Document:

Amendment No. 2 to Credit Agreement among Michael Foods, et al.

 Exhibit 10.1 
  
 AMENDMENT NO. 2 TO CREDIT AGREEMENT 
  
 AMENDMENT NO. 2 TO CREDIT AGREEMENT dated as of May 18, 2005 (this “Amendment”) among MICHAEL
FOODS, INC., a Delaware corporation (formerly, THL Food Products Co., the “Borrower”), M-FOODS HOLDINGS, INC., a Delaware corporation (formerly, THL Food Products Holding Co., “Holdings”), the banks,
financial institutions and other institutional lenders parties to the Credit Agreement referred to below (collectively, the “Lenders”) and Bank of America, N.A., as administrative agent (the “Administrative
Agent”) for the Lenders. 
  
 PRELIMINARY
STATEMENTS: 
  
 (1) Holdings, the Borrower, the Lenders and
the Administrative Agent have entered into a Credit Agreement dated as of November 20, 2003, as amended by Amendment No. 1 to Credit Agreement dated as of September 17, 2004 (the “Credit Agreement”). Capitalized terms not
otherwise defined in this Amendment have the same meanings as specified in the Credit Agreement; 
  
 (2) The Borrower has requested that the Lenders amend certain provisions relating to mandatory prepayments from Excess Cash Flow as set forth below;

  
 (3) The Lenders have agreed, subject to the terms and
conditions hereinafter set forth, to amend the Credit Agreement as set forth below; 
  
 (4) NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the sufficiency and receipt of all of which is hereby acknowledged, the parties hereto hereby agree as follows:

  
 SECTION 1. Amendments to Credit Agreement. Upon, and
subject to, the satisfaction of the conditions precedent set forth in Section 2 below, the Credit Agreement is hereby amended as follows: 
  
 (a) Section 1.01 of the Credit Agreement is amended by adding in the appropriate alphabetical order the following new definitions. 
  
 “Consolidated Current Assets” means,
with respect to any Person and its Subsidiaries on a consolidated basis, all assets that, in accordance with GAAP, would be classified as current assets on the consolidated balance sheet of such Person, after deducting appropriate and adequate
reserves therefrom in each case in which a reserve is proper in accordance with GAAP, but excluding cash, Cash Equivalents and Swap Contracts to the extent that the mark-to-market Swap Termination Value would be reflected as an asset on the
consolidated balance sheet of such Person. 
  

 “Consolidated Current Liabilities” means, with respect to any
Person and its Subsidiaries on a consolidated basis, all liabilities in accordance with GAAP that would be classified as current liabilities on the consolidated balance sheet of such Person, but excluding the current portion of Indebtedness
(including the Swap Termination Value of any Swap Contracts) to the extent reflected as a liability on the consolidated balance sheet of such Person. 
  
 “Net Working Capital” means, with respect to any Person and its Subsidiaries on a consolidated basis, Consolidated
Current Assets minus Consolidated Current Liabilities. 
  
 (b) Section 1.01 of the Credit Agreement is further amended as follows: 
  
 (i) By deleting the parenthetical “(including the Obligations)” from clause (b)(vi) of the definition of “Excess Cash Flow” and replacing such parenthetical with
“(excluding the Obligations and the Revolving Credit Commitments)”. 
  
 (ii) By amending and restating in full clause (c) of the definition of “Excess Cash Flow” to read as follows: 
  
 “(c) decreases/increases, as applicable, in Net Working Capital 
  
 (c) Section 2.05(b)(i) of the Credit Agreement is amended in full to
read as follows: 
  
 “Within five (5)
Business Days after financial statements have been delivered pursuant to Section 6.01(a) and the related Compliance Certificate has been delivered pursuant to Section 6.02(b), the Borrower shall prepay an aggregate principal amount of
Loans in an amount equal to (A) 50% (as may be adjusted pursuant to the proviso below) of Excess Cash Flow for the fiscal year covered by such financial statements commencing with the fiscal year ended December 31, 2005 minus (B) the
aggregate amount of voluntary principal prepayments of the Loans (except prepayments of (x) Swing Line Loans and (y) Revolving Credit Loans unless accompanied by a corresponding permanent commitment reduction of the Revolving Credit Facility);
provided, that such percentage shall be reduced to 25% if the Leverage Ratio as of the last day of the prior fiscal year was less than 3.75:1.00 and 0% if the Leverage Ratio as of the last day of the prior fiscal year was less than
2.75:1.00.” 
  
 SECTION 2. Conditions of Effectiveness of
Amendments. The amendments to the Credit Agreement set forth in Section 1 shall become effective on the date when each of the conditions set forth in this Section 2 shall have been satisfied: 
  
 (a) Execution of Counterparts. The Administrative Agent shall have
received counterparts of (i) this Amendment executed by (A) the Borrower and Holdings, (B) the Administrative Agent, and (C) the Required Lenders, and (ii) the consent attached hereto (the “Consent”) executed by each
Guarantor. 
  

 2 

 (b) Payment of Fees and Expenses. The Borrower shall have paid (i) all fees and expenses
(including the reasonable fees and expenses of Shearman & Sterling LLP) incurred by the Administrative Agent in connection with the preparation, negotiation and execution of this Amendment and (ii) all other fees and expenses required to be paid
under the Loan Documents and remaining outstanding on or prior to the date of this Amendment (including fees and expenses of Shearman & Sterling LLP), in each case, for which the invoice for such fees and expenses shall have been presented to
the Borrower. 
  
 (c) Representations and Warranties; No
Default. Each of the representations and warranties contained in Section 3 of this Amendment are true and correct in all material respects (except to the extent that such representations and warranties specifically refer to an earlier
date, in which case they shall be true and correct as of such earlier date). 
  
 SECTION 3. Representations and Warranties. Each of Holdings and the Borrower represents and warrants as follows: 
  
 (a) The execution, delivery and performance by each Loan Party of this Amendment or the Consent, as applicable, are within such Loan Party’s
corporate or other powers, have been duly authorized by all necessary corporate or other organizational action, and do not and will not (i) contravene the terms of any of such Person’s Organization Documents; (ii) conflict with or result in any
breach or contravention of, or the creation of any Lien under (other than as permitted by Section 7.01 of the Credit Agreement), or require any payment to be made under (A) any Contractual Obligation to which such Person is a party or
affecting such Person or the properties of such Person or any of its Subsidiaries or (B) any order, injunction, writ or decree of any Governmental Authority or any arbitral award to which such Person or its property is subject; or (iii) violate any
Law; except with respect to any breach or contravention or payment (but not creation of Liens) referred to in clause (ii)(A), to the extent that such conflict, breach, contravention or payment could not reasonably be expected to have a
Material Adverse Effect. 
  
