Document:

EX-4.50

 Exhibit 4.50 

MORTGAGE LOAN NOTE 
  

	Date	 of Note: December 18, 2020 

Principal Amount: $4,720,000 
  

			
	
	Definitions
		
	Business Day:	  	Any day (other than Saturday, Sunday, federal holiday, or a day on which commercial banks in the State are required or permitted to close) on which Lender is open and conducting its customary banking transactions
		
	Default Rate	  	A rate of interest equal to the Interest Rate provided herein plus six (6%) percent per annum, but in no event to exceed the maximum rate allowed by law.
		
	Interest Rate:	  	A fixed rate of two and sixty-four hundredths (2.64%) percent per annum.
		
	Maturity Date	  	December 18, 2030
		
	State:	  	The State of New Hampshire

 FOR VALUE RECEIVED, UNITIL REALTY CORP., a New Hampshire corporation (the “Borrower”),
having an address as indicated below, HEREBY PROMISES TO PAY to the order of TD Bank, N.A., a national banking association, (hereinafter, together with its successors and assigns, referred to as the “Lender”) at P.O. Box
5600, Lewiston, Maine, 04243-5600, or at such other place as the holder hereof may from time to time designate in writing, in immediately available federal funds, the Principal Amount, which Principal Amount shall be due and payable on the
Maturity Date, together with interest on the outstanding Principal Amount from time to time at the Interest Rate. 
 Borrower will pay the
Principal Amount in one hundred twenty (120) consecutive monthly payments of principal in the amount of $19,666.67 plus all accrued but unpaid interest. Such payments shall be due on the first day of each month commencing January 1, 2021 until
the Maturity Date, at which time the entire unpaid balance of the Principal Amount shall be due and payable, together with all accrued but unpaid interest. 

Borrower hereby authorizes Lender to charge checking account number 9247256632 at TD Bank, N.A. (or such other account maintained by Borrower
at TD Bank, N.A. as Borrower shall designate by written notice to Lender) (the “Deposit Account”) to satisfy the monthly payments of principal and/or interest due and payable to Lender 

 
hereunder on the first (1st) day of each month (each, a “Charge Date”) and Lender is hereby authorized to charge the Deposit Account on each Charge Date or, if any Charge Date shall
fall on a Saturday, Sunday or legal holiday, then the Lender reserves the right to charge the Deposit Account on either the first (1st) Business Day (as hereafter defined) immediately preceding or
on the first (1st) Business day immediately following any such Charge Date until the Note shall be paid in full. 

Borrower agrees to maintain sufficient funds in the Deposit Account to satisfy the payment due Lender under the Note on each Charge Date
during the term of the Loan. If sufficient funds are not available in the Deposit Account on any Charge Date to pay the amounts then due and payable under this Note, Lender is, in its sole discretion authorized to: (a) charge the Deposit
Account for such lesser amount as shall then be available; and/or (b) charge the Deposit Account on such later date or dates that funds shall be available in the Deposit Account to satisfy the payment then due (or balance of such payment then
due). Notwithstanding the foregoing, Borrower shall only be entitled to receive credit in respect of any payments of principal and interest due under the Note for funds actually received by Lender as a result of any such charges to the Deposit
Account. Borrower shall be liable to Lender for any late fees or interest at the Default Rate on any payments not made on a timely basis by Borrower because of insufficient funds in the Deposit Account on any Charge Date. In the event the Deposit
Account continues to contain insufficient funds to fully satisfy the payments due Lender under the Note, Borrower shall be responsible for making all such payments from another source and in no event shall the obligations of Borrower under the Note
be affected or diminished as a result of any shortages in the Deposit Account, it being understood and agreed that Borrower shall at all times remain liable for payment in full of all indebtedness under the Note. 

