Document:

Guaranty Agreement

 Exhibit 10-5 
 BB&T 
 GUARANTY AGREEMENT 

 

			
	BRANCH BANKING AND TRUST COMPANY	  	Date: January 4, 2012
	BB&T FINANCIAL, FSB	  	

 Dear Sirs: 
 As
an inducement to Branch Banking and Trust Company and/or BB&T Financial, FSB (collectively “Bank”), to extend credit to and to otherwise deal with The Goldfield Corporation (“Borrower”), and in consideration thereof, the
undersigned (and each of the undersigned jointly and severally if more than one) hereby absolutely and unconditionally guarantees to Bank and its successors and assigns the due and punctual payment of any and all notes, drafts, debts, obligations
and liabilities, primary or secondary (whether by way of endorsement or otherwise), of Borrower, at any time, now or hereafter, incurred with or held by Bank, together with interest, as and when the same become due and payable, whether by
acceleration or otherwise, in accordance with the terms of any such notes, drafts, debts, obligations or liabilities or agreements evidencing any such indebtedness, obligation or liability including all renewals, extensions and modifications
thereof. The obligation of the undersigned is a guarantee of payment and not of collection. 
 The undersigned is Bank’s debtor for all
indebtedness, obligations and liabilities for which this Guaranty is made, and Bank shall also at all times have a lien on and security interest in all stocks, bonds and other securities of the undersigned at any time in Bank’s possession and
the same shall at Bank’s option be held, administered and disposed of as collateral to any such indebtedness, obligation or liability of the Borrower, and Bank shall also at all times have the right of set-off against any deposit account of the
undersigned with Bank in the same manner and to the same extent that the right of set-off may exist against the Borrower. 
 It is understood
that any such notes, drafts, debts, obligations and liabilities may be accepted or created by or with Bank at any time and from time to time without notice to the undersigned, and the undersigned hereby expressly waives presentment, demand, protest,
and notice of dishonor of any such notes, drafts, debts, obligations and liabilities or other evidences of any such indebtedness, obligation or liability. 
 Bank may receive and accept from time to time any securities or other property as collateral to any such notes, drafts, debts, obligations and liabilities, and may surrender, compromise, exchange and
release absolutely the same or any part thereof at any time without notice to the undersigned and without in any manner affecting the obligation and liability of the undersigned hereby created. The undersigned agrees that Bank shall have no
obligation to protect, perfect, secure or insure any security interests, liens or encumbrances now or hereafter held for the indebtedness, obligations and liabilities for which this Guaranty is made. 

  
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 This obligation and liability on the part of the undersigned shall be a primary, and not a secondary,
obligation and liability, payable immediately upon demand without recourse first having been had by Bank against the Borrower or any other guarantor, person, firm or corporation, and without first resorting to any property held by Bank as collateral
security; and the undersigned hereby waives the benefits of all provisions of law, for stay or delay of execution or sale of property or other satisfaction of judgment against the undersigned on account of obligation and liability hereunder until
judgment be obtained therefor against the Borrower and execution thereon returned unsatisfied, or until it is shown that the Borrower has no property available for the satisfaction of the indebtedness, obligation or liability guaranteed hereby, or
until any other proceedings can be had; and the undersigned hereby agrees to indemnify the Bank for all costs of collection, including but not limited to the costs of repossession, foreclosure, reasonable attorneys’ fees, and court costs
incurred by the Bank in the event that the Bank should first be required by the undersigned to resort to any property held by the Bank or in which the Bank has a security interest or to obtain execution or other satisfaction of a judgment against
the Borrower on account of Borrower’s obligation and liability for its indebtedness guaranteed hereby; and the undersigned further agrees that the undersigned is responsible for any obligation or debt, or portion thereof, of the Borrower to the
Bank which has been paid by the Borrower to the Bank and which the Bank is subsequently required to return to the Borrower or a trustee for the Borrower in any bankruptcy or insolvency proceeding; and the undersigned further agrees that none of the
undersigned shall have any right of subrogation, reimbursement or indemnity whatsoever, nor any right of recourse to security for the debts and obligations of the Borrower to Bank unless and until all of the debts and obligations of the Borrower to
Bank have been paid in full. The undersigned hereby waives, to the extent avoidable under any provision of the Bankruptcy Code, any right arising upon payment by the undersigned of any obligation under this Guaranty to assert a claim against the
bankruptcy estate of the Borrower. 
 This Guaranty is unlimited and applies to all indebtedness of Borrower to Bank, whether now existing or
hereafter arising and howsoever evidenced. 
 To secure the payment of all obligations of the undersigned hereunder, the undersigned hereby
grants a security interest and lien in the following goods and property owned by the undersigned: 
 Blanket lien on all machinery, equipment,
and vehicles of Southeast Power Corporation (“Collateral”). 
 The undersigned hereby agrees to execute and deliver to Bank any
security agreement, deed of trust, mortgage, UCC financing statement, or other document required by the Bank in order to protect or perfect its security interest or lien in the Collateral. This document shall constitute a security agreement under
the Uniform Commercial Code of Florida (“Code”), and in addition to having all other legal rights and remedies, the Bank shall have all rights and remedies of a secured party under the Code. 