 (b) This Amendment and the Consent
have been duly executed and delivered by each Loan Party that is party hereto or thereto, as applicable. Each of this Amendment and the Consent and each Loan document after giving effect to the amendments in Section 1, constitutes a legal,
valid and binding obligation of each Loan Party that is party hereto or thereto, as applicable, enforceable against such Loan Party in accordance with its terms, except as such enforceability may be limited by bankruptcy insolvency, reorganization,
receivership, moratorium or other laws affecting creditors’ rights generally and by general principles of equity. 
  
 (c) No Default has occurred and is continuing or will occur as a result of the transactions contemplated by this Amendment and such transactions are
permitted under the Senior Subordinated Notes Indenture and the Senior Unsecured Term Loan Agreement and Holdings and the Borrower have complied with all requirements thereunder in connection with such transactions. 
  
 (d) Each of the representations and warranties of each Loan Party contained
in Article V of the Credit Agreement and each other Loan Document, immediately 

  

 3 

 
before and after giving effect to this Amendment and the matters and transactions contemplated hereby, is true and correct in all material respects on and as
of the date first above written, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date. 
  
 SECTION 4. Reference to and Effect on the Credit Agreement and the Loan
Documents. (a) On and after the effectiveness of this Amendment, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Credit Agreement, and each
reference in the Notes and each of the other Loan Documents to “the Credit Agreement”, “thereunder”, “thereof” or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit
Agreement, as amended by this Amendment. 
  
 (b) The Credit
Agreement, the Notes and each of the other Loan Documents, as specifically amended by this Amendment (and as contemplated to be amended, modified, supplemented, restated, substituted or replaced by this Amendment) are and shall continue to be in
full force and effect and is hereby in all respects ratified and confirmed. Without limiting the generality of the foregoing, the Collateral Documents and all of the Collateral described therein do and shall continue to secure the payment of all
Obligations of the Loan Parties under the Loan Documents, in each case, as amended by this Amendment (and as contemplated to be amended, modified, supplemented, restated, substituted or replaced by this Amendment). 
  
 (c) The execution, delivery and effectiveness of this Amendment shall not,
except as expressly provided herein, operate as a waiver of any right, power or remedy of any Lender or the Administrative Agent under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents. On and after the
effectiveness of this Amendment, this Amendment shall for all purposes constitute a Loan Document. 
  
 SECTION 5. Costs and Expenses. The Borrower agrees that all costs and expenses of the Administrative Agent in connection with the preparation,
execution, delivery and administration, modification and amendment of this Amendment and the other instruments and documents to be delivered hereunder or in connection herewith (including, without limitation, the reasonable fees and expenses of
counsel for the Administrative Agent), are costs and expenses that the Borrower is required to pay or reimburse pursuant to Section 10.04 of the Credit Agreement. 
  
 SECTION 6. Execution in Counterparts. This Amendment may be executed in any number of counterparts and by different
parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute but one and the same agreement. Delivery of an executed counterpart of a signature page to
this Amendment by telecopier shall be effective as delivery of a manually executed counterpart of this Amendment. 
  
 SECTION 7. Governing Law. This Amendment shall be governed by, and construed in accordance with, the laws of the State of New York. 
  

 4 

 [The remainder of this page is intentionally left blank] 
  

 5 

  
 IN WITNESS WHEREOF, the
parties hereto have caused this Amendment to be executed by their respective officers thereunto duly authorized, as of the date first above written. 
  

					
	 MICHAEL FOODS, INC.

		
	By	 	 /s/ Mark D. Witmer

	 	 	 Name:
	 	 Mark D. Witmer

	 	 	 Title:
	 	 Secretary

  

					
	M-FOODS HOLDINGS, INC.
		
	By	 	 /s/ Mark D. Witmer

	 	 	 Name:
	 	 Mark D. Witmer

	 	 	 Title:
	 	 Secretary

  

					
	 BANK OF AMERICA, N.A.,
 as Administrative
Agent and as Lender

		
	By	 	 /s/ Robert Klawinski

	 	 	 Name:
	 	 Robert Klawinski

	 	 	 Title:
	 	 Senior Vice President

  

					
	Other Lenders:
	
	 Ares VII CLO Ltd.

		
	 By:
	 	 Ares CLO Management VII, L.P.,

	 Its:
	 	 Investment Manager

		
	 By:
	 	 Ares CLO GP VII, LLC,

	 Its:
	 	 General Partner

  

					
		
	 By:
	 	 /s/ Seth J. Brufsky

	 Name:
	 	 Seth J. Brufsky

	 Title:
	 	 Vice President

					
	Other Lenders:
	
	 General Electric Capital Corporation
 (Insert Legal Name of Lender)

		
	 By
	 	 /s/ Brian P. Schwinn

	 	 	 Name:
	 	 Brian P. Schwinn

	 	 	 Title:
	 	 Duly Authorized Signatory

					
	Other Lenders:
	
	 ARES Leveraged Investment Fund II, L.P.

		
	 By:
	 	 ARES Management II, L.P.

	 Its:
	 	 General Partner

  

					
		
	 By:
	 	 /s/ Seth J. Brufsky

	 Name:
	 	 Seth J. Brufsky

	 Title:
	 	 Vice President

					
	Other Lenders:
	
	 ARES III CLO Ltd.

		
	 By:
	 	 ARES CLO Management, LLC

	 Its:
	 	 Investment Manager

  

					
		
	 By:
	 	 /s/ Seth J. Brufsky

	 Name:
	 	 Seth J. Brufsky

	 Title:
	 	 Vice President

			
	Other Lenders:
	
	 ARES IV CLO LTD.

		
	 By:
	 	 Ares CLO Management IV, L.P.

	 Its:
	 	 Investment Manager

		
	 By:
	 	 Ares CLO GP IV, LLC

	 Its:
	 	 Managing Member

		
	 By:
	 	 
	 Name:
	 	 Seth J Brufsky

	 Title:
	 	 Vice President

			
	Other Lenders:
	
	 Ares V CLO Ltd.

