Document:

Addendum to Promissory Note

 Exhibit 10-9 

 
 

 
 ADDENDUM TO PROMISSORY NOTE 

THIS ADDENDUM TO PROMISSORY NOTE (“Addendum”) is hereby made a part of the Promissory Note dated April 17, 2012, from
Southeast Power Corporation (“Borrower”) payable to the order of Branch Banking and Trust Company (“Bank”) in the principal amount of $1,500,000.00 (including all renewals, extensions, modifications and substitutions thereof, the
“Note”). 
  

	I.	DEFINITIONS. 

 1.1 Adjusted LIBOR
Rate means a rate of interest per annum equal to the sum obtained (rounded upwards, if necessary, to the next higher 1/16th of 1.0%) by adding (i) the One Month LIBOR plus (ii) 2.500% per annum, which shall be adjusted monthly on
the first day of each LIBOR Interest Period. The Adjusted LIBOR Rate shall be adjusted for any change in the LIBOR Reserve Percentage so that Bank shall receive the same yield. The interest rate will not exceed a fixed maximum rate of 24.000% and
will not decrease below a minimum rate of 0.000%. If the loan has been repaid prior to this date, no reimbursement will be made. Provided, however that in the event that if the Debt to Tangible Net Worth ratio exceeds 1.6:1, as set forth in
Section V of the Loan Agreement of even date herewith, then the Adjusted LIBOR Rate should be the One Month LIBOR plus 2.900%. 
 1.2
Business Day means a day other than a Saturday, Sunday, legal holiday or any other day when the Bank is authorized or required by applicable law to be closed. 
 1.3 LIBOR Advance means the advances made by Bank to Borrower evidenced by this Note upon which the Adjusted LIBOR Rate of interest shall apply. 

1.4 LIBOR Interest Period means the period, as may be elected by the Borrower applicable to any LIBOR Advance, commencing on the date the Note is
first made (or the date of any subsequent LIBOR addendum to the Note) and ending on the day that is immediately prior to the numerically corresponding day of each month thereafter; provided that: 

 

	 	(a)	any LIBOR Interest Period which would otherwise end on a day which is not a Business Day shall be extended to the next succeeding Business Day unless such business Day
falls in another calendar month, in which case such LIBOR Interest Period shall end on the next preceding Business Day; and 

  

	 	(b)	any LIBOR Interest Period which begins on a day for which there is no numerically corresponding day in the subsequent month shall end on the last Business Day of each
subsequent month. 

 1.5 LIBOR Reserve Percentage means the maximum aggregate rate at which reserves (including, without
limitation, any marginal supplemental or emergency reserves) are required to be maintained under Regulation D by member banks of the Federal Reserve System with respect to dollar funding in the London interbank market. Without limiting the effect of
the foregoing, 

  

					
	Loan No. 9660933120/00005	  		  	

 
the LIBOR Reserve Percentage shall reflect any other reserves required to be maintained by such member banks by reason of any applicable regulatory change against (i) any category of
liability which includes deposits by reference to which the Adjusted LIBOR Rate is to be determined or (ii) any category of extensions of credit or other assets related to LIBOR. 
 1.6 One Month LIBOR means the average rate quoted on Reuters Screen LIBOR01 Page (or such replacement page) on the determination date for deposits in U. S. Dollars offered in the London interbank market
for one month determined as of 11:00 am London time two (2) Business Days prior to the commencement of the applicable LIBOR Interest Period; provided that if the above method for determining one-month LIBOR shall not be available, the rate
quoted in The Wall Street Journal, or a rate determined by a substitute method of determination agreed on by Borrower and Bank; provided, if such agreement is not reached within a reasonable period of time (in Bank’s sole judgment), a rate
reasonably determined by Bank in its sole discretion as a rate being paid, as of the determination date, by first class banking organizations (as determined by Bank) in the London interbank market for U. S. Dollar deposits. 

1.7 Standard Rate means, for any day, a rate per annum equal to the Bank’s announced Prime Rate minus 0% per annum, and each change in the Standard
Rate shall be effective on the date any change in the Prime Rate is publicly announced as being effective. 
  

	II.	LOAN BEARING ADJUSTED LIBOR RATE 

 2.1
Application of Adjusted LIBOR Rate. The Adjusted LIBOR Rate shall apply to the entire principal balance outstanding of a LIBOR Advance for any LIBOR Interest Period. 
 2.2 Adjusted LIBOR Based Rate Protections. 
  

	 	(a)	Inability to Determine Rate. In the event that Bank shall have determined, which determination shall be final, conclusive and binding, that by reason of
circumstances occurring after the date of this Note affecting the London interbank market, adequate and fair means do not exist for ascertaining the One Month LIBOR on the basis provided for in this Note, Bank shall give notice (by telephone
confirmed in writing or by telecopy) to Borrower of such determination, whereupon (i) no LIBOR Advance shall be made until Bank notifies Borrower that the circumstances giving rise to such notice no longer exist, and (ii) any request by
Borrower for a LIBOR Advance shall be deemed to be a request for an advance at the Standard Rate. 

  

	 	(b)	 Illegality; Impracticability. In the event that Bank shall determine, which determination shall be final, conclusive and binding, that the
making, maintaining or continuance of any portion of a LIBOR Advance (i) has become unlawful as a result of compliance by Bank with any law, treaty, governmental rule, regulation, guideline or order (or would conflict with any of the same not
having the force of law even though the failure to comply therewith would not be unlawful) or (ii) has become impracticable, or would cause Bank material hardship, as a result of contingencies occurring after the date of this Note materially
and adversely affect the London interbank market or Bank’s ability to make LIBOR Advances 

  

					
	Loan No. 9660933120/00005	  	- 2 -	  	

	 	
generally, then, and in any such event, Bank shall give notice (by telephone confirmed in writing or by telecopy) to Borrower of such determination. Thereafter, (x) the obligation of Bank to
make any LIBOR Advances or to convert any portion of the loan to a LIBOR Advance shall be suspended until such notice shall be withdrawn by Bank, and (y) any request by Borrower for a LIBOR Advance shall be deemed to be a request for an advance
at the Standard Rate. 

