Document:

Addendum to February 22, 2011 Promissory Note

 Exhibit 10-2 

 

 

 ADDENDUM TO NOTE PROMISSORY NOTE 

THIS ADDENDUM TO PROMISSORY NOTE (“Addendum”) is hereby made a part of the Promissory Note dated February 22, 2011, from
Southeast Power Corporation (“Borrower”) payable to the order of Branch Banking and Trust Company (“Bank”) in the principal amount of $6,940,000.00 (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. 
 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, 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 generally, then, and in any such event, Bank shall give 

  

					
	Account # 9660933120 / Note # 00004	 		 	
	(LIBOR Note Add’n (FL) (NB)1906	 	1	 	

 
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
				
	 /s/ BARRY FORBES
	 		 	By:	 	   /s/ STEPHEN R WHERRY

	Print Name: Barry Forbes	 		 		 	Stephen R. Wherry, Its Treasurer
				
	 /s/ DEBRA PAVLAKOS
	 		 		 	
	Print Name: Debra Pavlakos	 		 		 	

  

					
	Account # 9660933120 / Note # 00004	 		 	
	(LIBOR Note Add’n (FL) (NB)1906	 	2Loan Agreement

 Exhibit 10-3 

 

 

 LOAN AGREEMENT 

9660933120

 
 Account Number

 This Loan Agreement (the “Agreement”) is made this 22nd day of February, 2011 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 and Pineapple House of Brevard, Inc.
(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”): 
 Term Loan (“Term Loan”) in the principal amount of $6,940,000.00 for the purpose of refinancing an existing loan and providing additional funds for equipment and vehicle purchases, which
shall be evidenced by the Borrower’s Promissory Note dated of even date herewith payable in fifty nine (59) consecutive monthly installments and shall bear interest at a rate as described more particularly in such note, the terms of which
are incorporated herein by reference. The Term Loan shall mature on February 22, 2016, when the entire unpaid principal balance then outstanding plus accrued interest thereon shall be paid in full. On even date, Bank is advancing $3,276,003.00
to Borrower. Upon presentation of invoices by Borrower for the purchase of additional business-related equipment and/or vehicles, Bank will fund these additional purchases up to the original principal amount of the Note. 

The promissory note evidencing the Term Loan is referred to herein as the “Note” and shall include all extensions, renewals, modifications and
substitutions thereof. Term Loan shall be secured by the collateral described in the security documents described below. 
 Section 1
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. 
 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 $35,000.00 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. 
 Articles of Incorporation: A copy of the Articles of Incorporation
and all other charter documents of the Borrower, all filed with and certified by the Secretary of State of the State of the Borrower’s incorporation. 
 By-Laws: A copy of the By-Laws of the Borrower, certified by the Secretary of the Borrower as to their completeness and accuracy. 

Certificate of Incumbency: A certificate of the Secretary of the Borrower certifying the names and true
signatures of the officers of the Borrower authorized to sign the Loan Documents. 
 Certificate of Good
Standing: A certification of the Secretary of State (or other government authority) of the State of the Borrower’s Incorporation or Organization as to the good standing of the Borrower and its charter documents on file. 

Opinion of Counsel: An opinion of counsel for the Borrower satisfactory to the Bank and the Bank’s counsel.

 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. 
 Section 2 Representations and Warranties 
 The Borrower and Guarantor(s) represent and warrant to Bank that: 
 2.01.
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. 

2.02. 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, 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. 

2.03. 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 

 

 

 LOAN AGREEMENT 
  

 
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). 
 2.04. 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. 
 2.05. 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. 
 2.06. 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. 
 2.07. 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.

 2.08. 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. 
 2.09. 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. 
 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. 
 Section 3 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: 
 3.01. 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. 
 3.02. 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. 
 3.03. 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. 
 3.04. Conduct of Business. Continue to engage in an efficient, prudent, and economical manner in a business of the same general type as now conducted. 

3.05. 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. All such insurance policies shall provide, and the certificates shall state,
that no policy will be terminated without 20 days prior written notice to Bank. 
 3.06. 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.