		
	 By:
	 	 Ares CLO Management V, L.P.,

	 Its:
	 	 Investment Manager

		
	 By:
	 	 Ares CLO GP V, LLC,

	 Its:
	 	 Managing Member

			
		
	 By:
	 	 /s/ Seth J. Brufsky

	 Name:
	 	 Seth J. Brufsky

	 Title:
	 	 Vice President

			
	Other Lenders:
	
	 Ares VIII CLO Ltd.

		
	 By:
	 	 Ares CLO Management VIII, L.P.,

	 Its:
	 	 Investment Manager

		
	 By:
	 	 Ares CLO GP VIII, LLC,

	 Its:
	 	 General Partner

			
		
	 By:
	 	 /s/ Seth J. Brufsky

	 Name:
	 	 Seth J. Brufsky

	 Title:
	 	 Vice President

					
	Other Lenders:
	
	 Katonah III, Ltd.

	 (Insert Legal Name of Lender)

		
	 By 
	 	 /s/ Ralph Della Rocca

	 	 	 Name:
	 	 RALPH DELLA ROCCA

	 	 	 Title:
	 	 Authorized Officer

	 	 	 	 	 Katonah Capital, L.L.C.

	 	 	 	 	 As Manager

					
	Other Lenders:
	
	 Capital Farm Credit

		
	 By 
	 	 /s/ Robert P. Abbott

	 	 	 Name:
	 	 Robert P. Abbott

	 	 	 Title:
	 	 VP Commercial Credit

					
	Other Lenders:
	
	Fidelity Advisor Series II: Fidelity Advisor Floating Rate High Income Fund
		
	 By
	 	 /s/ John H. Costello

	 	 	 Name:
	 	 John H. Costello

	 	 	 Title:
	 	 Assistant Treasurer

					
	Other Lenders:
	
	Ballyrock CLO II Limited, By: Ballyrock
Investment Advisors LLC, as Collateral Manager
		
	 By 
	 	 /s/ Lisa Rymut

	 	 	 Name:
	 	 Lisa Rymut

	 	 	 Title:
	 	 Assistant Treasurer

					
	Other Lenders:
	
	Farm Credit Services of America, FLCA
		
	 By 
	 	 /s/ Bruce Dean

	 	 	 Name:
	 	 Bruce Dean

	 	 	 Title:
	 	 Vice President

							
	Other Lenders:
	
	Credit Industriel et Commercial
	 (Insert Legal Name of Lender)

			
	 By
	 	 /s/ Anthony Rock
	 	 /s/ Sean Mounier

	 	 	 Name:
	 	 Anthony Rock
	 	 Sean Mounier

	 	 	 Title:
	 	 Vice President
	 	 First Vice President

					
	Other Lenders:
	
	COOPERTIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A., “RABOBANK INTERNATIONAL” New York Branch
		
	 By
	 	 /s/ Eric Hurshman

	 	 	 Name:
	 	 Eric Hurshman

	 	 	 Title:
	 	 Managing Director

		
	 By
	 	 /s/ Brett Delfino

	 	 	 Name:
	 	 Brett Delfino

	 	 	 Title:
	 	 Executive Director

					
	Other Lenders:
	
	 AgStar Financial Services

		
	 By
	 	 /s/ Don Lindeman

	 	 	 Name:
	 	 Don Lindeman

	 	 	 Title:
	 	 VP – Capital Markets

					
	Other Lenders:
	
	Denali Capital LLC, managing member of DC Funding Partners, portfolio manager for DENALI CAPITAL CLO I, LTD., or an affiliate
		
	 By
	 	 /s/ Kelli C. Marti

	 	 	 Name:
	 	 KELLI C. MARTI

	 	 	 Title:
	 	 VICE PRESIDENT

					
	Other Lenders:
	
	Denali Capital LLC, managing member of DC Funding Partners, portfolio manager for DENALI CAPITAL CLO III, LTD., or an affiliate
		
	 By
	 	 /s/ Kelli C. Marti

	 	 	 Name:
	 	 KELLI C. MARTI

	 	 	 Title:
	 	 VICE PRESIDENT

					
	Other Lenders:
	
	 Galaxy CLO 1999-1, LTD.

		
	 by:
	 	 AIG Global Investment Corp.
 as Collateral Manager

		
	 By
	 	 /s/ Julie Bothamley

	 	 	 Name:
	 	 Julie Bothamley

	 	 	 Title:
	 	 Vice President

					
	Other Lenders:
	
	 SunAmerica Life Insurance Company

		
	 by:
	 	 AIG Global Investment Corp.
 as Investment Advisor

		
	 By
	 	 /s/ Julie Bothamley

	 	 	 Name:
	 	 Julie Bothamley

	 	 	 Title:
	 	 Vice President

					
	Other Lenders:
	
	 Galaxy CLO 2003-1, Ltd.

		
	 by:
	 	 AIG Global Investment Corp.
 as Investment Advisor

		
	 By
	 	 /s/ Julie Bothamley

	 	 	 Name:
	 	 Julie Bothamley

	 	 	 Title:
	 	 Vice President

					
	Other Lenders:
	
	 FRANKLIN CLO I, LIMITED

		
	 By
	 	 /s/ David Ardini

	 	 	 Name:
	 	 DAVID ARDINI

	 	 	 Title:
	 	 VICE PRESIDENT

					
	Other Lenders:
	
	 FRANKLIN CLO II, LIMITED

		
	 By
	 	 /s/ David Ardini

	 	 	 Name:
	 	 DAVID ARDINI

	 	 	 Title:
	 	 VICE PRESIDENT

					
	Other Lenders:
	
	 FRANKLIN CLO III, LIMITED

		
	 By
	 	 /s/ David Ardini

	 	 	 Name:
	 	 DAVID ARDINI

	 	 	 Title:
	 	 VICE PRESIDENT

					
	Other Lenders:
	
	 FRANKLIN CLO IV, LIMITED

		
	 By
	 	 /s/ David Ardini

	 	 	 Name:
	 	 DAVID ARDINI

	 	 	 Title:
	 	 VICE PRESIDENT

					
	Other Lenders:
	