  

									
	Witness:	 		 	Borrower:
				
		 		 		 	Southeast Power Corporation, a Florida corporation
				
	 /s/ Barry Forbes
	 		 	By:	 	 /s/ Stephen R. Wherry

	Print Name:	 	 Barry Forbes
	 		 	Stephen R. Wherry, its Sr. Vice President
		 		 		 	Date	 	 April 17, 2012

	 /s/ Cassandra Mora-Brown
	 		 		 	
	Print Name:	 	 Cassandra Mora-Brown
	 		 		 	

  

					
	Loan No. 9660933120/00005	  	- 3 -Loan Agreement

 Exhibit 10-10 

 
 

 
 LOAN AGREEMENT 
 9660933120/00005 
 Account Number 

This Loan Agreement (the “Agreement”) is made this 17th day of April, 2012 by and between BRANCH BANKING AND TRUST COMPANY, a North Carolina banking corporation
(“Bank”), and: 
 Southeast Power Corporation, a State of Florida corporation (“Borrower”), having its executive office at
Melbourne, Florida. 
 The Goldfield Corporation, Pineapple House of Brevard, Inc. and Bayswater Development Corporation (individually
“Guarantor” and collectively the “Guarantors”). 
 The Borrower has applied to Bank for and the Bank has agreed to make,
subject to the terms of this Agreement, the following loan(s) (hereinafter referred to, singularly or collectively, if more than one, as “Loan”): 
 Promissory Note in the original principal amount of $1,500,000.00 for the purpose of acquiring equipment for business operations which shall be evidenced by the Borrower’s Promissory Note dated on or
after the date hereof which shall mature October 17, 2016, when the entire unpaid principal balance then outstanding plus accrued interest thereon shall be paid in full (“Loan”). 

The promissory note evidencing the Loan is referred to herein as the “Note” and shall include all extensions, renewals, modifications and
substitutions thereof. The Loan shall be secured by the collateral described in the security documents described below. 
 I. CONDITIONS
PRECEDENT 
 The Bank shall not be obligated to make any disbursement of Loan proceeds until all of the following conditions have been
satisfied by proper evidence, execution, and/or delivery to the Bank of the following items in addition to this Agreement, all in form and substance satisfactory to the Bank and the Bank’s counsel in their sole discretion: 

USA Patriot Act Verification Information: Information or documentation, including but not limited to the legal name, address, tax identification
number, driver’s license, and date of birth (if the Borrower is an individual) of the Borrower sufficient for the Bank to verify the identity of the Borrower in accordance with the USA Patriot Act. Borrower shall notify Bank promptly of any
change in such information. 
 Note(s): The Note(s) evidencing the Loans(s) duly executed by the Borrower. 

  

					
	Loan No. 9660933120/00005	  		  	

 Security Agreement(s): Security Agreement(s) in which Borrower and any other owner (a
“Debtor”) of personal property collateral shall grant to Bank a first priority security interest in the personal property specified therein. 
 UCC Financing Statements: Copies of UCC Financing Statements duly filed in Borrower’s or other owner’s state of incorporation, organization or residence, and in all jurisdictions
necessary, or in the opinion of the Bank desirable, to perfect the security interests granted in the Security Agreement(s), and certified copies of Information Requests identifying all previous financing statements on record for the Borrower or
other owner, as appropriate from all jurisdictions indicating that no security interest has previously been granted in any of the collateral described in the Security Agreement(s), unless prior approval has been given by the Bank. 

Authorization and Certificate: An Authorization and Certificate executed by each Debtor under which such Debtor authorizes Bank to file a UCC
Financing Statement describing collateral owned by such Debtor. 
 Commitment Fee: A commitment fee (or balance thereof) of $2,500.00
payable to the Bank on the date of execution of the Loan Documents. 
 Corporate Resolution: A Corporate Resolution duly adopted by the
Board of Directors of the Borrower authorizing the execution, delivery, and performance of the Loan Documents on or in a form provided by or acceptable to Bank. 
 Guaranty: Guaranty Agreement(s) duly executed by the Guarantor(s). 
 Additional
Documents: Receipt by the Bank of other approvals, opinions, or documents as the Bank may reasonably request. 
 II. REPRESENTATIONS AND
WARRANTIES 
 The Borrower and Guarantor(s) represent and warrant to Bank that: 
 2.1 Financial Statements. The balance sheet of the Borrower and its subsidiaries, if any, and the related Statements of Income and Retained Earnings of the Borrower and its subsidiaries, the
accompanying footnotes together with the accountant’s opinion thereon, and all other financial information previously furnished to the Bank, are true and correct and fairly reflect the financial condition of the Borrower and its subsidiaries as
of the dates thereof, including all contingent liabilities of every type, and the financial condition of the Borrower and its subsidiaries as stated therein has not changed materially and adversely since the date thereof. Each Guarantor further
represents and warrants that all financial statements provided by such Guarantor to Bank concerning such Guarantor’s financial condition are true and correct and fairly represent such Guarantor’s financial condition as of the dates
thereof. 
 2.2 Name, Capacity and Standing. The Borrower’s exact legal name is correctly stated in the initial paragraph of the
Agreement. If the Borrower and/or any Guarantor is a corporation, general partnership, limited partnership, limited liability partnership, or limited liability company, each warrants and represents that it is duly organized and validly existing
under the laws of its respective state of incorporation or organization; that it and/or its subsidiaries, if any, 

  

