Document:

Modification of Mortgage of The Goldfield Corporation

 Exhibit 10-1 

PREPARED BY AND RETURN TO: 

MITCHELL S. GOLDMAN 
 96
WILLARD STREET, SUITE 302 
 COCOA, FLORIDA 32922 

MODIFICATION OF MORTGAGE 

THIS MODIFICATION OF MORTGAGE is made and entered into this 18th day of May, 2010, by and between PINEAPPLE HOUSE OF BREVARD,
INC., a Florida corporation (“Mortgagor”) and BRANCH BANKING AND TRUST COMPANY, a North Carolina banking corporation (“Mortgagee”). 

WHEREAS, on or about November 18, 2005, Mortgagor executed that certain Promissory Note in favor of Mortgagee in the original
principal amount of $14,000,000.00 (“Note”); and, 
 WHEREAS, the Note was secured by the following
instruments, all of the Public Records of Brevard County, Florida: Mortgage recorded in Official Records Book 5567, Page 2467; Assignment of Rents, Leases and Profits recorded in Official Records Book 5567, Page 2491; and, Financing Statement
recorded in Official Records Book 5567, Page 2496 (collectively, “Mortgage”); and, 
 WHEREAS, Mortgagor and
Mortgagee desire to modify the terms of the various documents as set forth herein; and, 
 NOW, THEREFORE, in
consideration of the foregoing and other premises contained herein, it is agreed as follows: 
 1. The foregoing recitals are
true and correct and are incorporated herein by reference. 
 2. The principal balance of the Note shall hereafter not exceed
$881,000.00. The Note has been modified by that certain Allonge to Promissory Note (“Allonge”), dated of even date hereof, which instrument is incorporated herein by reference. The Note and Allonge, together with that certain prior Allonge
to Promissory Note dated November 13, 2008, shall hereinafter be collectively referred to as the “Note”. 
 3.
The Mortgage, including this instrument, is granted and conveyed to secure: (i) prompt payment of the Note(s) and all renewals, extensions, modifications and substitutions thereof, (ii) the performance of all other obligations set forth
therein and in any loan agreement or security instrument in connection herewith and all advances to pay drafts on any letters of credit issued on the account of the Mortgagor or other obligor on the Note(s); (iii) all future advances made to
the Mortgagor or other obligor on the Note(s) if not the Mortgagor, not to exceed the maximum aggregate principal amount up to twice the amount of the Note(s) described above whether evidenced by the original Note(s) or any subsequent Note(s)
notwithstanding whether any such 

 
subsequent Note is a part of the transaction governing the Note(s) or is of the same kind or class, provided that each such subsequent Note or other evidence of indebtedness shall reference that
is secured by this Mortgage or under any Application and Agreement for Irrevocable Letter of Credit executed by the Mortgagor or other obligor on the Note(s); (iv) all obligations under any Hedge Agreements; (v) all sums expended by the
Mortgagee to protect and preserve the Property, including without limitation all taxes and insurance premium; and, (vi) all cost of collection of the Note(s) and enforcement of this Mortgage, including without limitation all reasonable
attorneys; and paralegal fees, court cost, publication fees and related costs. 
 4. The Maturity Date of the Note and Mortgage
shall be July 18, 2010. 
 5. The parties hereto intend that this Agreement will not disturb the existing priorities and
that this Agreement will retain the same lien priority as the original Mortgage, which this Agreement serves to further modify as set forth herein. The parties further acknowledge and agree that this Agreement shall not constitute a novation and
shall in no way adversely affect or impair the lien priority of the Mortgage as modified. In the event this Agreement, or any portion thereof, or any of the instruments, executed in connection herewith shall be construed of shall operate of affect
the lien of the priority of the original Mortgage, then, to the extent other parties acquire an interest in the Mortgaged Property between the time of recording of the Mortgage and the Agreement recorded herein, and Mortgagee is prejudiced thereby,
Mortgagor shall immediately take such actions which will place the Mortgagee in the same lien position as it was prior to the recording of this instrument, or Mortgagor shall be in default under the Note secured hereby. Notwithstanding the
foregoing, the parties hereto, as between themselves, shall be bound by all terms and conditions hereto until such indebtedness evidenced by the Note secured by the Mortgage has been paid. 

6. Mortgagor acknowledges that as of the date of this Agreement, and to the best of its knowledge, Mortgagee is not in default of any
Mortgagee’s obligations to Mortgagor and there exist no claims, causes of actions, rights of setoff of other defenses, whether known or unknown in favor of Mortgagor against Mortgagee. 

7. All terms, conditions and covenants of the Mortgage and Note described herein, except as herein expressly modified, are hereby
ratified, confirmed and approved and shall remain unchanged in all other respects. 
 8. This Agreement shall bind and inure to
the benefit of the parties hereto and each of them and their respective successors and assigns. 
 9. Mortgagor agrees to
indemnify and hold harmless Mortgagee from and against any loss, cost or expense resulting from any claim by Florida or Federal taxing authorities, including without limitation the Florida Department of Revenue, that any transactional tax is to be
imposed incident to the transactions contemplated herein, including, but not limited to, the Florida documentary stamps and intangible tax, plus any interest and penalties due thereon. This obligation to indemnify Mortgagee shall survive payment of
the Loan, and the satisfaction of this Mortgage, as modified. 
 10. Mortgagee previously released from the lien of the Mortgage
certain individual condominium units. All land and condominium parcels not previously released by Mortgagee shall continue to serve as collateral for the Note. 
  