	 FRANKLIN TEMPLETON LIMITED
 DURATION INCOME TRUST

		
	By	 	 /s/ Richard Hsu

	 	 	 Name:
	 	 RICHARD HSU

	 	 	 Title:
	 	 VICE PRESIDENT

					
	Other Lenders:
	
	FRANKLIN TOTAL RETURN FUND
		
	By	 	 /s/ Richard Hsu

	 	 	 Name:
	 	 RICHARD HSU

	 	 	 Title:
	 	 VICE PRESIDENT

					
	Other Lenders:
	
	FRANKLIN FLOATING RATE TRUST
		
	By	 	 /s/ Richard Hsu

	 	 	 Name:
	 	 RICHARD HSU

	 	 	 Title:
	 	 VICE PRESIDENT

					
	Other Lenders:
	
	FRANKLIN FLOATING RATE MASTER SERIES
		
	By	 	 /s/ Richard Hsu

	 	 	 Name:
	 	 RICHARD HSU

	 	 	 Title:
	 	 VICE PRESIDENT

					
	Other Lenders:
	
	FRANKLIN FLOATING RATE DAILY ACCESS FUND
		
	By	 	 /s/ Richard Hsu

	 	 	 Name:
	 	 RICHARD HSU

	 	 	 Title:
	 	 VICE PRESIDENT

					
	KZH PONDVIEW LLC
		
	By	 	 /s/ Hi Hua

	 	 	 Name:
	 	 HI HUA

	 	 	 Title:
	 	 AUTHORIZED AGENT

					
	KZH SOLEIL LLC
		
	By	 	 /s/ Hi Hua

	 	 	 Name:
	 	 HI HUA

	 	 	 Title:
	 	 AUTHORIZED AGENT

					
	KZH SOLEIL-2 LLC
		
	By	 	 /s/ Hi Hua

	 	 	 Name:
	 	 HI HUA

	 	 	 Title:
	 	 AUTHORIZED AGENT

					
	Other Lenders:
	
	 SENIOR DEBT PORTFOLIO

		
	 By:
	 	 Boston Management and Research
 as Investment Advisor

	 	 	 [Please print name of lender]

		
	By	 	 /s/ Scott H. Page

	 	 	 Name:
	 	 Scott H. Page

	 	 	 Title:
	 	 Vice President

					
	Other Lenders:
	
	EATON VANCE SENIOR INCOME TRUST
		
	BY:	 	 EATON VANCE MANAGEMENT
 AS INVESTMENT
ADVISOR

	 	 	 [Please print name of lender]

		
	By	 	/s/ Scott H. Page
	 	 	 Name:
	 	 Scott H. Page

	 	 	 Title:
	 	 Vice President

					
	Other Lenders:
	
	EATON VANCE INSTITUTIONAL SENIOR LOAN FUND
		
	BY:	 	 EATON VANCE MANAGEMENT
 AS INVESTMENT
ADVISOR

	 	 	[Please print name of lender]
		
	By	 	/s/ Scott H. Page
	 	 	 Name:
	 	 Scott H. Page

	 	 	 Title:
	 	 Vice President

					
	Other Lenders:
	
	EATON VANCE CDO III, LTD.
		
	BY:	 	 EATON VANCE MANAGEMENT
 AS INVESTMENT
ADVISOR

	 	 	[Please print name of lender]
		
	By	 	/s/ Scott H. Page
	 	 	 Name:
	 	 Scott H. Page

	 	 	 Title:
	 	 Vice President

					
	Other Lenders:
	
	CONSTANTINUS EATON VANCE CDO V, LTD.
		
	BY:	 	 EATON VANCE MANAGEMENT
 AS INVESTMENT
ADVISOR

	 	 	[Please print name of lender]
		
	By	 	/s/ Scott H. Page
	 	 	 Name:
	 	 Scott H. Page

	 	 	 Title:
	 	 Vice President

					
	Other Lenders:
	
	EATON VANCE CDO VI LTD.
		
	BY:	 	 EATON VANCE MANAGEMENT
 AS INVESTMENT
ADVISOR

	 	 	[Please print name of lender]
		
	By	 	/s/ Scott H. Page
	 	 	 Name:
	 	 Scott H. Page

	 	 	 Title:
	 	 Vice President

					
	Other Lenders:
	
	GRAYSON & CO
		
	BY:	 	 BOSTON MANAGEMENT AND RESEARCH
 AS INVESTMENT
ADVISOR

	 	 	[Please print name of lender]
		
	By	 	/s/ Scott H. Page
	 	 	 Name:
	 	 Scott H. Page

	 	 	 Title:
	 	 Vice President

					
	Other Lenders:
	
	BIG SKY SENIOR LOAN FUND, LTD.
		
	BY:	 	 EATON VANCE MANAGEMENT
 AS INVESTMENT
ADVISOR

	 	 	[Please print name of lender]
		
	By	 	/s/ Scott H. Page
	 	 	 Name:
	 	 Scott H. Page

	 	 	 Title:
	 	 Vice President

					
	Other Lenders:
	
	THE NORINCHUKIN BANK, NEW YORK BRANCH,
	through State Street Bank and Trust Company N.A. as Fiduciary Custodian
		
	BY:	 	Eaton Vance Management, Attorney-in-fact
	 	 	[Please print name of lender]
		
	By	 	/s/ Scott H. Page
	 	 	 Name:
	 	 Scott H. Page

	 	 	 Title:
	 	 Vice President

					
	Other Lenders:
	
	 BIG SKY III SENIOR LOAN TRUST

		
	BY:	 	 EATON VANCE MANAGEMENT
 AS INVESTMENT
ADVISOR

	 	 	[Please print name of lender]
		
	By	 	/s/ Scott H. Page
	 	 	 Name:
	 	 Scott H. Page

	 	 	 Title:
	 	 Vice President

					
	Other Lenders:
	
	 EATON VANCE
 VT FLOATING-RATE INCOME FUND

		
	BY:	 	 EATON VANCE MANAGEMENT
 AS INVESTMENT
ADVISOR

	 	 	[Please print name of lender]
		
	By	 	/s/ Scott H. Page
	 	 	 Name:
	 	 Scott H. Page

	 	 	 Title:
	 	 Vice President

			
	Other Lenders:
	
	 EATON VANCE
 LIMITED DURATION INCOME FUND

		
	BY:	 	 EATON VANCE MANAGEMENT
 AS INVESTMENT
ADVISOR

	 	 	[Please print name of lender]

					
		
	By	 	 /s/ Scott H. Page

	 	 	 Name:
	 	 Scott H. Page

	 	 	 Title:
	 	 Vice President

			
	Other Lenders:
	
	 TOLLI & CO.