					
	Loan No. 9660933120/00005	  	2	  	

 
are duly qualified and in good standing in every other state in which the nature of their business shall require such qualification, and are each duly authorized by their board of directors,
general partners or member/manager(s), respectively, to enter into and perform the obligations under the Loan Documents. 
 2.3 No Violation
of Other Agreements. The execution of the Loan Documents, and the performance by the Borrower, by any and all pledgors (whether the Borrower or other owners of collateral property securing payment of the Loan (hereinafter sometimes referred to
as the “Pledgor”)) or by the Guarantor(s) thereunder will not violate any provision, as applicable, of its articles of incorporation, by-laws, articles of organization, operating agreement, agreement of partnership, limited partnership or
limited liability partnership, or, of any law, other agreement, indenture, note, or other instrument binding upon the Borrower, Pledgor or Guarantor(s), or give cause for the acceleration of any of the respective obligations of the Borrower or
Guarantor(s). 
 2.4 Authority. All authority from and approval by any federal, state, or local governmental body, commission or agency
necessary to the making, validity, or enforceability of this Agreement and the other Loan Documents has been obtained. 
 2.5 Asset
Ownership. The Borrower and each Guarantor have good and marketable title to all of the properties and assets reflected on the balance sheets and financial statements furnished to the Bank, and all such properties and assets are free and clear
of mortgages, deeds of trust, pledges, liens, and all other encumbrances except as otherwise disclosed by such financial statements. In addition, each other owner of collateral has good and marketable title to such collateral, free and clear of any
liens, security interests and encumbrances, except as otherwise disclosed to Bank. 
 2.6 Discharge of Liens and Taxes. The Borrower and
its subsidiaries, if any, and each Guarantor have filed, paid, and/or discharged all taxes or other claims which may become a lien on any of their respective properties or assets, excepting to the extent that such items are being appropriately
contested in good faith and for which an adequate reserve (in an amount acceptable to Bank) for the payment thereof is being maintained. 
 2.7
Regulations U and X. None of the Loan proceeds shall be used directly or indirectly for the purpose of purchasing or carrying any margin stock in violation of the provisions of Regulation U and Regulation X of the Board of Governors of the
Federal Reserve System. 
 2.8 ERISA. Each employee benefit plan, as defined by the Employee Retirement Income Security Act of 1974, as
amended (“ERISA”), maintained by the Borrower or by any subsidiary of the Borrower or Guarantor(s) meets, as of the date hereof the minimum funding standards of Section 302 of ERISA, all applicable requirements of ERISA and of the
Internal Revenue Code of 1986, as amended, and no “Reportable Event” nor “Prohibited Transaction” (as defined by ERISA) has occurred with respect to any such plan. 
 2.9 Litigation. There is no claim, action, suit or proceeding pending, threatened or reasonably anticipated before any court, commission, administrative agency, whether State or Federal, or
arbitration which will materially adversely affect the financial condition, operations, properties, or business of the Borrower or its subsidiaries, if any, or the Guarantor(s), or the ability of the Borrower or the Guarantor(s) to perform their
obligations under the Loan Documents. 

  

					
	Loan No. 9660933120/00005	  	3	  	

 2.10 Other Agreements. The representations and warranties made by Borrower to Bank in the other Loan
Documents are true and correct in all respects on the date hereof. 
 2.11 Binding and Enforceable. The Loan Documents, when executed,
shall constitute valid and binding obligations of the Borrower and Guarantors respectively, the execution of such Loan Documents has been duly authorized by the parties thereto, and are enforceable in accordance with their terms, except as may be
limited by bankruptcy, insolvency, moratorium, or similar laws affecting creditors’ rights generally. 
 2.12 Commercial Purpose.
The Loan(s) are not “consumer transactions”, as defined in the Florida Uniform Commercial Code, and none of the collateral was or will be purchased or held primarily for personal, family or household purposes. 

III. AFFIRMATIVE COVENANTS 
 The Borrower
covenants and agrees that from the date hereof and until payment in full of all indebtedness and performance of all obligations owed under the Loan Documents, Borrower shall: 
 3.1 Maintain Existence and Current Legal Form of Business. (a) Maintain its existence and good standing in the state of its incorporation or organization, (b) maintain its current legal
form of business indicated above, and, (c), as applicable, qualify and remain qualified as a foreign corporation, general partnership, limited partnership, limited liability partnership or limited liability company in each jurisdiction in which such
qualification is required. 
 3.2 Maintain Records. Keep adequate records and books of account, in which complete entries will be made in
accordance with GAAP consistently applied, reflecting all financial transactions of the Borrower. 
 3.3 Maintain Properties. Maintain,
keep, and preserve all of its properties (tangible and intangible) including the collateral necessary or useful in the conduct of its business in good working order and condition, ordinary wear and tear excepted. 

3.4 Conduct of Business. Continue to engage in an efficient, prudent, and economical manner in a business of the same general type as now
conducted. 
 3.5 Maintain Insurance. Maintain insurance with financially sound and reputable insurance companies or associations in such
amounts and covering such risks as are usually carried by companies engaged in the same or a similar business, and business interruption insurance if required by Bank, which insurance may provide for reasonable deductible(s). The Bank shall be named
as loss payee (Long Form) on all policies which apply to the Bank’s collateral, and the Borrower shall deliver certificates of insurance at closing evidencing same. 

  

					
	Loan No. 9660933120/00005	  	4	  	

 3.6 Comply With Laws. Comply in all respects with all applicable laws, rules, regulations, and orders
including, without limitation, paying before the delinquency of all taxes, assessments, and governmental charges imposed upon it or upon its property, and all Environmental Laws. 
 3.7 Right of Inspection. Permit the officers and authorized agents of the Bank, at any reasonable time or times in the Bank’s sole discretion, to examine and make copies of the records and
books of account of, to visit the properties of the Borrower, and to discuss such matters with any officers, directors, managers, members or partners, limited or general of the Borrower, and the Borrower’s independent accountant as the Bank
deems necessary and proper. 
 3.8 Reporting Requirements. Furnish to the Bank: 

Quarterly Consolidated Financial Statements: As soon as available and not later than two (2) weeks after complying with
required Securities and Exchange Commission reporting requirements, consolidated and consolidating quarterly balance sheets, statements of income, cash flow, and retained earnings for the period ended, all in reasonable detail, and all prepared in
accordance with GAAP consistently applied and certified as true and correct by an officer of the Borrower. 
 Annual
Consolidated Financial Statements: As soon as available and not later than two (2) weeks after complying with required Securities and Exchange Commission reporting requirements, consolidated and consolidating annual balance sheets,
statements of income, cash flow and retained earnings for the period ended, all in reasonable detail, and all prepared in accordance with GAAP consistently applied. The financial statements must be of the following quality or better: Audited.

