Document:

Exhibit

TERM LOAN PROMISSORY NOTE
	
		
	$30,000,000.00
	January ___, 2019

FOR VALUE RECEIVED, the undersigned, CHESAPEAKE UTILITIES CORPORATION, a Delaware corporation, with offices at 909 Silver Lake Boulevard, Dover, Delaware 19904 (“Borrower”), promises to pay to the order of BRANCH BANKING AND TRUST COMPANY, a North Carolina banking corporation at the office designated below (“Bank”), the principal sum of THIRTY MILLION DOLLARS ($30,000,000.00) in (i) installments of interest from the date hereof on the principal amount thereof from time to time outstanding, in like funds, on each Interest Payment Date at the Interest Rate per annum applicable to the Term Loan as provided in the Term Loan Credit Agreement, dated of even date herewith, by and between Borrower and Bank (as amended, modified, or supplemented from time to time, the “Credit Agreement”), and (ii) a final payment of the outstanding principal balance of this Term Loan Promissory Note, together with accrued interest thereon, at the Interest Rate per annum applicable to the Term Loan as provided in the Credit Agreement, on the Maturity Date. All such principal and interest shall be payable in lawful money of the United States of America in immediately available funds at the offices of Bank, at 200 West Second Street, 17th Floor, Winston-Salem, North Carolina 27101 or such other address as Bank may, from time to time, notify Borrower.
This Term Loan Promissory Note is defined in the Credit Agreement as the “Note.”  Reference is made to the Credit Agreement for a statement of the respective rights and obligations of the parties and the terms and conditions therein provided, under which all or any part of the principal hereof, accrued interest thereon, and other amounts payable under the Credit Agreement may become immediately due and payable.  Capitalized terms used but not otherwise defined herein shall have the respective meanings given to them in the Credit Agreement.
This is a term loan pursuant to which Borrower may not re-borrow amounts previously repaid pursuant to the terms and conditions of this Term Loan Promissory Note and the Credit Agreement.
All borrowings evidenced by this Term Loan Promissory Note and all payments and prepayments of the principal hereof and the date thereof shall be recorded by the holder hereof in its internal records; provided, that the failure of the holder hereof to make such a notation or any error in such notation shall not affect the obligations of the Borrower to make the payments of principal and interest in accordance with the terms of this Term Loan Promissory Note and the Credit Agreement.  Should a conflict arise between this Term Loan Promissory Note and the Credit Agreement, the terms of the Credit Agreement shall control.
Interest shall accrue on the outstanding principal balance hereof at the rate or rates provided for in the Credit Agreement.
The occurrence of an Event of Default under the Credit Agreement constitutes an Event of Default under this Term Loan Promissory Note and entitles Bank, in accordance with the Credit Agreement, to declare this Term Loan Promissory Note immediately due and payable.  
Borrower hereby waives presentment, demand for payment, notice of dishonor or acceleration, protest and notice of protest, and any and all other notices or demands of any kind in connection with the delivery, acceptance, performance, default or enforcement of this Term Loan Promissory Note, except any notice requirements set forth in the Credit Agreement.