		
	BY:	 	 EATON VANCE MANAGEMENT
 AS INVESTMENT
ADVISOR

	 	 	[Please print name of lender]

					
		
	By	 	 /s/ Scott H. Page

	 	 	 Name:
	 	 Scott H. Page

	 	 	 Title:
	 	 Vice President

			
	Other Lenders:
	
	 EATON VANCE SENIOR
 FLOATING RATE TRUST

		
	BY:	 	 EATON VANCE MANAGEMENT
 AS INVESTMENT
ADVISOR

	 	 	[Please print name of lender]

					
		
	By	 	 /s/ Scott H. Page

	 	 	 Name:
	 	 Scott H. Page

	 	 	 Title:
	 	 Vice President

			
	Other Lenders:
	
	FIRST TRUST/FOUR CORNERS SENIOR FLOATING RATE INCOME FUND, as Lender
		
	By:	 	 Four Corners Capital Management LLC,
 Sub-Adviser

					
		
	By	 	 /s/ Vijay Srinivasan

	 	 	 Name:
	 	 VIJAY SRINIVASAN

	 	 	 Title:
	 	 Assistant Vice President

					
	Other Lenders:
	
	Toronto Dominion (New York), LLC
		
	By	 	 /s/ Masood Fikree

	 	 	 Name:
	 	 Masood Fikree

	 	 	 Title:
	 	 Authorized Signatory

					
	 Katonah II, Ltd. by Sankaty
 Advisors LLC as
Sub-Advisors

	
	Other Lenders:
	
	[                                      
          ]
	(Insert Legal Name of Lender)
		
	By	 	 /s/ Diane J. Exter

	 	 	 Name:
	 	 DIANE J. EXTER

	 	 	 Title:
	 	 MANAGING DIRECTOR
 PORTFOLIO MANAGER

					
	 Sankaty Advisors, LLC as Collateral
 Manager
for Race Point CLO,
 Limited, as Term Lender

	
	Other Lenders:
	
	[                                      
          ]
	(Insert Legal Name of Lender)
		
	By	 	 /s/ Diane J. Exter

	 	 	 Name:
	 	 DIANE J. EXTER

	 	 	 Title:
	 	 MANAGING DIRECTOR
 PORTFOLIO MANAGER

					
	 Sankaty Advisors, LLC as Collateral
 Manager
for Race Point II CLO,
 Limited, as Term Lender

	
	Other Lenders:
	
	[                                      
          ]
	(Insert Legal Name of Lender)
		
	By	 	 /s/ Diane J. Exter

	 	 	 Name:
	 	 DIANE J. EXTER

	 	 	 Title:
	 	 MANAGING DIRECTOR
 PORTFOLIO MANAGER

					
	 Sankaty Advisors, LLC as Collateral
 Manager
for AVERY POINT CLO,
 LTD., as Term Lender

	
	Other Lenders:
	
	[                                      
          ]
	(Insert Legal Name of Lender)
		
	By	 	 /s/ Diane J. Exter

	 	 	 Name:
	 	 DIANE J. EXTER

	 	 	 Title:
	 	 MANAGING DIRECTOR
 PORTFOLIO MANAGER

					
	 Sankaty Advisors, LLC as Collateral
 Manager
for Castle Hill III CLO,
 Limited, as Term Lender

	
	Other Lenders:
	
	[                                      
          ]
	(Insert Legal Name of Lender)
		
	By	 	 /s/ Diane J. Exter

	 	 	 Name:
	 	 DIANE J. EXTER

	 	 	 Title:
	 	 MANAGING DIRECTOR
 PORTFOLIO MANAGER

					
	 Sankaty Advisors, Inc., as Collateral
 Manager for Brant Point CBO
 1999-1 LTD., as Term Lender

	
	 Other Lenders:

	
	 [                                      
          ]

	 (Insert Legal Name of Lender)

		
	By	 	 /s/ Diane J. Exter

	 	 	 Name:
	 	 DIANE J. EXTER

	 	 	 Title:
	 	 MANAGING DIRECTOR

	 	 	 	 	 PORTFOLIO MANAGER

					
	 Sankaty Advisors, LLC as Collateral
 Manager
for Castle Hill I - INGOTS, Ltd.,
 as Term Lender

	
	 Other Lenders:

	
	 [                                      
          ]

	 (Insert Legal Name of Lender)

		
	By	 	 /s/ Diane J. Exter

	 	 	 Name:
	 	 DIANE J. EXTER

	 	 	 Title:
	 	 MANAGING DIRECTOR

	 	 	 	 	 PORTFOLIO MANAGER

					
	 Sankaty Advisors, LLC as Collateral
 Manager
for Castle Hill II -
 INGOTS, Ltd., as Term Lender

	
	 Other Lenders:

	
	 [                                      
          ]

	 (Insert Legal Name of Lender)

		
	By	 	 /s/ Diane J. Exter

	 	 	 Name:
	 	 DIANE J. EXTER

	 	 	 Title:
	 	 MANAGING DIRECTOR

	 	 	 	 	 PORTFOLIO MANAGER

					
	 Other Lenders:

	
	 EAST WEST BANK

		
	By	 	 /s/ Nancy A. Moore

	 	 	 Name:
	 	 Nancy A. Moore

	 	 	 Title:
	 	 Senior Vice President

					
	 Other Lenders:

	
	 BIRCHWOOD FUNDING LLC

		
	By	 	 /s/ Meredith J. Koslick

	 	 	 Name:
	 	 Meredith J. Koslick

	 	 	 Title:
	 	 Assistant Vice President

					
	 Other Lenders:

	
	 Oak Brook Bank

		
	By	 	 /s/ Henry Wessel

	 	 	 Name:
	 	 Henry Wessel

	 	 	 Title:
	 	 VP

					
	 Other Lenders:

	
	 47th Street Funding II Inc.