 3.07. 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. 
 3.08. Reporting
Requirements. Furnish to the Bank: 
 Annual Financial Statements: As soon as available and not more than two
(2) weeks after complying with required Securities and Exchange Commission reporting requirements, 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. 
 Other Information: Such other information as the Bank may from time to time reasonably request. 
 3.09. 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 1 hereof are hereby incorporated by reference herein. 

  

					
	ACCOUNT # 9660933120 / NOTE # 00004	 		 	
			
		 	- 2 -	 	

 

 

 LOAN AGREEMENT 
  

 Section 4 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: 
 4.01. 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, change Guarantor’s name, or 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. 
 4.02. 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. 
 4.03. 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. 
 4.04. Reporting
Requirements. Furnish to the Bank: 
 Quarterly Financial Statements: As to The Goldfield Corporation, as soon as
available and not more than two (2) weeks after complying with required Securities and Exchange Commission reporting requirements, 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 Goldfield Corporation. As to Pineapple House of Brevard, Inc., internally prepared financial statements to
include a balance sheet and profit and loss statement as soon as available and not more than two (2) weeks after The Goldfield Corporation has complied with required Securities and Exchange Commission reporting requirements. 

Annual Financial Statement(s): As to the Goldfield Corporation, as soon as available and not more than two (2) weeks after
complying with required Securities and Exchange Commission reporting requirements, 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. As to Pineapple House of Brevard, Inc., internally prepared financial statements to include a balance sheet and profit and loss statement as soon as
available and not more than two (2) weeks after The Goldfield Corporation has complied with required Securities and Exchange Commission reporting requirements. 
 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. 
 4.05. Transfer of Ownership. Not, without the prior written consent of the Bank: If Guarantor is a corporation, (a) issue, transfer or sell any new class of stock, or (b) issue, transfer
or sell, in the aggregate, from its treasury stock and/or currently authorized but unissued shares of any class of stock, more than 10% of the total number of all such issued and outstanding shares as of the date of this Agreement; or, if Guarantor
is a general partnership, limited partnership, limited liability partnership or limited liability company, issue, transfer or sell any interest in Guarantor. 
 4.06. Other Information: Furnish such other information as the Bank may from time to time reasonably request. 
 Section 5 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 Goldfield Corporation 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 $13,500,000.00. Tangible Net
Worth is defined as net worth, minus obligations contractually subordinated to debts owed to Bank, minus goodwill, contract rights, and assets representing claims on stockholders or affiliated entities. 

Debt to Worth. A ratio of total liabilities to tangible net worth of not greater than 1.5 to 1.0. 

Section 6 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: 

6.01. 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. 

6.02. 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)	Debt secured by purchase money security interests as outlined above in Section 6.01 (e); 

 

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

 6.03. Capital Expenditures. Expenditures for fixed assets in any fiscal year shall not exceed in the aggregate the sum of $N/A. 

6.04. Change of Legal Form of Business; Purchase of Assets. Change Borrower’s name or 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. 

6.05. 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 (1) 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)	These restrictions do not apply to Leases of less than one year in duration. 

 6.06. Salaries. Salaries and any other cash compensation to owners/officers/partners/managers shall be limited as follows: N/A. 

  

					
	ACCOUNT # 9660933120 / NOTE # 00004	 		 	
			
		 	- 3 -	 	

 

 

 LOAN AGREEMENT 
  

 6.07. 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. 

6.08. Loans. Loans to directors, officers, partners, members, shareholders, subsidiaries and affiliates shall be limited as
follows: N/A. 
 6.09. 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. 
 6.10. Transfer of Ownership. If Borrower is a corporation,
(a) issue, transfer or sell any new class of stock, or (b) issue, transfer or sell, in the aggregate, from its treasury stock and/or currently authorized but unissued shares of any class of stock, more than 10% of the total number of all
such issued and outstanding shares as of the date of this Agreement. If Borrower is a general partnership, limited partnership, limited liability partnership or limited liability company, issue, transfer or sell any interest in Borrower.