 Notice of Litigation: Promptly after the receipt by the Borrower, or by any Guarantor of which Borrower has knowledge,
of notice or complaint of any action, suit, and proceeding before any court or administrative agency of any type which, if determined adversely, could have a material adverse effect on the financial condition, properties, or operations of the
Borrower or Guarantor, as appropriate. 
 Notice of Default: Promptly upon discovery or knowledge thereof, notice of the
existence of any event of default under this Agreement or any other Loan Documents. 
 USA Patriot Act Verification
Information: Information or documentation, including but not limited to the legal name, address, tax identification number, driver’s license, and date of birth (if the Borrower is an individual) of the Borrower sufficient for the Bank to
verify the identity of the Borrower in accordance with the USA Patriot Act. Borrower shall notify Bank promptly of any change in such information. 
 Financial Statement Certification: Along with Quarterly and Annual Consolidated Financial Statements, a certification executed by the Chief Financial Officer of the Borrower stating: 

Based on my knowledge, the financial statements do not contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered. 

  

					
	Loan No. 9660933120/00005	  	5	  	

 Based on my knowledge, the financial statements, and other financial information included in
this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented. 
 Other Information: Such other information as the Bank may from time to time reasonably request. 
 3.9 Deposit Accounts. Maintain substantially all of its demand deposit/operating accounts with the Bank. 
 3.10 Affirmative Covenants from other Loan Documents. All affirmative covenants contained in any Deed of Trust, Security Agreement, Assignment of Leases and Rents, or other security document
executed by the Borrower which are described in Section I hereof are hereby incorporated by reference herein. 
 IV. GUARANTORS’
COVENANTS 
 Each Guarantor covenants and agrees that from the date hereof and until payment in full of all indebtedness and performance of
all obligations owed under the Loan Documents, Guarantor shall: 
 4.1 Maintain Existence and Current Legal Form of Business. If
Guarantor is a corporation, partnership, limited partnership, limited liability partnership or limited liability company, (a) maintain its existence and good standing in the state of its incorporation or organization, (b) maintain its
current legal form of business as shown on the guaranty agreement provided by Guarantor to Bank in connection with the Loan, (c) without the Bank’s prior written consent enter into any merger, consolidation, reorganization or exchange of
stock, ownership interests or assets, and (d) as applicable, qualify and remain qualified as a foreign corporation, general partnership, limited partnership, limited liability partnership or limited liability company in each jurisdiction in
which such qualification is required. 
 4.2 Maintain Properties. Not, without the prior written consent of Bank, sell, transfer or
otherwise dispose of all or substantially all of Guarantor’s properties (tangible and intangible), except in the ordinary course of business. 
 4.3 Comply With Laws. Comply in all respects with all applicable laws, rules, regulations, and orders including, without limitation, paying before the delinquency of all taxes, assessments, and
governmental charges imposed or assessed upon Guarantor or upon Guarantor’s property, and all Environmental Laws. 
 4.4 Reporting
Requirements. Furnish to the Bank: 
 Annual Financial Statement(s): Not applicable. 

  

					
	Loan No. 9660933120/00005	  	6	  	

 Notice of Litigation: Promptly after the receipt by Guarantor, or by Borrower of
which Guarantor has knowledge, of notice of any action, suit, and proceeding before any court or governmental agency of any type which, if determined adversely, could have a material adverse effect on the financial condition, properties, or
operations of the Guarantor or Borrower, as appropriate. 
 4.5 Other Information: Furnish such other information as the Bank may from
time to time reasonably request. 
 V. FINANCIAL COVENANTS 
 The Borrower covenants and agrees that from the date hereof until payment in full of all indebtedness and the performance of all obligations under the Loan Documents, the Borrower shall at all times
maintain the following financial covenants and ratios all in accordance with GAAP unless otherwise specified: 
 Tangible Net
Worth. A minimum tangible net worth of not less than $12,500,000.00 increasing annually by 50% of positive net income as evidenced by Borrower’s consolidated annual audited financial statement as included in its Form 10-K beginning with its
fiscal year ending on December 31, 2012. Tangible Net Worth is defined as net worth, plus obligations contractually subordinated to debts owed to Bank, minus goodwill, contract rights, and assets representing claims on stockholders or
affiliated entities. 
 Debt to Tangible Net Worth. A ratio of total liabilities to tangible net worth of not greater than
2:1. In the event that this ratio exceeds 1.6:1, then the interest rate shall increase by .40% as set forth in the Renewal and Additional Advance Promissory Note. 
 VI. NEGATIVE COVENANTS 
 The Borrower covenants and agrees that from the date hereof and
until payment in full of all indebtedness and performance of all obligations under the Loan Documents, the Borrower shall not, without the prior written consent of the Bank: 
 6.1 Liens. Create, incur, assume, or suffer to exist any lien upon or with respect to the Mortgaged Property, any of Borrower’s properties, or the properties of any Pledgor securing payment of
the Loan, now owned or hereafter acquired, except: 
  

	 	(a)	Liens and security interests in favor of the Bank; 

  

	 	(b)	Liens for taxes not yet due and payable or otherwise being contested in good faith and for which appropriate reserves are maintained; 

 

	 	(c)	Other liens imposed by law not yet due and payable, or otherwise being contested in good faith and for which appropriate reserves are maintained;

  

	 	(d)	purchase money security interests on any property hereafter acquired, provided that such lien shall attach only to the property acquired. 