 2 

					
	Witnesses:	  	Mortgagor:
		
		  	Pineapple House of Brevard, Inc.
	     /s/ Debra Pavlakos

Print Name: Debra Pavlakos
	  		 	
			
		  	By:	 	   /s/ Stephen R. Wherry, Treasurer

		  		 	Stephen R. Wherry, Treasurer
	   /s/ Victoria Costa
	  		 	
	Print Name: Victoria Costa	  		 	
		  		 	
		  		 	
			
	   /s/ Kathleen Lowry
	  		 	
	 Print Name: Kathleen Lowry
	  	Mortgagee:
		
		  	Branch Banking & Trust Company
	   /s/ Victoria Costa
	  		 	
	 Print Name: Victoria Costa
	  		 	
			
		  	By:	 	   /s/ Debra Pavlakos

Debra Pavlakos, Senior Vice President

STATE OF FLORIDA 
 COUNTY OF BREVARD 

The foregoing instrument was acknowledged before me this
18th day of May, 2010 by Stephen R. Wherry, Treasurer of
Pineapple House of Brevard, Inc., a Florida corporation. 
  

			
		  	 /s/ Victoria Costa

		  	 Notary Public

	Personally Known X OR Produced Identification	  	 Imprint of Notary Stamp of Victoria Costa

STATE OF FLORIDA 
 COUNTY OF BREVARD 

The foregoing instrument was acknowledged before me this
18th day of May, 2010 by Debra Pavlakos, Senior Vice
President of Branch Banking & Trust Company. 
  

			
		  	 /s/ Victoria Costa

		  	 Notary Public

		  	 Imprint of Notary Stamp of Victoria Costa

Personally Known X OR Produced Identification 
  

 3Allonge to Promissory Note of The Goldfield Corporation

 Exhibit 10-2 

ALLONGE TO PROMISSORY NOTE 

THIS ALLONGE, is made as of this
18th day of May, 2010, by Pineapple House of Brevard,
Inc., a Florida corporation (“Borrower”) and consented to by The Goldfield Corporation, Bayswater Development Corporation, Oak Park of Brevard, Inc., and Southeast Power Corporation (collectively, the “Guarantors”), and is to be
attached and made a part of that certain Promissory Note dated November 18, 2005 made by Borrower to Branch Banking and Trust Company (“Lender”) in the original principal amount of Fourteen Million and No/100 Dollars ($14,000,000.00)
(“Note”), modified by Allonge dated November 13, 2008 (“November Allonge”)(the “Note” and “November Allonge” shall hereinafter be collectively referred to as the “Note”). 

WHEREAS, there is due and owing on the Note a current principal balance of $774,208.92, with a committed amount not to exceed
$881,000.00. The difference between the committed amount of $881,000.00 and the current outstanding principal balance of $774,208.92, is $106,791.08, and this amount shall hereinafter be referred to as the “Interest Reserve”; and,

 WHEREAS, while Borrower may continue to use the Interest Reserve as provided in the Note and related loan documents
for purposes of paying the accrued interest owed under the Note, the outstanding principal balance of the Note will hereinafter not exceed $881,000.00, and the Note is further hereinafter non-revolving; and, 

NOW THEREFORE, the Note is amended as follows: 

1. The foregoing recitals are true and correct and incorporated herein by reference. 

2. REPAYMENT. Interest only on the outstanding principal balance of the Note shall be payable monthly, commencing May 18, 2010, and
continuing on the same day of each and every consecutive month thereafter until July 18, 2010 on which date the entire principal sum outstanding under this Note plus accrued interest shall become due and payable (“Maturity Date”).

 3. All other terms and conditions of the Note remain in full force and effect. 

IN WITNESS WHEREOF, the undersigned have executed this instrument the date stated above. 

 

							
	LENDER:	  		 	BORROWER:
			
	Branch Banking and Trust Company	  		 	 Pineapple House of Brevard, Inc.

				
	By:	 	     /s/ Debra Pavlakos
	  	By:	 	   /s/ Stephen R. Wherry, Treasurer

	Debra Pavlakos, Senior Vice President	  		 	       Stephen R. Wherry, Treasurer

			
	GUARANTORS:
	
	The Goldfield Corporation
		
	By:	 	 /s/ Stephen R. Wherry, S.V.P.

	Stephen R. Wherry, Senior Vice President
	
	Bayswater Development Corporation
		
	 By:
	 	 /s/ Stephen R. Wherry, Treasurer

	 Stephen R. Wherry, Treasurer

	
	Oak Park of Brevard, Inc.
		
	 By:
	 	 /s/ Stephen R. Wherry, Treasurer

	 Stephen R. Wherry, Treasurer

	
	Southeast Power Corporation
		
	 By:
	 	 /s/ Stephen R. Wherry, Treasurer

	 Stephen R. Wherry, Treasurer

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