This Term Loan Promissory Note shall be binding upon Borrower and its successors and assigns and shall inure to the benefit of Bank and its successors and assigns.  This Term Loan Promissory Note shall be governed as to validity, interpretation and effect by the laws of the State of New York.
In the event any interest rate applicable hereto is in excess of the highest rate allowable under applicable law, then the rate of such interest will be reduced to the highest rate not in excess of such maximum allowable interest and any excess previously paid by Borrower shall be deemed to have been applied against the principal outstanding under the Credit Agreement.
Borrower shall also be liable hereunder for all fees, costs and expenses as provided in the Credit Agreement.
BORROWER AND BANK AGREE THAT THEY SHALL NOT HAVE A REMEDY OF PUNITIVE OR EXEMPLARY DAMAGES AGAINST THE OTHER IN ANY DISPUTE IN CONNECTION WITH THIS TERM LOAN PROMISSORY NOTE AND HEREBY WAIVE ANY RIGHT OR CLAIM TO PUNITIVE OR EXEMPLARY DAMAGES THEY HAVE NOW OR WHICH MAY ARISE IN THE FUTURE IN CONNECTION WITH ANY DISPUTE IN CONNECTION WITH THIS TERM LOAN PROMISSORY NOTE.
EACH OF THE PARTIES HERETO HEREBY KNOWINGLY, VOLUNTARILY, AND INTENTIONALLY WAIVES ANY RIGHTS IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS TERM LOAN PROMISSORY NOTE OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF BANK. THIS PROVISION IS A MATERIAL INDUCEMENT FOR BANK’S ACCEPTING THIS TERM LOAN PROMISSORY NOTE.
BORROWER HEREBY IRREVOCABLY AUTHORIZES AND EMPOWERS ANY ATTORNEY OR ATTORNEYS OR THE PROTHONOTARY OR CLERK OF ANY COURT IN THE STATE OF NEW YORK, OR ELSEWHERE, UPON AND FOLLOWING THE OCCURRENCE OF AN EVENT OF DEFAULT, TO APPEAR FOR AND CONFESS JUDGMENT AGAINST BORROWER FOR THE AMOUNT FOR WHICH BORROWER MAY BE OR BECOME LIABLE TO BANK OR ANY OF THEM UNDER THIS TERM LOAN PROMISSORY NOTE AS EVIDENCED BY AN AFFIDAVIT SIGNED BY AN OFFICER OF BANK, AS THE CASE MAY BE, SETTING FORTH THE AMOUNT THEN DUE, PLUS REASONABLE ATTORNEYS’ FEES OF UP TO TEN PERCENT (10%) OF PRINCIPAL AND INTEREST AND COSTS OF SUIT (PROVIDED, HOWEVER, BANK WILL SEEK TO COLLECT ONLY SUCH REASONABLE FEES AS IT ACTUALLY INCURS FROM TIME TO TIME), AND FOR SO DOING THIS TERM LOAN PROMISSORY NOTE OR A COPY HEREOF VERIFIED BY AFFIDAVIT SHALL BE SUFFICIENT WARRANT, IT BEING AGREED THAT THE FOREGOING AUTHORIZATION IS A POWER COUPLED WITH AN INTEREST.  BORROWER WAIVES THE RIGHT TO ANY STAY OF EXECUTION AND THE BENEFIT OF ALL EXEMPTION LAWS NOW OR HEREAFTER IN EFFECT.  NO SINGLE EXERCISE OF THE FOREGOING WARRANT AND POWER TO CONFESS JUDGMENT SHALL BE DEEMED TO EXHAUST THE POWER, WHETHER OR NOT ANY SUCH EXERCISE SHALL BE HELD TO BE INVALID, VOIDABLE OR VOID, BUT THE POWER SHALL CONTINUE UNDIMINISHED AND MAY BE EXERCISED FROM TIME TO TIME AS OFTEN AS BANK SHALL ELECT UNTIL ALL OBLIGATIONS OF BORROWER TO BANK HAVE BEEN PAID IN FULL.
BORROWER ACKNOWLEDGES THAT IT HAS HAD THE ASSISTANCE OF COUNSEL IN THE REVIEW AND EXECUTION OF THIS TERM LOAN PROMISSORY NOTE, AND FURTHER ACKNOWLEDGES THAT THE MEANING AND EFFECT OF THE FOREGOING WAIVER OF JURY TRIAL AND CONFESSION OF JUDGMENT HAVE BEEN FULLY EXPLAINED TO BORROWER BY SUCH COUNSEL.