Lender may, at Lender’s sole discretion, discontinue charging the Deposit Account at any time on not less than ten (10) days’
written notice to the Borrower, in which event, Borrower shall thereafter be responsible for making all payments hereunder to Lender at the address set forth in Lender’s notice or if no such address is given, then to Lender at P.O. Box 5600,
Lewiston, Maine, 04243-5600. 
 The Borrower and each endorser of the Note grant to the Lender, for itself and as agent for any Affiliate
Counterparty or other Affiliate of Lender holding any Obligations, a continuing lien on and security interest in any and all deposits or other sums at any time credited by or due from the Lender or any Affiliate Counterparty or other Affiliate of
Lender to the Borrower and/or each endorser of the Note and any cash, securities, instruments, or other property of the Borrower and each endorser of the Note in the possession of the Lender or any Affiliate Counterparty or other Affiliate of Lender
whether for safekeeping or otherwise, or in transit to or from the Lender or any Affiliate Counterparty or other Affiliate of Lender (regardless of the reason the Lender or any Affiliate Counterparty or other Affiliate of Lender had received the
same or whether the Lender or any Affiliate Counterparty or other Affiliate of Lender has conditionally released the same) as security for the full and punctual payment and performance of all of the liabilities and obligations of the Borrower and/or
the endorser of the Note to the Lender or any Affiliate Counterparty 

  
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or other Affiliate of Lender and such deposits and other sums may be applied or set off against such liabilities and obligations of the Borrower or any endorser of the Note to the Lender or any
Affiliate Counterparty or other Affiliate of Lender at any time, whether or not such are then due, whether or not demand has been made and whether or not other collateral is then available to the Lender or any Affiliate Counterparty or other
Affiliate of Lender. 
 Notwithstanding anything to the contrary herein, whenever any payment to be made under this Note shall be stated to
be due on a day that is not a Business Day, such payment may be made on the next succeeding Business Day, and such extension of time shall in such case be included in the computations of payment of interest. 

In the event any payment provided for herein or in any other Loan Document (as defined in the Loan Agreement as defined below) shall become
overdue for a period in excess of fifteen (15) days, a late charge of six cents ($.06) for each dollar ($1.00) so overdue shall become immediately due and payable to Lender. Each such late charge shall be deemed to be part of the indebtedness
and obligations secured by the Mortgage. 
 This Note is secured by, and the holder is entitled to the benefits and security of, that
certain Loan Agreement (the “Loan Agreement”) and that certain Mortgage and Security Agreement from Borrower, as mortgagor, to Lender, as mortgagee, encumbering, among other things, certain real property and improvements described
in the Mortgage (the “Mortgage”), each dated the date hereof, all of the covenants, conditions and agreements of the Loan Agreement and Mortgage being made a part of this Note by this reference. 

Upon the occurrence of any Event of Default (as defined in the Loan Agreement), Lender may exercise any and all rights and remedies under the
Loan Documents (including without limitation, rights to accelerate the Loan), or available at law or equity, or both. Borrower shall be obligated to reimburse Lender for all Expenses (as defined and provided for in the Loan Agreement), incurred by
Lender. From and after the occurrence of any Event of Default, the interest rate of this Note shall be at the Default Rate. 
 In no event
shall the total of all charges payable under this Note, the Loan Agreement and the Mortgage and any other documents executed and delivered in connection herewith and therewith that are or could be held to be in the nature of interest exceed the
maximum rate permitted to be charged by applicable law. Should Lender receive any payment that is or would be in excess of that permitted to be charged under any such applicable law, such payment shall have been, and shall be deemed to have been,
made in error and shall thereupon be applied to reduce the principal balance outstanding on this Note. 
 This Note may be prepaid, in whole
or in part without Prepayment Premium, so long as (i) Lender is given not less than five (5) Business Days’ notice of such prepayment, (ii) each prepayment is accompanied by the payment of accrued and unpaid

  
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interest on the principal amount prepaid together with all late charges and other losses, costs and expenses attributable to such prepayment (iii) each partial prepayment is in the principal
amount of $10,000 or an integral multiple thereof and (iv) each prepayment is made in immediately available federal funds. All partial prepayments shall be applied to the installments of principal due hereunder in the inverse order of their
maturity. 
 Borrower waives demand, presentment for payment, notice of dishonor, protest and notice of protest of this Note. 

Any notice, demand or request relating to any matter set forth in this Note shall be given in the manner provided for in the Loan Agreement.
Time is of the essence as to all dates set forth herein. 
 This Note may not be waived, changed, modified, terminated or discharged orally,
but only by an agreement in writing signed by the party against whom enforcement of any such waiver, change, modification, termination or discharge is sought. 

