Document:

exv10w33

 

Exhibit 10.33

AGREEMENT

This Agreement is made by and among MinnErgy, LLC, a Minnesota limited liability company, (the
“Company”), and the undersigned (each a “Guarantor” and collectively the “Guarantors”), each of
whom is a member of the Company and a guarantor of obligations of the Company to Winona
National Bank (the “Lender”).

Whereas, the Lender has agreed to make loans and advance funds to the Company, (the outstanding
balance of which, together with interest, collection costs and other amounts owing by the Company
to the Lender constitutes the “Indebtedness”); and

Whereas, the Lender has required and the Guarantors have agreed to furnish individual guaranties of
the Indebtedness (the “Guaranties”), each of which is limited to a specific amount of the
Indebtedness; and

Whereas, the Company has agreed to compensate the Guarantors for giving their Guaranties, as
provided herein; and

Whereas, the Guarantors have agreed among themselves to share any liabilities upon the Guaranties
in proportion to amounts of their respective Guaranties, as shown in Exhibit A attached hereto;

Now, Therefore, the parties agree as follows:

1. Each Guarantor agrees to execute and deliver to the Lender a Guaranty of the Indebtedness, in
form and manner required by the Lender, limited to the amount of the Indebtedness listed on Exhibit
A.

2. The Company agrees to pay to each Guarantor, as consideration for giving his Guaranty, a sum
equal to seven percent (7%) of the amount of his Guaranty. Such payments are conditioned upon the
closing of the loan and equity offering for the Company’s ethanol project, more particularly
described in the Company’s Registration Statement on Form SB-2 as filed with the Securities and
Exchange Commission. Payments shall be made immediately after such closing. If such closing does
not occur, the Guarantors shall receive no compensation for their Guaranties, but shall have the
rights and responsibilities described herein.

3. Each Guarantor agrees to pay and discharge his pro rata share of any liability asserted against
one or more of the Guarantors upon the Obligations, promptly upon receipt of notice of a demand
therefore from the Lender or any Guarantor.

3. If any Guarantor pays more than his pro rata share of the Obligations, he shall be entitled to
recover from each of the other Guarantors their respective pro rata shares, together with his
costs, including reasonable attorney’s fees, incurred in enforcing this Agreement.

4. Any Guarantor who satisfies the Obligations may take an assignment of the Lender’s
rights in notes and other loan documents and in any security for the Indebtedness, and he shall be

 

 

entitled to enforce such rights according to their terms against the Company and other Guarantors.

5. This Agreement shall be binding upon and inure to the benefit of each of the parties, and their
respective heirs, representatives and assigns. This Agreement shall not be altered or affected by
any change in or termination of ownership by any of the parties, or by any other event or
transaction, except the written agreement of all parties.

6. Any notice required or permitted hereunder shall be sufficiently given if delivered in person to
a party, or if mailed or sent by fax transmission or e-mail to a party at an address or number on
file with the Company.

7. This Agreement may be executed in one or more counterparts, each of which shall be deemed an
original; and Guarantors may execute this Agreement by signing separate signature pages to be
attached hereto.

In witness whereof, the Company and the undersigned Guarantors have executed this Agreement,
effective as of April 11, 2008.

MinnErgy, LLLC

	 	 	 	 	 
	 

	 	 	 	 
	By

	 	Daniel H. Arnold	 	 
	 

	 	 	 	 
	Its

	 	Chairman	 	 
	 

	 	 	 	 

	 	 	 	 	 
	 

	 	 	 	 
	/s/ Daniel H. Arnold

	 	/s/ Daniel L. Florness	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	/s/ Tony Wasinger

	 	/s/ Dave Arnold	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	/s/ Ronald Scherbring

	 	/s/ Mike Daley	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	/s/ Richard J. Mikrut

	 	/s/ Bertha M. Koch	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	/s/ Chris L. Arnold

	 	/s/ Glenn M. Lutteke	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	/s/ Harland P. Knight

	 	General Manager, all American Co-op.	 	 
	 

	 	 	 	 

 

 

Exhibit A

Cost Analysis of Recorded Mortgage vs. Negative Pledge*

	 	 	 	 	 	 	 	 	 
	 	 	Recorded	 	Negative
	 	 	Mortgage	 	  Pledge
	Appraisal
	 	$	5,000	 	 	$	0	 
	Title Insurance
	 	$	3,500	 	 	$	0	 
	Mortgage Registry Tax
	 	$	4,700	 	 	$	0	 
	Recording Fees
	 	$	100	 	 	$	0	 
	Attorney Fees
	 	$	3,000	 	 	$	300	 
	 	 	 
	TOTAL
	 	$	16,300	 	 	$	300	 

 

			
	*	 	Costs are estimated given credit requests of similar dollar amount and purpose.

