seller to receive monies and other property or assets due and to
become due to Seller with respect to such interest pursuant to the CAA and (ii) all rights of
Seller with respect to such interest and to compel performance and otherwise exercise all remedies
thereunder (collectively, the “transferred interest”). Pure Cycle hereby accepts the transferred
interest and assumes all of the rights, obligations, and responsibilities of Seller under the CAA.

2. Purchase Price. The consideration payable by Pure Cycle for the transferred
interest shall be One Million Seven Hundred Ninety Thousand Eight Hundred Nineteen Dollars
($1,790,819) (the “Consideration”), payable by cash, check or wire transfer of immediately payable
funds to the bank account specified on Exhibit A attached hereto.

3. Effect of Purchase. Upon payment to Seller of the Consideration, all rights of
Seller relating in any way to the CAA will be owned by Pure Cycle. Pure Cycle and the Seller agree
that this Agreement constitutes an assignment to Pure Cycle of all of Seller’s rights, title and
interest in and to the CAA as of the date hereof, and as of the date hereof, the Seller shall cease
to possess any rights with respect to the CAA.

 

 

 

4. Representations and Warranties.

(a) Authority. Seller has all requisite right, power and authority to execute,
deliver and perform this Agreement. This Agreement has been duly and validly executed and
delivered by the Seller. This Agreement is the valid and binding obligation of the Seller,
enforceable against the Seller in accordance with its terms, except as enforceability may be
limited by (a) applicable bankruptcy, insolvency, reorganization, arrangement, moratorium,
fraudulent conveyance, redemption, reinstatement, and other laws affecting the rights or remedies
of creditors generally and (b) general principles of equity.

(b) Ownership of Transferred Interest. The transferred interest represents the entire
interest of Seller under the CAA. Seller owns the transferred interest, and passes to Pure Cycle
good and marketable title to the transferred interest, free and clear of any lien, encumbrance,
pledge, option, charge or assessment of any kind. Seller has not taken any action to sell or
otherwise transfer the transferred interest or to mortgage, hypothecate or otherwise encumber the
transferred interest, or to grant any lien, pledge, option, encumbrance, adverse interest or claim
of any kind on the incidents of ownership of the transferred interest, including any right of first
offer or other contractual obligation.

(c) No Conflicts. Seller has full right and power to sell, assign and transfer the
transferred interest as provided in this Agreement. The execution, delivery and performance by the
Seller of this Agreement does not and will not: (a) conflict with, violate, result in a breach of
or constitute a default under any agreement, instrument or obligation to which the Seller is a
party or by which the Seller is bound; (b) conflict with or violate any order, judgment, decree,
statute, rule or regulation applicable to the Seller; (c) result in the creation or imposition of
any Lien against or upon the transferred interest; or (d) require any consent, approval or
authorization of, or filing with, any governmental authority or any other third party.

(d) Investment Representatives. Seller understands that the valuation of interests in
the CAA is uncertain and that the value derives from future transactions and developments that are
largely unknown and unknowable. Seller acknowledges that the Consideration being paid hereunder
represents an arms’ length negotiation between Pure Cycle and Seller and represents the fair market
value of transferred interest. Seller has read and understands the public filings made by Pure
Cycle with the Securities and Exchange Commission. In addition, Seller has been given the
opportunity to solicit from Pure Cycle all information relevant to valuation of rights under the
CAA, and has received all the information requested. Seller has made an investigation of the
pertinent facts related to Pure Cycle and the likelihood of payment under the CAA and has reviewed
all information regarding Pure Cycle to the extent it deems necessary in order to be fully informed
with respect thereto. Seller is a sophisticated investor, knowledgeable and experienced in
financial and business matters and in transactions of this nature, and has made its own assessment
of the value of the rights under the CAA. Seller is capable of evaluating the merits and risks of
this transaction. Seller understands that subsequent events may prove that values of interests in
the CAA were higher or lower than the valuation indicated by the Consideration paid hereunder.

 

2

 

5. Release. Seller, on behalf of itself and its partners and agents, hereby fully and
forever releases and discharges Pure Cycle and its officers, directors, agents, employees,
affiliates, successors and predecessors from any and all claims, demands, proceedings, causes of
actions, orders, obligations, contracts, agreements, debts, guarantees, damages, expenses, costs,
attorneys’ fees and liabilities whatsoever, whether known or unknown, suspected or unsuspected,
both at law and in equity, which the Seller now has, has ever had or may hereafter have against
Pure Cycle in connection with, related to or arising out of (i) the Seller’s interest under the
CAA, (ii) the financing transactions pursuant to which Seller acquired shares of Series A Preferred
Stock of Pure Cycle and its interest in the CAA and (iii) the business, operations, management,
financing, or other matters relating to Pure Cycle.

6. Survival. Each of the covenants, representations and warranties of the Seller and
Pure Cycle made herein shall survive the Closing.

7. Entire Agreement; Amendments; Waivers. This Agreement constitutes the entire
agreement of the parties with respect to the subject matter hereof and supersedes all prior
agreements and understandings, oral or written, with respect thereto. This Agreement may not be
modified orally, but only by an agreement in writing signed by the party against whom any waiver or
amendment may be sought to be enforced. No action taken pursuant to this Agreement and no
investigation by or on behalf of any party hereto shall be deemed to constitute a waiver by such
party of compliance with any representation, warranty, covenant or agreement herein. The waiver by
any party hereto of any condition or of a breach of another provision of this Agreement shall not
be construed as a waiver of any other condition or subsequent breach. The waiver by any party of
any part of any condition precedent to its obligations under this Agreement shall not preclude it
from seeking redress for breach of this Agreement other than with respect to the condition waived.

8. Binding Effect. This Agreement shall inure to the benefit of and be binding upon
the parties hereto and their respective heirs, legal representatives, successors and permitted
assigns.

9. Headings and Exhibits. The section, exhibit and other headings in this Agreement
are for reference purposes only and shall not affect the meaning or interpretation of this
Agreement.

10. Counterparts. This Agreement may be executed in any number of counterparts, each
of which, when executed, shall be deemed to be an original and all of which together shall be
deemed to be one and the same Agreement.

11. Governing Law. This Agreement shall be construed and enforced in accordance with
the laws of the State of Colorado, without giving effect to the principles of conflicts of law of
such state.

 

3

 

IN WITNESS WHEREOF, the parties hereto have executed this Purchase and Sale Agreement as of
the date set forth above.

	 	 	 	 	 
	 	 	PURE CYCLE CORPORATION
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Mark Harding
	 

	 	 	 	 
	 

	 	 	 	Mark Harding, President
	 
	 	 	 	 
	 	 	SELLER:
	 
	 	 	 	 
	 	 	APEX INVESTMENT FUND II, L.P.
	 
	 	 	 	 
	 

	 	By:
	 	Apex Management Partnership, General Partner
	 
	 	 	 	 
	 

	 	By:
	 	/s/ George Middlemas
	 

	 	 	 	 
	 

	 	 	 	George Middlemas, General Partner

 

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