		
	By	 	 /s/ Jonathan Weiss

	 	 	 Name:
	 	 Jonathan Weiss

	 	 	 Title:
	 	 Authorized Signatory

					
	 Other Lenders:

	
	 HARBOUR TOWN FUNDING LLC

		
	By	 	 /s/ Meredith J. Koslick

	 	 	 Name:
	 	 Meredith J. Koslick

	 	 	 Title:
	 	 Assistant Vice President

					
	 Other Lenders:

	
	 State Street Bank and Trust Company as Trustee for
 GMAM Group Pension Trust I

		
	By	 	 /s/ Russell Ricciardi

	 	 	 Name:
	 	 Russell Ricciardi

	 	 	 Title:
	 	 CSO

					
	 Other Lenders:

	
	 State Street Bank and Trust Company as Trustee for
 General Motors Welfare Benefit Trust

		
	By	 	 /s/ Russell Ricciardi

	 	 	 Name:
	 	 Russell Ricciardi

	 	 	 Title:
	 	 CSO

					
	Other Lenders:
	
	 APEX (IDM) CDO I, LTD.
 BABSON CLO LTD. 2003-I
 ELC (CAYMAN) LTD. 1999-II
 SEABOARD CLO 2000 LTD.
 SUFFIELD CLO, LIMITED
 TRYON CLO LTD. 2000-I

		
	 By:
	 	 Babson Capital Management LLC as Collateral
 Manager

		
	 By
	 	 /s/ David P. Wells, CFA

	 	 	 Name:
	 	 David P. Wells, CFA

	 	 	 Title:
	 	 Managing Director

  

			
	 MAPLEWOOD (CAYMAN) LIMITED

		
	 By:
	 	 Babson Capital Management LLC as
 Investment Manager

			
		
	 By:
	 	 /s/ David P. Wells, CFA

	 Name:
	 	 David P. Wells, CFA

	 Title:
	 	 Managing Director

  

			
	 MASSACHUSETTS MUTUAL LIFE
 INSURANCE COMPANY

		
	 By:
	 	 Babson Capital Management LLC as
 Investment Adviser

			
		
	 By:
	 	 /s/ David P. Wells, CFA

	 Name:
	 	 David P. Wells, CFA

	 Title:
	 	 Managing Director

  

			
	 BILL & MELINDA GATES FOUNDATION

		
	 By:
	 	 Babson Capital Management LLC as
 Investment Adviser

			
		
	 By:
	 	 /s/ David P. Wells, CFA

	 Name:
	 	 David P. Wells, CFA

	 Title:
	 	 Managing Director

					
	Other Lenders:
	
	 PINEHURST TRADING, INC.

		
	 By
	 	 /s/ Meredith J. Koslick

	 	 	 Name:
	 	 Meredith J. Koslick

	 	 	 Title:
	 	 Assistant Vice President

					
	Other Lenders:
	
	 SAWGRASS TRADING LLC

		
	 By
	 	 /s/ Meredith J. Koslick

	 	 	 Name:
	 	 Meredith J. Koslick

	 	 	 Title:
	 	 Assistant Vice President

							
	Other Lenders:
	
	 UBS Loan Finance LLC

	 	 	 [Please print name of lender]

			
	 By
	 	 /s/ Wilfred V. Saint
	 	 /s/ Winslowe Ogbourne

	 	 	 Name:
	 	 Wilfred V. Saint
	 	 Winslowe Ogbourne

	 	 	 Title:
	 	 Director
	 	 Associate Director

	 	 	 	 	 Banking Products
	 	 Banking Products

	 	 	 	 	 Services, US
	 	 Services, US

					
	Other Lenders:
	
	 LAGUNA FUNDING LLC

		
	 By
	 	 /s/ Meredith J. Koslick

	 	 	 Name:
	 	 Meredith J. Koslick

	 	 	 Title:
	 	 Assistant Vice President

			
	 ING SENIOR INCOME FUND

		
	 By:
	 	 ING Investment Management Co.
 as its investment manager

			
		
	 By:
	 	 /s/ James L. Essert

	 Name:
	 	 James L. Essert

	 Title:
	 	 VP

			
	
	 ING PRIME RATE TRUST

		
	 By:
	 	 ING Investment Management Co.
 as its investment manager

			
		
	 By:
	 	 /s/ James L. Essert

	 Name:
	 	 James L. Essert

	 Title:
	 	 VP

					
	Other Lenders:
	
	 AVALON CAPITAL LTD. 3

		
	 By:
	 	 INVESCO Senior Secured Management, Inc.
 As Asset Manager

		
	 By
	 	 /s/ Thomas H. B. Ewald

	 	 	 Name:
	 	 Thomas H. B. Ewald

	 	 	 Title:
	 	 Authorized Signatory

					
	Other Lenders:
	
	 AVALON CAPITAL LTD.

		
	 By:
	 	 INVESCO Senior Secured Management, Inc.
 As Portfolio Advisor

		
	 By
	 	 /s/ Thomas H. B. Ewald

	 	 	 Name:
	 	 Thomas H. B. Ewald

	 	 	 Title:
	 	 Authorized Signatory

					
	Other Lenders:
	
	 CHARTER VIEW PORTFOLIO

		
	 By:
	 	 INVESCO Senior Secured Management, Inc.
 As Investment Advisor

		
	 By
	 	 /s/ Thomas H. B. Ewald

	 	 	 Name:
	 	 Thomas H. B. Ewald

	 	 	 Title:
	 	 Authorized Signatory

					
	Other Lenders:
	
	 DIVERSIFIED CREDIT PORTFOLIO LTD.

		
	 By:
	 	 INVESCO Senior Secured Management, Inc.
 as Investment Adviser

		
	 By
	 	 /s/ Thomas H. B. Ewald

	 	 	 Name:
	 	 Thomas H. B. Ewald

	 	 	 Title:
	 	 Authorized Signatory

					
	Other Lenders:
	
	AIM FLOATING RATE FUND
		
	 By:
	 	 INVESCO Senior Secured Management, Inc.
 As Sub-Adviser

		
	 By
	 	 /s/ Thomas H. B. Ewald

	 	 	 Name:
	 	 Thomas H. B. Ewald

	 	 	 Title:
	 	 Authorized Signatory

					
	Other Lenders:
	
	INVESCO EUROPEAN CDO I S.A.
		