  

					
	Loan No. 9660933120/00005	  	7	  	

 6.2 Debt. Create, incur, assume, or suffer to exist any debt, except: 

 

	 	(a)	Debt to the Bank; 

  

	 	(b)	Debt outstanding on the date hereof and shown on the most recent financial statements submitted to the Bank; 

 

	 	(c)	Accounts payable to trade creditors incurred in the ordinary course of business; 

 

	 	(d)	Additional debt not to exceed $500,000.00 in the aggregate at any time. 

 6.3 Change of Legal Form of Business; Purchase of Assets. Change the legal form of Borrower’s business as shown above, whether by merger, consolidation, conversion or otherwise, and Borrower
shall not purchase all or substantially all of the assets or business of any Person. 
 6.4 Leases. Create, incur, assume, or suffer to
exist any leases, except: 
  

	 	(a)	Leases outstanding on the date hereof and showing on the most recent financial statement submitted to the Bank; 

 

	 	(b)	Operating Leases with a duration of more than one (I) year for machinery and equipment which do not in the aggregate require payments in excess of $500,000.00 in
any fiscal year of the Borrower. 

  

	 	(c)	Additional lease obligations in excess of $500,000.00 annually. 

 6.5 Guaranties. Assume, guarantee, endorse, or otherwise be or become directly or contingently liable for obligations of any Person, except guaranties by endorsement of negotiable instruments for
deposit or collection or similar transactions in the ordinary course of business. 
 6.6 Disposition of Assets. Sell, lease, or otherwise
dispose of any of its assets or properties except in the ordinary and usual course of its business. 
 6.7 Negative Covenants from other Loan
Documents. All negative covenants contained in any Deed of Trust, Security Agreement, Assignment of Leases or Rents, or other security document executed by the Borrower which are described in Section I hereof are hereby incorporated by reference
herein. 
 VII. HAZARDOUS MATERIALS AND COMPLIANCE WITH ENVIRONMENTAL LAWS 
 7.1 Investigation. Borrower hereby certifies that it has exercised due diligence to ascertain whether its real property, including without limitation the Mortgaged Property, is or has been affected
by the presence of asbestos, oil, petroleum or other hydrocarbons, urea formaldehyde, PCBs, hazardous or nuclear waste, toxic chemicals and substances, or other hazardous materials (collectively, “Hazardous Materials”), as defined in
applicable Environmental Laws. Borrower represents and warrants that there are no such Hazardous Materials contaminating its real 

  

					
	Loan No. 9660933120/00005	  	8	  	

 
property, nor have any such materials been released on or stored on or improperly disposed of on its real property during its ownership, occupancy or operation thereof Borrower hereby agrees
that, except in strict compliance with applicable Environmental Laws, it shall not knowingly permit any release, storage or contamination as long as any indebtedness or obligations to Bank under the Loan Documents remains unpaid or unfulfilled. In
addition, Borrower does not have or use any underground storage tanks on any of its real property, including the Mortgaged Property which are not registered with the appropriate Federal and/or State agencies and which are not properly equipped and
maintained in accordance with all Environmental Laws. If requested by Bank, Borrower shall provide Bank with all necessary and reasonable assistance required for purposes of determining the existence of Hazardous Materials on the Mortgaged Property,
including allowing Bank access to the Mortgaged Property, and access to Borrower’s employees having knowledge of, and to files and records within Borrower’s control relating to the existence, storage, or release of Hazardous Materials on
the Mortgaged Property. 
 7.2 Compliance. Borrower agrees to comply with all applicable Environmental Laws, including, without
limitation, all those relating to Hazardous Materials. Borrower further agrees to provide Bank, and all appropriate Federal and State authorities, with immediate notice in writing of any release of Hazardous Materials on the Collateral and to pursue
diligently to completion all appropriate and/or required remedial action in the event of such release. 
 7.3 Remedial Action. Bank shall
have the right, but not the obligation, to undertake all or any part of such remedial action in the event of a release of Hazardous Materials on the Collateral and to add any expenditures so made to the principal indebtedness secured by the Security
Agreement. Borrower agrees to indemnify and hold Bank harmless from any and all loss or liability arising out of any violation of the representations, covenants, and obligations contained in this Section VII, or resulting from the recording of the
Security Agreement. 
 VIII. EVENTS OF DEFAULT 
 The following shall be “Events of Default” by Borrower or any Guarantor: 
 8.1 The
failure to make prompt payment of any installment of principal or interest on any of the Note(s) when due or payable. 
 8.2 Should any
representation or warranty made in the Loan Documents prove to be false or misleading in any material respect. 
 8.3 Should any report,
certificate, financial statement, or other document furnished prior to the execution of or pursuant to the terms of this Agreement prove to be false or misleading in any material respect. 
 8.4 Should the Borrower or any Guarantor default on the performance of any other obligation of indebtedness when due or in the performance of any obligation incurred in connection with money borrowed.

 8.5 Should the Borrower, any Guarantor or any Pledgor breach any covenant, condition, or agreement made under any of the Loan Documents, or
that certain Promissory Note dated February 22, 2011 in the original principal amount of $6,940,000.00 made by Southeast Power 

  

					
	Loan No. 9660933120/00005	  	9	  	

 
Corporation in favor of Bank (Loan # 9660933120-00004) and any loan document or instrument evidencing and securing the liability under said Promissory Note, or that certain Promissory Note dated
April 17, 2012 in the original principal amount of $5,000,000.00 made by The Goldfield Corporation in favor of Bank (Loan # 966093082-00002) and any loan document or instrument evidencing and securing the liability under said Promissory Note.