 6.11. 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 1 hereof are hereby incorporated by reference herein. 
 Section 7 Hazardous Materials and Compliance with Environmental Laws 

7.01. 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 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. 
 7.02. 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 Mortgaged Property and to pursue diligently to completion all appropriate and/or required remedial action in the
event of such release. 
 7.03. 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 Mortgaged Property and to add any expenditures so made to the principal indebtedness secured by the Mortgage. 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 7, or resulting from the recording of the Mortgage. 

Section 8 Events of Default 
 The
following shall be “Events of Default” by Borrower or any Guarantor: 
 8.01. The failure to make prompt payment of any
installment of principal or interest on any of the Note(s) when due or payable. 
 8.02. Should any representation or warranty
made in the Loan Documents prove to be false or misleading in any material respect. 
 8.03 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. 
 8.04. 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.

 8.05. Should the Borrower, any Guarantor or any Pledgor breach any covenant, condition, or agreement made under any of the
Loan Documents. 
 8.06. 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 Guarantor’s assets, including an action or proceeding to seize any funds on deposit with the Bank, and such seizure is not discharged within 30 days. 

8.07. 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. 
 8.08.
Upon the death of, or termination of existence of, or dissolution of, any Borrower, Pledgor or Guarantor. 
 8.09. 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. 
 Section 9 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:

 9.01. 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; 
 9.02. 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; 
 9.03. 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; 
 9.04. 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; 
 9.05. 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.

  

					
	ACCOUNT # 9660933120 / NOTE # 00004	 		 	
			
		 	- 4 -	 	

 

 

 LOAN AGREEMENT 
  

 Section 10 Miscellaneous Provisions 

10.01. 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 regulations 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. 
 10.02. 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. 
 10.03. Applicable Law. The Loan Documents shall
be construed in accordance with and governed by the laws of the State of Florida. 
 10.04. 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. 
 10.05. 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. 
 10.06.
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. 

10.07 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. 
 10.08. 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. 
 10.09. 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. 
 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 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. 

  

					
	ACCOUNT # 9660933120 / NOTE # 00004	 		 	
			
		 	- 5 -	 	

 

 

 LOAN AGREEMENT 
  

 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 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. 
 [SIGNATURES ON FOLLOWING PAGE] 

  

					
	ACCOUNT # 9660933120 / NOTE # 00004	 		 	
			
		 	- 6 -	 	

 

 

 LOAN AGREEMENT 
  

 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.

  

							
	 Witnesses:
	 		 	BORROWER:
			
		 		 	Southeast Power Corporation
				
	 /s/ DEBRA PAVLAKOS
	 		 	By:	 	     /s/ STEPHEN R. WHERRY

	 Print Name: Debra Pavlakos
	 		 		 	Stephen R Wherry, Treasurer
				
	 /s/ BARRY FORBES
	 		 		 	
	 Print Name: Barry Forbes
	 		 		 	
			
	 Witnesses:
	 		 	GUARANTORS:
			
		 		 	The Goldfield Corporation
				
	 /s/ DEBRA PAVLAKOS
	 		 	By:	 	     /s/ STEPHEN R. WHERRY

	 Print Name: Debra Pavlakos
	 		 		 	Stephen R. Wherry, Sr. Vice President
			
	 /s/ BARRY FORBES
	 		 	Pineapple House of Brevard, Inc.
	 Print Name: Barry Forbes
	 		 		 	
				
		 		 	By:	 	     /s/ STEPHEN R. WHERRY

		 		 		 	Stephen R. Wherry, Vice President
			
	 Witnesses:
	 		 	BANK:
			
		 		 	Branch Banking and Trust Company
				
	 /s/ DEBRA PAVLAKOS
	 		 	By:	 	 /s/ BARRY FORBES

	 Print Name: Debra Pavlakos
	 		 		 	Barry Forbes, Sr. Vice President
				
	 /s/ VICTORIA COSTA
	 		 		 	
	 Print Name: Victoria Costa
	 		 		 	

  

					
	ACCOUNT # 9660933120 / NOTE # 00004	 		 	
			
		 	- 7 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00185-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00185-of-00352.parquet"}]]