MinnErgy Ownership/Guarantor Analysis

	 	 	 	 	 	 	 	 	 
	 	 	Ownership Interest	 	 	Guarantor Interest of	 
	Governor/Officer	 	in MinnErgy	 	 	Loan Amount in $	 
	Dan Arnold
	 	 	7.27	%	 	$	100,000	 
	Chris Arnold
	 	 	7.27	%	 	$	100,000	 
	Dave Arnold
	 	 	6.66	%	 	$	1,000,000	 
	Tony Wasinger
	 	 	6.01	%	 	$	50,000	 
	Mike Daley
	 	 	5.26	%	 	$	100,000	 
	Dan Florness
	 	 	5.26	%	 	$	100,000	 
	Bea Koch
	 	 	5.26	%	 	$	100,000	 
	All American Co-op
	 	 	5.26	%	 	$	100,000	 
	Bob Pennington
	 	 	4.82	%	 	$	0	 
	Ron Scherbring
	 	 	3.82	%	 	$	100,000	 
	Harland Knight
	 	 	3.82	%	 	$	100,000	 
	Rich Mikrut
	 	 	1.40	%	 	$	100,000	 
	Associate Investors
	 	 	0.00	%	 	$	0	 
	 
	 	 	 	 	 	 
	TOTAL
	 	 	62.11	%	 	$	1,950,000exv10w34

 

Exhibit 10.34

 

					
	   GUARANTOR NAME AND ADDRESS

	 	   LENDER NAME AND ADDRESS	 	 
	ALL AMERICAN CO-OP

	 	Winona National Bank
	 	Number 71490
	PO BOX 125

	 	204 Main St PO Box 499
	 	Amount 2,040,000.00
	STEWARTVILLE, MN 55976

	 	Winona, MN 55987
	 	Date 4/11/08

 

GUARANTY

DATE. The date of this Guaranty is APRIL 11, 2008

     For good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, and to induce Lender (with its participants, successors and assigns), at its option,
at any time or from time to time to make loans or extend other accommodations to or for the account
of MinnErgy, LLC ______ (Borrower) or to engage in any other transactions with Borrower,
the Guarantor hereby absolutely and unconditionally guarantees to the Lender the full and prompt
payment when due, whether at maturity or earlier by reason of acceleration or otherwise, of the
debts, liabilities and obligations described as follows:

     INDEBTEDNESS.

þ Specific Debts. The Guarantor guarantees to Lender the payment and performance of the
debt, liability or obligation of Borrower to Lender evidenced by or arising out of the
following: Note #71490 APRIL 11, 2008

In The Amount of $2,040,000.00 and any extensions, renewals or replacements
thereof (Indebtedness).

o All Debts. Except as this Guaranty may otherwise provide, the Guarantor guarantees
to Lender the payment and performance of each and every debt, liability and obligation of
every type and description which Borrower may now or at any time hereafter owe to Lender
(whether such debt, liability or obligation now exists or is hereafter created or incurred,
and whether it is or may be direct or indirect, due or to become due, absolute or
contingent, primary or secondary, liquidated or unliquidated, or joint, several, or joint
and several; all such debts, liabilities and obligations (Indebtedness)). Without
limitation, this Guaranty includes the following described debt(s):

 

     Exclusions.

þ. Guarantor will be liable for $100,000.00 of the principal amount of the
Indebtedness outstanding at default and for all of the accrued interest, and the expenses of
collection, enforcement or protection of Lender’s rights and remedies under this Guaranty,
including reasonable attorneys’ fees.

o
Guarantor’s liability will not exceed ______ % of the Indebtedness outstanding at default
and all of the accrued

interest, and the expenses of collection, enforcement or protection of Lender’s rights and
remedies under this Guaranty, including reasonable attorneys’ fees.

o Indebtedness Excludes:

SECURITY.

þ. the Guaranty is unsecured.

o
secured by
 

 

IL only o CONFESSION OF JUDGMENT. If Guarantor defaults, it authorizes any attorney to
appear in a court of record and confess judgment against it in favor of Lender. The confession of
judgment may be without process and for any amount due on this Guaranty including collection costs
and reasonable attorneys’ fees.

PA only oWARRANT OF AUTHORITY TO CONFESS JUDGMENT. Upon default; in addition to all other
remedies and rights available to Lender, by signing below Guarantor irrevocably authorizes the
prothonotary, clerk, or any attorney to appear in any court of record having jurisdiction over
this matter and to confess judgment against Guarantor at any time without stay of execution.
Guarantor waives notice, service of process and process. Guarantor agrees and understands that
judgment may be confessed against Guarantor for any unpaid principal, accrued interest and accrued
charges due on this Note, plus collection costs and reasonable attorneys’ fees up to 15 percent of
the judgment. The exercise of the power to confess judgment will not exhaust this warrant of
authority to confess judgment and may be done as often as Lender elects. Guarantor further
understands that Guarantor’s property may be seized without prior notice to satisfy the debt owed.
Guarantor knowingly, intentionally, and voluntarily waives any and all constitutional rights
Guarantor has to pre-deprivation notice and hearing under federal and state laws and fully
understands the consequences of this waiver.

By signing immediately below, Guarantor agrees to the terms of •the WARRANT OF AUTHORITY TO
CONFESS JUDGMENT section.

SIGNATURES. By signing under seal, Guarantor agrees to the terms contained in this Guaranty
(including those on page 2). Guarantor also acknowledges receipt of a copy of this Guaranty.

GUARANTOR:

	 	 	 	 	 	 	 	 	 
	ALL AMERICAN CO-OP
	 	 	 	 	 	 
	 	 	 	 	 
	Entity Name

	 	(Seal)
	 	 	 	Entity Name
	 	(Seal)
	 
	 	 	 	 	 	 	 	 
	GLENN M. LUTTEKE, GENERAL MANAGER
	 	 	 	 	 	 
	 	 	 	 	 
	Name, Title

	 	(Seal)
	 	 	 	Name, Title
	 	(Seal)
	 
	 	 	 	 	 	 	 	 
	/s/ Glenn M. Lutteke General Manager	 	 	 	 	 	 
	 	 	 	 	 
	Name, Title

	 	(Seal)
	 	 	 	Name, Title
	 	(Seal)

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