This agreement shall inure to the benefit of Bank, its successors and assigns, and the owners and holders of any of the indebtedness, obligations and
liabilities hereby guaranteed, and shall remain in force until a written notice revoking it has been received by Bank; but such revocation shall not release the undersigned from liability to Bank, its successors and assigns, or the owners and
holders of any of the indebtedness, obligations and liabilities hereby guaranteed, for any indebtedness, obligation or liability of the Borrower which is hereby guaranteed and then in existence or from any renewals, extensions or modifications
thereof in whole or in part, whether such renewals, extensions or modifications are made before or after such revocation, with or without notice to the undersigned. The undersigned waives presentment, demand, protest and notices of every kind and
assents to any one or more extensions, modifications, renewals or postponements of the time or amount of payment or any other indulgences given to Borrower. The undersigned shall be responsible for and shall reimburse the Bank for all costs and
expenses (including reasonable attorneys’ fees) incurred by the Bank in connection with the enforcement of this Guaranty or the protection or preservation of any right or claim of the Bank in connection herewith, including without limitation
costs and expenses incurred by the Bank in connection with its attempts to collect the indebtedness, obligations, and liabilities guaranteed hereby. 

  
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 If the Borrower is a corporation, this instrument covers all indebtedness, obligations and liabilities to
Bank purporting to be made or undertaken on behalf of such corporation by any such officer or agent of said corporation without regard to the actual authority of such officer or agent. The term “corporation” shall include associations of
all kinds and all purported corporations, whether correctly and legally chartered and organized. 
 The undersigned covenants, warrants, and
represents to the Bank that: (i) this Guaranty is enforceable against the undersigned in accordance with its terms; (ii) the execution and delivery of this Guaranty does not violate or constitute a breach of any agreement to which the
undersigned is a party; (iii) that there is no litigation, claim, action or proceeding pending or, to the best knowledge of the undersigned, threatened against the undersigned which would materially adversely affect the financial condition of
the undersigned or his ability to fulfill his obligations hereunder; (iv) that the undersigned has knowledge of the Borrower’s financial condition and affairs; and (v) unless otherwise required in a Loan Agreement, if applicable, as
long as any Obligations remain outstanding or as long as Bank remains obligated to make advances, the undersigned shall furnish annually an updated financial statement in a form satisfactory to Bank, which, when delivered shall be the property of
Bank. 
 This Guaranty is made in and shall be construed in accordance with the laws and judicial decisions of the State of Florida. The
undersigned agrees that any dispute arising out of this Guaranty shall be adjudicated in either the state or federal courts of Florida and in no other forum. For that purpose, the undersigned hereby submits to the jurisdiction of the state and/or
federal courts of Florida. The undersigned waives any defense that venue is not proper for any action brought in any federal or state court in the State of Florida. 
 WAIVER OF TRIAL BY JURY. UNLESS EXPRESSSLY PROHIBITED BY APPLICABLE LAW, THE UNDERSIGNED HEREBY WAIVE THE RIGHT TO TRIAL BY JURY OF ANY MATTERS OR CLAIMS ARISING OUT OF THIS GUARANTY OR THE
BORROWER’S NOTE(S), AND THE RELATED LOAN DOCUMENTS EXECUTED IN CONNECTION HEREWITH OR OUT OF THE CONDUCT OF THE RELATIONSHIP BETWEEN THE UNDERSIGNED AND BANK OR THE BORROWER AND THE BANK. THIS PROVISION IS A MATERIAL INDUCEMENT FOR BANK TO MAKE
THE LOANS TO THE BORROWER. 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 IN THE EVENT OF LITIGATION. NO REPRESENTATIVE OR AGENT OF BANK, NOR BANK’S COUNSEL HAS THE AUTHORITY TO WAIVE, CONDITION OR MODIFY THIS PROVISION. 