BORROWER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES THE RIGHT TO A TRIAL BY JURY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR
HEREAFTER EXIST IN RESPECT OF ANY LITIGATION BASED ON THIS NOTE, ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS NOTE OR ANY OTHER LOAN DOCUMENTS CONTEMPLATED TO BE EXECUTED IN CONNECTION HEREWITH, OR ANY COURSE OF CONDUCT, COURSE OF DEALINGS,
STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY. THIS WAIVER IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE CONSTITUTES A MATERIAL INDUCEMENT FOR
BORROWER AND LENDER TO ENTER INTO THE TRANSACTIONS CONTEMPLATED HEREBY. LENDER IS HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER. 

BORROWER HEREBY EXPRESSLY AND UNCONDITIONALLY WAIVES, IN CONNECTION WITH ANY SUIT, ACTION OR PROCEEDING BROUGHT BY OR ON BEHALF OF LENDER
ON THIS NOTE, ANY AND EVERY RIGHT BORROWER MAY HAVE (I) TO OBJECT TO THE JURISDICTION OR VENUE OF ANY STATE COURT SITTING IN ROCKINGHAM COUNTY OR ANY FEDERAL COURT LOCATED IN THE STATE, (II) TO INJUNCTIVE RELIEF, (III) TO INTERPOSE
ANY COUNTERCLAIM THEREIN (OTHER THAN COMPULSORY COUNTERCLAIMS), AND (IV) TO HAVE THE SAME CONSOLIDATED WITH ANY OTHER OR SEPARATE SUIT, ACTION OR PROCEEDING. THE FOREGOING WAIVERS ARE GIVEN KNOWINGLY AND VOLUNTARILY BY BORROWER. LENDER IS
HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF ANY OR ALL OF THE FOREGOING WAIVERS. 

  
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 This Note and the rights and obligations of the parties hereunder shall in all respects be
governed by, and construed and enforced in accordance with, the laws of the State (without giving effect to the State’s principles of conflicts of law). 

This Note evidences a loan for business and commercial purposes, and not for personal, family or household purposes. No invalidity or
unenforceability of any portion of this Note shall affect the validity or enforceability of the remaining portions hereof. This Note shall take effect as a sealed instrument, as of the date first set forth above, regardless of the actual date of
execution and delivery. 
 Borrower explicitly consents to the electronic delivery of the terms of the transaction evidenced by this instrument. Borrower
agrees that its present intent to be bound by this instrument may be evidenced by transmission of digital images of signed signature pages via facsimile, email, SMS or other digital transmission and affirms that such transmission indicates a present
intent to be bound by the terms of this instrument and is deemed to be valid execution and delivery as though an original ink or electronic signature. Borrower shall deliver original executed signature pages to Lender, but any failure to do so shall
not affect the enforceability of this instrument. An electronic image of this instrument (including signature pages) shall be as effective as an original for all purposes. 

[NO FURTHER TEXT ON THIS PAGE] 

  
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 IN WITNESS WHEREOF, the Borrower has executed and delivered this Note on the Date of
Note. 
  

									
	Address:	 		 	Borrower:
			
		 		 	UNITIL REALTY CORP.
				
	 6 Liberty Lane West
 Hampton, New
Hampshire 03842
	 		 		 	
		 		 		 	By:	 	/s/ Todd R. Diggins
		 		 		 		 	Name: Todd R. Diggins
		 		 		 		 	Title: Treasurer

  
 [Signature Page to
Mortgage Loan Note]EX-4.51

 Exhibit 4.51 

DESCRIPTION OF THE REGISTRANT’S SECURITIES REGISTERED PURSUANT 

TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934 

As of December 31, 2020, Unitil Corporation (the “Registrant”) had one class of common stock registered under Section 12
of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). 
 The following is a description of our common stock.
This description is a summary and does not purport to be complete. It is subject to and qualified in its entirety by reference to our Articles of Incorporation, as amended (the “Articles of Incorporation”), and our By-Laws, as amended (the “By-Laws”), each of which is incorporated herein by reference as an exhibit to the Annual Report on Form 10-K filed with the Securities and
Exchange Commission. We encourage you to read our Articles of Incorporation, our Bylaws and the applicable provisions of the laws of the State of New Hampshire. 