 8.6 Should a custodian be appointed for or take possession of any or all of the assets of the Borrower or any Guarantor, or should the
Borrower or any Guarantor either voluntarily or involuntarily become subject to any insolvency proceeding, including becoming a debtor under the United States Bankruptcy Code, any proceeding to dissolve the Borrower or any Guarantor, any proceeding
to have a receiver appointed, or should the Borrower or any Guarantor make an assignment for the benefit of creditors, or should there be an attachment, execution, or other judicial seizure of all or any portion of the Borrower’s or any
Guarantors assets, including an action or proceeding to seize any funds on deposit with the Bank, and such seizure is not discharged within 30 days. 
 8.7 Should final judgment for the payment of money be rendered against the Borrower or any Guarantor which is not covered by insurance and shall remain undischarged for a period of 30 days unless such
judgment or execution thereon be effectively stayed. 
 8.8 Upon the death of, or termination of existence of, or dissolution of, any Borrower,
Pledge, or Guarantor. 
 8.9 Should the Bank in good faith deem itself, its liens and security interests, if any, or any debt thereunder unsafe
or insecure, or should the Bank believe in good faith that the prospect of payment of any debt or other performance by the Borrower or any Guarantor is impaired. 
 8.10 Should any lien or security interest granted to Bank to secure payment of the Note(s) terminate, fail for any reason to have the priority agreed to by Bank on the date granted, or become unperfected
or invalid for any reason. 
 8.11 Except for monetary defaults, Borrower shall have a forty five (45) day cure period from the date the
Bank notifies the Borrower of any Events of Default. 
 IX. REMEDIES UPON DEFAULT 

Upon the occurrence of any of the above listed Events of Default, the Bank may at any time thereafter, at its option, take any or all of the following
actions, at the same or at different times: 
 9.1 Declare the balance(s) of the Note(s) to be immediately due and payable, both as to principal
and interest, late fees, and all other amounts/expenditures without presentment, demand, protest, or notice of any kind, all of which are hereby expressly waived by Borrower and each Guarantor, and such balance(s) shall accrue interest at the
Default Rate as provided herein until paid in full; 
 9.2 Require the Borrower or Guarantor(s) to pledge additional collateral to the Bank from
the Borrower’s or any Guarantor’s assets and properties, the acceptability and sufficiency of such collateral to be determined in the Bank’s sole discretion; 

  

					
	Loan No. 9660933120/00005	  	10	  	

 9.3 Take immediate possession of and foreclose upon any or all collateral which may be granted to the Bank
as security for the indebtedness and obligations of Borrower or any Guarantor under the Loan Documents; 
 9.4 Exercise any and all other rights
and remedies available to the Bank under the terms of the Loan Documents and applicable law, including the Florida Uniform Commercial Code; 

9.5 Any obligation of the Bank to advance funds to the Borrower or any other Person under the terms of under the Note(s) and all other obligations, if
any, of the Bank under the Loan Documents shall immediately cease and terminate unless and until Bank shall reinstate such obligation in writing. 
 X. MISCELLANEOUS PROVISIONS 
 10.1 Definitions. 

“Default Rate” shall mean a rate of interest equal to Bank’s Prime Rate plus five percent (5%) per annum (not
to exceed the legal maximum rate) from and after the date of an Event of Default hereunder which shall apply, in the Bank’s sole discretion, to all sums owing, including principal and interest, on such date. 

“Environmental Laws” shall mean all applicable federal and state laws and regulations which affect or may affect the
Mortgaged Property, including without limitation the Comprehensive Environmental Response, Compensation, and Liability Act (42 U.S.C. Sections 9601 et seq.), the Resource Conservation and Recovery Act (42 U.S.C. Sections 6901 et seq.), the Federal
Water Pollution Control Act (33 U.S.C. Sections 1251 et seq.), the Clean Air Act (42 U.S.C. Section 7401 et seq.), the Toxic Substances Control Act (15 U.S.C. Section 2601 et seq.), all such applicable environmental laws and regulations of
the State of Florida, as such laws and regulation„ may be amended from time to time. 
 “Loan Documents”
shall mean this Agreement including any schedule attached hereto, the Note(s), the Deed(s) of Trust, the Mortgage(s), Security Deeds, the Security Agreement(s), the Assignment(s) of Leases and Rents, all UCC Financing Statements, the Guaranty
Agreement(s), and all other documents, certificates, and instruments executed in connection therewith, and all renewals, extensions, modifications, substitutions, and replacements thereto and therefore. 

“Person” shall mean an individual, partnership, corporation, trust, unincorporated organization, limited liability
company, limited liability partnership, association, joint venture, or a government agency or political subdivision thereof. 

“GAAP” shall mean generally accepted accounting principles as established by the Financial Accounting Standards Board or
the American Institute of Certified Public Accountants, as amended and supplemented from time to time. 
 “Prime
Rate” shall mean the rate of interest per annum announced by the Bank from time to time and adopted as its Prime Rate, which is one of several rate indexes employed by the Bank when extending credit, and may not necessarily be the
Bank’s lowest lending rate. 

  

					
	Loan No. 9660933120/00005	  	11	  	

 10.2 Non-impairment. If any one or more provisions contained in the Loan Documents shall be held
invalid, illegal, or unenforceable in any respect, the validity, legality, and enforceability of the remaining provisions contained therein shall not in any way be affected or impaired thereby and shall otherwise remain in full force and effect.

 10.3 Applicable Law. The Loan Documents shall be construed in accordance with and governed by the laws of the State of Florida.

 10.4 Waiver. Neither the failure or any delay on the part of the Bank in exercising any right, power or privilege granted in the Loan
Documents shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise of any other right, power, or privilege which may be provided by law. 