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Borrower acknowledges that it has read and understood all the provisions of this Term Loan Promissory Note, including the waiver of jury trial, and has been advised by counsel as necessary or appropriate.
WITNESS the due execution hereof as a document under seal, as of the date first written above, with the intent to be legally bound hereby.
ATTEST:                    CHESAPEAKE UTILITIES CORPORATION
a Delaware corporation  
 
 
 
By:___________________________        By:_______________________________(SEAL)
Name:    Thomas E. Mahn            Name: Beth W. Cooper    
Title: Treasurer and Vice President        Title: Senior Vice President and Chief Financial
Officer

[Signature Page to Term Loan Promissory Note]Ex_10.1

		

			Exhibit 10.1

		

		

			 

		

		
			
		

		
			TEXAS ASSOCIATION OF REALTORS®
		

		
			COMMERCIAL LEASE AMENDMENT
		

		
			USE OF THIS FORM BY PERSONS WHO ARE NOT MEMBERS OF THE TEXAS ASSOCIATION OF REALTORS® IS NOT AUTHORIZED.
		

		
			©Texas Association of REALTORS®, Inc. 2010
		

		
			 
		

			
					
						 

				
	
					
						AMENDMENT TO THE COMMERCIAL LEASE BETWEEN THE UNDERSIGNED PARTIES CONCERNING

				
	
					
						THE LEASED PREMISES AT

					
					
						300 Boone Rd, Burleson, TX 76028

				
	
					
						 

				
	
					
						 

				
	
					
						Effective on

					
					
						May 1, 2019

					
					
						 , Landlord and Tenant amend the above-referenced lease as follows:

				
	
					
						 

				
	
					
						

					
					
						A.  Leased Premises:  The suite or unit number identified in Paragraph 2A(1) is:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						  (1)  changed to

					
					
						1,2,3,4,5,6

					
					
						.

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						  (2)  contains approximately

					
					
						15000

					
					
						square feet.

				
	
					
						 

					
					
						 

				
	
					
						

					
					
						B. Term:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						  (1)   The length of the term stated in Paragraph 3A is changed to             months and           days.

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						  (2)   The Commencement Date stated in Paragraph 3A is changed to                                                                   .

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						  (3)   The Expiration Date stated in Paragraph 3A is changed to

					
					
						April 30, 2022

					
					
						.

				
	
					
						 

					
					
						 

				
	
					
						

					
					
						C. Rent: The amount of the base monthly rent specified in Paragraph 4A is changed to:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						$

					
11,250.00
					
					
						 from

					
					
						05/01/2019

					
					
						 to

					
					
						04/30/2021

					
					
						;

				
	
					
						 

					
					
						$

					
11,650.00
					
					
						 from

					
					
						05/01/2021

					
					
						 to

					
					
						04/30/2022

					
					
						;

				
	
					
						 

					
					
						$

					
					
						 

					
					
						 from

					
					
						 

					
					
						 to

					
					
						 

					
					
						;

				
	
					
						 

					
					
						$

					
					
						 

					
					
						 from

					
					
						 

					
					
						 to

					
					
						 

					
					
						;

				
	
					
						 

					
					
						$

					
					
						 

					
					
						 from

					
					
						 

					
					
						 to

					
					
						 

					
					
						.

				
	
					
						 

					
					
						 

				
	
					
						

					
					
						D. Security Deposit: The amount of the security deposit in Paragraph 5 is changed to $ ______________.

				
	
					
						 

					
					
						 

				
	
					
						

					
					
						E. Maintenance and Repairs: The following item(s) specified in the identified subparagraph of Paragraph 15C will be maintained by the party designated below:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Para. No.

					
					
						    

					
					
						Description

					
					
						    

					
					
						Responsible Party

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 N/A

					
					
						 Landlord

					
					
						 Tenant

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 N/A

					
					
						 Landlord

					
					
						 Tenant

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 N/A

					
					
						 Landlord

					
					
						 Tenant

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 N/A

					
					
						 Landlord

					
					
						 Tenant

				
	
					
						 

					
					
						 

				
	
					
						

					
					
						F. Parking:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						  (1)  Common Parking: The number of vehicles identified in Paragraph A(1) of the Commercial Lease Parking Addendum is changed                           to vehicles.