Authorized Capital Stock 
 Our authorized
capital stock consists of 25,000,000 shares of common stock, no par value. 
 Dividend Rights 

Under our Articles of Incorporation, holders of our common stock are entitled to receive such dividends as may be declared from time to time by
the Board of Directors. We may pay dividends on our common stock from any funds, property or shares legally available for such purpose. 
 Voting Rights

 Holders of our common stock are entitled to one vote per share on all matters requiring approval of holders of our common stock.
Holders of common stock have the exclusive right to vote for the election of directors and for any other purpose or any other subject and to be represented at and to receive notice of any meeting of shareholders. 

No Cumulative Voting 
 Holders of our
common stock do not have cumulative voting rights. 
 Cumulative voting rights allow a stockholder to multiply the number of votes the
stockholder is entitled to cast by the number of directors for whom the stockholder is entitled to vote and to cast the product for a single candidate or distribute the product among two or more candidates. Without cumulative voting, a minority
stockholder may not be able to elect as many candidates to our Board of Directors as the stockholder would be able to elect if cumulative voting were permitted. Also, without cumulative voting, a minority stockholder may have less influence on the
decisions of our Board of Directors (including with respect to a possible change in control or takeover of the Registrant). 
 Board of Directors
Classification 
 Our Board of Directors is divided into three classes, each class to be as nearly equal in number as possible as
determined by the Board of Directors, with a minimum of nine directors total, and maximum of 15 directors total. The terms of the directors in each class will expire in successive years. Directors are elected by ballot for a term of three years.
Vacancies on our Board of Directors may be filled by the affirmative vote of a majority of the remaining directors, though less than a quorum of the Board of Directors. A director elected to fill a vacancy is elected for the unexpired term of his
predecessor in office. 

 Preemptive Rights 

The holders of our common stock have no preemptive rights to purchase additional shares of our common stock or any of our other securities.

 Liquidation Rights 
 In the event
that we are liquidated, after payment of our debts and liabilities, the holders of our common stock are entitled to share equally in the balance of our remaining assets, if any. 

Preferred Shares 
 We are not authorized
to issue any shares of preferred stock. 
 Provisions of Our Articles of Incorporation and By-Laws That Could
Delay, Defer or Prevent a Change in Control 
 Certain provisions in our Articles of Incorporation and
By-Laws may delay, defer or make more difficult unsolicited acquisitions or changes of control of the Registrant. We believe that such provisions will enable us to develop our business in a manner that will
foster our long-term growth without disruption caused by the threat of a takeover not deemed by our Board of Directors to be in the best interest of the Registrant and our shareholders. 

The provision in our Articles of Incorporation relating to classification of the Board of Directors could have the effect of making it
difficult and time-consuming to change majority control of the Board of Directors. Such a change in control could take up to two annual meetings of shareholders to effect. As a result, this provision could limit the vulnerability of the Registrant
to an unsolicited proposal to acquire the Registrant or its assets. Takeovers which are proposed and effected without prior consultation and negotiation with management are not necessarily detrimental to a company and its shareholders. The
difficulties, if any, which may exist in effecting a change in control of the Registrant’s Board of Directors could benefit the Registrant by protecting the Board of Directors’ ability to negotiate with the proponent of an unfriendly or
unsolicited takeover proposal. 
 Our Articles of Incorporation provide that shares of common stock when duly authorized may be issued from
time to time for such consideration as may be fixed by the Board of Directors. Under the laws of the State of New Hampshire and our Articles of Incorporation and By-Laws, we can issue additional shares of
common stock without further approval of our shareholders; however, the New York Stock Exchange requires that we obtain shareholder approval for certain issuances of common stock in excess of 20% of the amount outstanding prior to the issuance. 

Our By-Laws require advance notice for annual and special meetings, which notices are always required
to state the purposes for which the meetings are called. Our By-Laws also require advance notice of business proposed by shareholders and nominations of directors by shareholders. In addition, our Board of
Directors may make, amend or repeal our By-Laws in whole or in part, except with respect to any provision thereof which by statute or by the Articles of Incorporation requires action by our shareholders. 

We are a public utility holding company under the laws of the State of New Hampshire. Section 374:33 of the New Hampshire Revised
Statutes provides that no public utility or public utility holding company may directly or indirectly acquire more than 10 percent of the stocks or bonds of another public utility holding company incorporated or doing business in the State of
New Hampshire, without the approval of the Public Utilities Commission of New Hampshire.

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