10.5 Modification. No modification, amendment, or waiver of any provision of any of the Loan Documents shall be effective unless in writing and
signed by the Borrower and Bank. 
 10.6 Payment Amount Adjustment. In the event that any Loan(s) referenced herein has a variable
(floating) interest rate and the interest rate increases, Bank, at its sole discretion, may at any time adjust the Borrower’s payment amount(s) to prevent the amount of interest accrued in a given period to exceed the periodic payment amount or
to cause the Loan(s) to be repaid within the same period of time as originally agreed upon. 
 10.7 Stamps and Fees. The Borrower shall
pay all federal or state stamps, taxes, or other fees or charges, if any are payable or are determined to be payable by reason of the execution, delivery, or issuance of the Loan Documents or any security granted to the Bank; and the Borrower and
Guarantor agree to indemnify and hold harmless the Bank against any and all liability in respect thereof. 
 10.8 Attorneys’ Fees.
In the event the Borrower or any Pledgor or Guarantor shall default in any of its obligations hereunder and the Bank believes it necessary to employ an attorney to assist in the enforcement or collection of the indebtedness of the Borrower to the
Bank, to enforce the terms and provisions of the Loan Documents, to modify the Loan Documents, or in the event the Bank voluntarily or otherwise should become a party to any suit or legal proceeding (including a proceeding conducted under the
Bankruptcy Code), the Borrower and Guarantors agree to pay the reasonable attorneys’ fees of the Bank and all related costs of collection or enforcement that may be incurred by the Bank. The Borrower and Guarantor shall be liable for such
attorneys’ fees and costs whether or not any suit or proceeding is actually commenced. 
 10.9 Bank Making Required Payments. In the
event Borrower shall fail to maintain insurance, pay taxes or assessments, costs and expenses which Borrower is, under any of the terms hereof or of any Loan Documents, required to pay, or fail to keep any of the properties and assets constituting
collateral free from new security interests, liens, or encumbrances, except as permitted herein, Bank may at its election make expenditures for any or all such purposes and the amounts expended together with interest thereon at the Default Rate,
shall become immediately due and payable to Bank, and shall have benefit of and be secured by the collateral; provided, however, the Bank shall be under no duty or obligation to make any such payments or expenditures. 

  

					
	Loan No. 9660933120/00005	  	12	  	

 10.10 Right of Offset. Any indebtedness owing from Bank to Borrower may be set off and applied by
Bank on any indebtedness or liability of Borrower to Bank, at any time and from time to time after maturity, whether by acceleration or otherwise, and without demand or notice to Borrower. Bank may sell participations in or make assignments of any
Loan made under this Agreement, and Borrower agrees that any such participant or assignee shall have the same right of setoff as is granted to the Bank herein. 
 10.11 UCC Authorization. Borrower authorizes Bank to file such UCC Financing Statements describing the collateral in any location deemed necessary and appropriate by Bank. 

10.12 Modification and Renewal Fees. Bank may, at its option, charge any fees for modification, renewal, extension, or amendment of any terms of
the Note(s) not prohibited by Florida law, and as otherwise permitted by law if Borrower is located in another state. 
 10.13 Conflicting
Provisions. If provisions of this Agreement shall conflict with any terms or provisions of any of the Note(s) or security document(s) or any schedule attached hereto, the provisions of such Note(s) or security document(s) or any schedule
attached hereto, as appropriate, shall take priority over any provisions in this Agreement. 
 10.14 Notices. Any notice permitted or
required by the provisions of this Agreement shall be deemed to have been given when delivered in writing to the City Executive or any Vice President of the Bank at its offices in Melbourne, Florida, and to the President of the Borrower at its
offices in Melbourne, Florida, when sent by certified mail and return receipt requested. 
 10.15 Consent to Jurisdiction. Borrower
hereby irrevocably agrees that any legal action or proceeding arising out of or relating to this Agreement may be instituted in any Florida state court or federal court sitting in the State of Florida, or in such other appropriate court and venue as
Bank may choose in its sole discretion. Borrower consents to the jurisdiction of such courts and waives any objection relating to the basis for personal or in rem jurisdiction or to venue which Borrower may now or hereafter have in any such
legal action or proceedings. 
 10.16 Arbitration. Upon demand of any party hereto, whether made before or after institution of any
judicial proceeding, any dispute, claim or controversy arising out of, connected with, or relating to the Agreement and other Loan Documents (“Disputes”) between or among the parties to this Agreement and other Loan Documents shall be
resolved by binding arbitration as provided herein. Institution of a judicial proceeding by a party does not waive the right of that party to demand arbitration hereunder. Disputes may include, without limitation, tort claims, counterclaims,
disputes as to whether a matter is subject to arbitration, claims brought as class actions, claims arising from Loan Documents executed in the future, or claims arising out of or connected with the transaction reflected by this Agreement and other
Loan Documents. Arbitration shall be conducted under and governed by the Commercial Financial Disputes Arbitration Rules (the “Arbitration Rules”) of the American Arbitration Association (the “AAA”) and Title 9 of the U.S. Code.
All arbitration hearings shall be conducted in the city of Tallahassee. The expedited procedures set forth in Rule 51 et seq. of the Arbitration Rules shall 

  