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						  (2)  Restricted Common Parking for Tenants: The number of vehicles identified in Paragraph A(2) of the Commercial Lease Parking Addendum is changed to                                     vehicles.

				

		
			 
		

		
			 
		

		
			

		 

		

			 

		

			

					

						(TAR-2114) 1-26-10

					

					

						Initialed for Identification by Landlord:           ,           , and Tenant:           ,            ,

					

					

						Page 1 of 2

				
	

					

						 

					

					

						 

				
	

					

						Orr, 504 Timber Ct. Burleson, TX 76028

					

					

						Phone: 817.295.2238        Fax: 817.265.0441      Axogen

				
	

					

						Michael Langford

					

					

						Produced with zipForm® by zipLogix 18070 Fifteen Mile Road, Fraser, Michigan 48026 www.zipLogix.com

				

		

			 

		

 

		

			 

		

		

		
			 
		

			
					
						Amendment to Commercial Lease concerning

					
					
						300 Boone Rd, Burleson, TX 76028

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						  (3)  Assigned Parking: Tenant's assigned parking areas identified in Paragraph A(3) of the Commercial Lease Parking Addendum is changed to                                                                                       

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						                                                                                                                                                                 .

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						  (4)  Parking Rental: The amount of rent identified in Paragraph B of the Commercial Lease Parking Addendum is changed to $                                                                                                                     .

				
	
					
						 

					
					
						 

				
	
					
						

					
					
						G. Other: Paragraph(s)                                       are changed to read (cite specific paragraphs and copy the applicable paragraphs verbatim, making any necessary changes):

				

		
			 
		

		
			 
		

			
					
						 

				
	
					
						 

				
	
					
						 

				
	
					
						 

				
	
					
						 

				
	
					
						 

				
	
					
						 

				
	
					
						 

				
	
					
						 

				
	
					
						 

				
	
					
						 

				
	
					
						 

				
	
					
						 

				
	
					
						 

				
	
					
						 

				
	
					
						 

				
	
					
						 

				
	
					
						 

				
	
					
						 

				
	
					
						 

				
	
					
						 

				

		
			 
		

		
			 
		

		
			 
		

		
			 
		

			
					
						Landlord:

					
					
						Ja-Cole L.P.

					
					
						    

					
					
						Tenant:

					
					
						AxoGen Corporation

				
	
					
						               DocuSigned by:

					
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Robert Orr

					
					
						 

					
					
						By:

					
					
						 

				
	
					
						               DF0AEFB4DEAD4B1

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By (signature):

					
					
						 

					
					
						 

					
					
						 

					
					
						By (signature):

					
					
						 

				
	
					
						 

					
					
						Printed Name:

					
					
						Rob Orr

					
					
						 

					
					
						 

					
					
						Printed Name:

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						 President

					
					
						Date:

					
					
						3/12/2019

					
					
						 

					
					
						 

					
					
						Title:

					
					
						 

					
					
						Date:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						By: 

					
					
						 

					
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By (signature):

					
					
						 

					
					
						 

					
					
						 

					
					
						By (signature):

					
					
						 

				
	
					
						 

					
					
						Printed Name:

					
					
						 

					
					
						 

					
					
						 

					
					
						Printed Name:

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						 

					
					
						Date:

					
					
						 

					
					
						 

					
					
						 

					
					
						Title:

					
					
						 

					
					
						Date:

					
					
						 

				

		
			 
		

		 

		

			 

		

			

					

						(TAR-2114) 1-26-10

					

					

						 

					

					

						Page 2 of 2

				
	

					

						 

					

					

						 

					

					

						 

				
	

					

						 

					

					

						Produced with zipForm® by zipLogix 18070 Fifteen Mile Road, Fraser, Michigan 48026 www.zipLogix.com

					

					

						Axogen

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