  
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 Witness the signature and seal of each of the undersigned. 

 

			
	GUARANTORS:
	
	Southeast Power Corporation, a Florida corporation
		
	By:	 	 /s/ Stephen R. Wherry

		 	Stephen R. Wherry, Treasurer
	
	Pineapple House of Brevard, Inc., a Florida corporation
		
	By:	 	 /s/ Stephen R. Wherry

		 	Stephen R. Wherry, Vice President
	
	Bayswater Development Corporation, a Florida corporation
		
	By:	 	 /s/ Stephen R. Wherry

		 	Stephen R. Wherry, Treasurer

  
 4Modification of Security Agreement

 Exhibit 10-6 
 MODIFICATION OF SECURITY AGREEMENT 
 This
Modification of BB&T Security Agreement, made this 4th
day of January, 2012, by and between SOUTHEAST POWER CORPORATION, a Florida corporation (“Debtor”) and BRANCH BANKING AND TRUST COMPANY, a North Carolina banking corporation (“Secured Party”). 

RECITALS 

1. Debtor and Secured Party entered into that certain BB&T Security Agreement dated February 22, 2011 (“Security
Agreement”). 
 2. Security Agreement was entered into in connection with a certain Promissory Note dated February 22,
2011 (including all extensions, renewals modifications, and substitutions thereof) in the original principal amount of Three Million and 00/100 Dollars ($3,000,000.00) made in favor of Secured Party by The Goldfield Corporation
(“Borrower”), and other loan documents related thereto, which was renewed by that certain Renewal Promissory Note from Borrower to Second Party of even date herewith (the “Goldfield Note”). 

3. Debtor has executed a Promissory Note dated February 22, 2011 in the original amount of $6,940,000.00 in favor of Secured Party
(the “Southeast Note”). 
 4. Debtor desires to secure and collateralize the Southeast Note under the Security
Agreement. 
 NOW, THEREFORE, for the sum of $10.00 and other good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, the parties hereto agree as follows: 
 1. Recitals. The above recitals are true and
correct and are expressly incorporated herein. 
 2. Cross-Collateralization. Debtor hereby agrees, stipulates and
acknowledges that the term “obligations” as defined in Section 1.2 of the Security Agreement shall include (in addition to the liabilities under the Goldfield Note), all of the obligations and liabilities under the Southeast Note to
the same and full extent as the Goldfield Note. Debtor further agrees and stipulates that the collateral and security interests granted in the Security Agreement shall secure the indebtedness evidenced by the Goldfield Note and the Southeast Note.

 3. Miscellaneous. Except as expressly modified herein, all other terms and provisions of the Security Agreement remain
in full force and effect, and Debtor reaffirms, confirms and acknowledges that all terms and provisions of the Security Agreement as modified herein remain valid and effective. 

 The parties have signed this Modification of Security Agreement under seal as of the date
and year first written above. 
  

									
	WITNESSES:	 		 	SOUTHEAST POWER CORPORATION, a Florida corporation
			
	 /s/ Barry Forbes
	 		 	
	Print Name: 	 	 Barry Forbes
	 		 	By:	 	 /s/ Stephen R. Wherry

		 		 		 		 	Stephen R. Wherry, Treasurer
	 /s/ John W. Davis III
	 		 		 	
	Print Name: 	 	 John W. Davis III
	 		 		 	

  
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