					
	Loan No. 9660933120/00005	  	13	  	

 
be applicable to claims less than $1,500,000. All applicable statutes of limitation shall apply to any Dispute. A judgment upon the award may be entered in any court having jurisdiction. The
panel from which all arbitrators are selected shall be comprised of licensed attorneys. The single arbitrator selected for expedited procedure shall be a retired judge from the highest court of general jurisdiction, state or federal, of the state
where the hearing will be conducted or if such person is not available to serve, the single arbitrator may be a licensed attorney. Notwithstanding the foregoing, this arbitration provision does not apply to disputes under or related to swap or
hedging agreements. 
 10.17 Counterparts. This Agreement may be executed by one or more parties on any number of separate counterparts
and all of such counterparts taken together shall be deemed to constitute one and the same instrument. 
 10.18 Entire Agreement. The
Loan Documents embody the entire agreement between Borrower and Bank with respect to the Loans, and there are no oral or parol agreements existing between Bank and Borrower with respect to the Loans which are not expressly set forth in the Loan
Documents. 
 10.19 Indemnification. The Borrower and the Guarantors hereby jointly and severally agree to and do hereby indemnify and
defend the Bank, its affiliates, their successors and assigns and their respective directors, officer, employees and shareholders, and do hereby hold each of them harmless from and against, any loss, liability, lawsuit, proceeding, cost expense or
damage (including reasonable in-house and outside counsel fees, whether suit is brought or not) arising from or otherwise relating to the closing, disbursement, administration, or repayment of the Loans, including without limitation: (i) the
failure to make any payment to the Bank promptly when due, whether under the Notes evidencing the Loans or otherwise; (ii) the breach of any representations or warranties to the Bank contained in this agreement or in any other loan documents
now or hereafter executed in connection with the Loans; or (iii) the violation of any covenants or agreements made for the benefit of the Bank and contained in any of the loan documents; provided, however, that the foregoing indemnification
shall not be deemed to cover any loss which is finally determined by a court of competent jurisdiction to result solely from the Bank’s gross negligence or willful misconduct. 
 10.20 Notice and Cure Period. Notwithstanding any provision in this Loan Agreement, the Security Agreement, the Note or Loan Documents to the contrary, an event of default shall not be deemed to
have occurred hereunder as to a non-monetary provision of this Loan Agreement unless and until the Borrower shall fail to cure and remedy said non-monetary breach or default within forty five (45) days after the Borrower has received written
notice thereof from the Bank, and an event of default shall not be deemed to have occurred hereunder as to a monetary provision of the Loan Agreement unless and until the Borrower shall fail to cure and remedy said monetary breach or default within
ten (10) days after the Borrower has received written notice thereof from the Bank. 
 10.21 WAIVER OF JURY TRIAL. UNLESS EXPRESSLY
PROHIBITED BY APPLICABLE LAW, THE UNDERSIGNED HEREBY WAIVE THE RIGHT TO TRIAL BY JURY OF ANY MATTERS OR CLAIMS ARISING OUT OF THIS AGREEMENT OR ANY OF THE LOAN DOCUMENTS EXECUTED IN CONNECTION HEREWITH

  

					
	Loan No. 9660933120/00005	  	14	  	

 
OR OUT OF THE CONDUCT OF THE RELATIONSHIP BETWEEN THE UNDERSIGNED AND BANK THIS PROVISION IS A MATERIAL INDUCEMENT FOR BANK TO MAKE THE LOAN AND ENTER INTO THIS AGREEMENT. FURTHER, THE
UNDERSIGNED HEREBY CERTIFY THAT NO REPRESENTATIVE OR AGENT OF BANK, NOR BANK’S COUNSEL, HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT BANK WOULD NOT SEEK TO ENFORCE THIS WAIVER OR RIGHT TO JURY TRIAL PROVISION. NO REPRESENTATIVE OR AGENT OF
BANK, NOR BANK’S COUNSEL, HAS THE AUTHORITY TO WAIVE, CONDITION OR MODIFY THIS PROVISION. 

  

					
	Loan No. 9660933120/00005	  	15	  	

 SIGNATURE PAGE 

IN WITNESS WHEREOF, the Bank, Borrower and Guarantor(s) have caused this Agreement to be duly executed under seal all as of the date
first above written. 
  

									
	Witness:	 		 	BORROWER:
				
		 		 		 	Southeast Power Corporation, a Florida corporation
				
	 /s/ Barry Forbes
	 		 	By:	 	 /s/ Stephen R. Wherry

	Print Name:	 	 Barry Forbes
	 		 		 	Stephen R. Wherry
		 		 	Title: Treasurer
	 /s/ Cassandra Mora-Brown
	 		 		 	
	Print Name:	 	 Cassandra Mora-Brown
	 		 		 	
			
	Witness:	 		 	GUARANTORS:
				
		 		 		 	The Goldfield Corporation, a Delaware corporation
				
	 /s/ Barry Forbes
	 		 	By:	 	 /s/ Stephen R. Wherry

	Print Name:	 	 Barry Forbes
	 		 		 	Stephen R. Wherry
		 		 		 	Title: Senior Vice President
	 /s/ Cassandra Mora-Brown
	 		 		 	
	Print Name:	 	 Cassandra Mora-Brown
	 		 		 	
				
		 		 		 	Pineapple House of Brevard, Inc., a Florida corporation
				
	 /s/ Barry Forbes
	 		 	By:	 	 /s/ Stephen R. Wherry

	Print Name:	 	 Barry Forbes
	 		 		 	Stephen R. Wherry
		 		 		 	Title: Vice President
	 /s/ Cassandra Mora-Brown
	 		 		 	
	Print Name:	 	 Cassandra Mora-Brown
	 		 		 	
				
		 		 		 	Bayswater Development Corporation, a Florida corporation
				
	 /s/ Barry Forbes
	 		 	By:	 	 /s/ Stephen R. Wherry

	Print Name:	 	 Barry Forbes
	 		 		 	Stephen R. Wherry
		 		 		 	Title: Treasurer
	 /s/ Cassandra Mora-Brown
	 		 		 	
	Print Name:	 	 Cassandra Mora-Brown
	 		 		 	

  

					
	Loan No. 9660933120/00005	  	16	  	

									
	Witness:	 		 	BANK:
				
		 		 		 	Branch Banking and Trust Company
				
	 /s/ Stephen R. Wherry
	 		 	By:	 	 /s/ Barry Forbes

	Print Name:	 	 Stephen R. Wherry
	 		 		 	
		 		 		 	Name: Barry Forbes
	 /s/ Cassandra Mora-Brown
	 		 	
	Print Name:	 	 Cassandra Mora-Brown
	 		 	Title: Senior Vice President

  

					
	Loan No. 9660933120/00005	  	17

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00203-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00203-of-00352.parquet"}]]