	 By:
	 	 INVESCO Senior Secured Management, Inc.
 As Collateral Manager

		
	 By
	 	 /s/ Thomas H. B. Ewald

	 	 	 Name:
	 	 Thomas H. B. Ewald

	 	 	 Title:
	 	 Authorized Signatory

					
	Other Lenders:
	
	LOAN FUNDING IX LLC, for itself or as agent for Corporate Loan Funding IX LLC
		
	 By:
	 	 INVESCO Senior Secured Management, Inc.
 As Portfolio Manager

		
	 By
	 	 /s/ Thomas H. B. Ewald

	 	 	 Name:
	 	 Thomas H. B. Ewald

	 	 	 Title:
	 	 Authorized Signatory

					
	Other Lenders:
	
	SEQUILS-LIBERTY, LTD.
		
	 By:
	 	 INVESCO Senior Secured Management, Inc.
 As Collateral Manager

		
	 By
	 	 /s/ Thomas H. B. Ewald

	 	 	 Name:
	 	 Thomas H. B. Ewald

	 	 	 Title:
	 	 Authorized Signatory

					
	Other Lenders:
	
	SAGAMORE CLO LTD.
		
	 By:
	 	 INVESCO Senior Secured Management, Inc.
 As Collateral Manager

		
	 By
	 	 /s/ Thomas H. B. Ewald

	 	 	 Name:
	 	 Thomas H. B. Ewald

	 	 	 Title:
	 	 Authorized Signatory

					
	Other Lenders:
	
	SARATOGA CLO I, LIMITED
	 By:
	 	 INVESCO Senior Secured Management, Inc.
 As Asset Manager

		
	 By
	 	 /s/ Thomas H. B. Ewald

	 	 	 Name:
	 	 Thomas H. B. Ewald

	 	 	 Title:
	 	 Authorized Signatory

					
	Other Lenders:
	
	 Braymoor & Co.

		
	 By:
	 	 Bear Stearns Asset Management, Inc.,
 as its attorney-in-fact

		
	 By
	 	 /s/ Jonathan Berg

	 	 	 Name:
	 	 Jonathan Berg

	 	 	 Title:
	 	 Associate Director

					
	Other Lenders:
	
	 Gallatin Funding I Ltd.

		
	 By:
	 	 Bear Stearns Asset Management, Inc.
 as its Collateral Manager

		
	 By
	 	 /s/ Jonathan Berg

	 	 	 Name:
	 	 Jonathan Berg

	 	 	 Title:
	 	 Associate Director

					
	Other Lenders:
	
	 LCM III, Ltd.

		
	 By:
	 	 Lyon Capital Management LLC,
 As Collateral Manager

		
	 By
	 	 /s/ Alexander B. Kenna

	 	 	 Name:
	 	 Alexander B. Kenna

	 	 	 Title:
	 	 Portfolio Manager

					
	 NORTHWEST FARM CREDIT SERVICES, PCA

		
	 By
	 	 /s/ Casey Kinzer

	 	 	 Name:
	 	 Casey Kinzer

	 	 	 Title:
	 	 Senior Credit Officer

					
	Other Lenders:
	
	CoBank, ACB
		
	 By
	 	 /s/ S. Richard Dill

	 	 	 Name:
	 	 S. Richard Dill

	 	 	 Title:
	 	 Vice President

					
	Other Lenders:
	
	 Landmark CDO II Limited
 Aladdin Capital LLC

		
	 By
	 	 /s/ William S. Luthas

	 	 	 Name:
	 	 William S. Luthas

	 	 	 Title:
	 	 Director

					
	Other Lenders:
	
	 Landmark CDO Limited
 Aladdin Capital LLC

		
	 By
	 	 /s/ William S. Luthas

	 	 	 Name:
	 	 William S. Luthas

	 	 	 Title:
	 	 Director

					
	Other Lenders:
	
	 Landmark CDO III LTD
 Aladdin Capital LLC

		
	 By
	 	 /s/ William S. Luthas

	 	 	 Name:
	 	 William S. Luthas

	 	 	 Title:
	 	 Director

					
	Other Lenders:
	
	 WATERVILLE FUNDING LLC

		
	 By
	 	 /s/ Meredith J. Koslick

	 	 	 Name:
	 	 Meredith J. Koslick

	 	 	 Title:
	 	 Assistant Vice President

					
	Other Lenders:
	
	 SEMINOLE FUNDING LLC

		
	 By
	 	 /s/ Meredith J. Koslick

	 	 	 Name:
	 	 Meredith J. Koslick

	 	 	 Title:
	 	 Assistant Vice President

					
	 Other Lenders:

	
	 Indosuez Capital Funding VI, Limited

		
	 By
	 	Lyon Capital Management, as Collateral Manager
	
	 LYON CAPITAL MANAGEMENT LLC

		
	 By
	 	 /s/ Alexander B. Kenna

	 	 	 Name:
	 	 Alexander B. Kenna

	 	 	 Title:
	 	 Portfolio Manager

					
	 Other Lenders:

	
	 LCM I LIMITED PARTNERSHIP

		
	 By:
	 	 Lyon Capital Management LLC,
 As Collateral
Manager

	
	 LYON CAPITAL MANAGEMENT LLC

		
	By	 	 /s/ Alexander B. Kenna

	 	 	 Name:
	 	 Alexander B. Kenna

	 	 	 Title:
	 	 Portfolio Manager

					
	Other Lenders:
	
	DEUTSCHE BANK AG CAYMAN ISLANDS BRANCH
		
	 By
	 	 /s/ Scottye Lindsey

	 	 	 Name:
	 	 Scottye Lindsey

	 	 	 Title:
	 	 Director

		
	 By
	 	 /s/ Diane Rolfe

	 	 	 Name:
	 	 Diane Rolfe

	 	 	 Title:
	 	 Vice Director

					
	Other Lenders:
	
	BALLANTYNE FUNDING LLC
		
	By	 	 /s/ Meredith J. Koslick

	 	 	 Name:
	 	 Meredith J. Koslick

	 	 	 Title:
	 	 Assistant Vice President

					
	Other Lenders:
	
	PPM SHADOW CREEK FUNDING LLC
		
	By	 	 /s/ Meredith J. Koslick

	 	 	 Name:
	 	 Meredith J. Koslick

	 	 	 Title:
	 	 Assistant Vice President

					
	Other Lenders:
	
	PPM SPYGLASS FUNDING TRUST
		
	By	 	 /s/ Meredith J. Koslick

	 	 	 Name:
	 	 Meredith J. Koslick

	 	 	 Title:
	 	 Authorized Agent

  
 CONSENT 
  
 Dated as of May 18, 2005 
  
 Each of the undersigned, as Guarantor under, as applicable, (i) the Parent
Guaranty dated as of November 20, 2003 or (ii) the Subsidiary Guaranty dated as of November 20, 2003 (collectively, the “Guaranty”), in each case, in favor of the Administrative Agent and the Lenders parties to the Credit
Agreement referred to in the foregoing Amendment, hereby consents to such Amendment and the transactions contemplated by such Amendment and hereby confirms and agrees that (a) notwithstanding the effectiveness of such Amendment, the Guaranty is, and
shall continue to be, in full force and effect and is hereby ratified and confirmed in all respects, except that, on and after the effectiveness of such Amendment, each reference in the Guaranty to the “Credit Agreement”,
“thereunder”, “thereof” or words of like import shall mean and be a reference to the Credit Agreement, as amended by such Amendment, and (b) the Collateral Documents to which such Guarantor is a party and all of the Collateral
described therein do, and shall continue to, secure the payment of all of the obligations to be secured thereunder. 
  
 [The remainder of this page is intentionally left blank] 
  

					
	 M-FOODS HOLDINGS, INC.

		
	By	 	 /s/ Mark D. Witmer

	 	 	 Name:
	 	 Mark D. Witmer

	 	 	 Title:
	 	 Secretary

  

					
	 MICHAEL FOODS OF DELAWARE, INC.

		
	By	 	 /s/ Mark D. Witmer

	 	 	 Name:
	 	 Mark D. Witmer

	 	 	 Title:
	 	 Secretary

  

					
	 CASA TRUCKING, INC.

		
	By	 	 /s/ Mark D. Witmer

	 	 	 Name:
	 	 Mark D. Witmer

	 	 	 Title:
	 	 Secretary

  

					
	CRYSTAL FARMS REFRIGERATED DISTRIBUTION COMPANY
		
	By	 	 /s/ Mark D. Witmer

	 	 	 Name:
	 	 Mark D. Witmer

	 	 	 Title:
	 	 Secretary

  

					
	 KMS DAIRY, INC.

		
	By	 	 /s/ Mark D. Witmer

	 	 	 Name:
	 	 Mark D. Witmer

	 	 	 Title:
	 	 Secretary

  

					
	 MINNESOTA PRODUCTS, INC.

		
	By	 	 /s/ Mark D. Witmer

	 	 	 Name:
	 	 Mark D. Witmer

	 	 	 Title:
	 	 Secretary

  

					
	 NORTHERN STAR CO.

		
	By	 	 /s/ Mark D. Witmer

	 	 	 Name:
	 	 Mark D. Witmer

	 	 	 Title:
	 	 Secretary

  

					
	PAPETTI’S HYGRADE EGG PRODUCTS, INC.
		
	By	 	 /s/ Mark D. Witmer

	 	 	 Name:
	 	 Mark D. Witmer

	 	 	 Title:
	 	 Secretary

  

					
	M.G. WALDBAUM COMPANY
		
	By	 	 /s/ Mark D. Witmer

	 	 	 Name:
	 	 Mark D. Witmer

	 	 	 Title:
	 	 Secretary

  

					
	FARM FRESH FOODS, INC.
		
	By	 	 /s/ Mark D. Witmer

	 	 	 Name:
	 	 Mark D. Witmer

	 	 	 Title:
	 	 Secretary

  

					
	PAPETTI ELECTROHEATING CORPORATION
		
	By	 	 /s/ Mark D. Witmer

	 	 	 Name:
	 	 Mark D. Witmer

	 	 	 Title:
	 	 Secretary

  

					
	WFC, INC.
		
	By	 	 /s/ Mark D. Witmer

	 	 	 Name:
	 	 Mark D. Witmer

	 	 	 Title:
	 	 Secretary

  

					
	WISCO FARM COOPERATIVE
		
	By	 	 /s/ Mark D. Witmer

	 	 	 Name:
	 	 Mark D. Witmer

	 	 	 Title:
	 	 SecretaryReal Estate Purchase Agreement

 Exhibit 10.1 
  
 REAL ESTATE PURCHASE AGREEMENT 
  
 THIS AGREEMENT is made and entered this 15th day of April, 2005 (the “Effective Date”) by and between AVIS
INVESTMENTS, INC., an Illinois corporation (hereinafter referred to as “PURCHASER”), and BIO-LOGIC SYSTEMS CORPORATION, a Delaware corporation (hereinafter referred to as “SELLER”). 
  
 RECITALS 
  
 A. Seller currently holds title to real estate and appurtenant rights located in Lake County Illinois, which real estate is
legally described in Exhibit “A” attached hereto and made a part hereof (said real estate is hereinafter referred to as the “LAND”), which Land is commonly described as an approximately 14 acre unimproved parcel located south of
Allanson Road, east of Route 45 in the Village of Mundelein, Illinois (hereinafter referred to as the “VILLAGE”), with PIN #11-31-200-010-0000 which affects the Land and other property. If a legal description is not available for the Land
on the Effective Date, the parties shall amend this Agreement during the Investigation Period to attach the same as Exhibit “A” (and the Title Company shall revise the Title Commitment) when available from the surveyor and approved
by Chicago Title Insurance Company, Purchaser and Seller. 
  
 B.
Purchaser desires to purchase from Seller and Seller desires to sell to Purchaser the Land hereinafter described in Paragraph 1 below, in accordance with the terms and conditions hereinafter set forth. 
  
 NOW, THEREFORE, in consideration of the mutual covenants and conditions
hereinafter set forth, and the above recitals, which are by this reference incorporated herein, the sufficiency of which is hereby acknowledged by the parties hereto, the parties hereto agree as follows: 
  
 1. Agreement to Purchase. Subject to and in accordance with the terms
and provisions hereof, Seller agrees to sell and Purchaser agrees to purchase the Land. The Land is sometimes referred to herein as the “Property.” 
  
 2. Purchase Price; Earnest Money. 
  
 A. The Purchase Price (hereinafter referred to as the “Purchase Price”) for the Property shall be TWO MILLION EIGHT HUNDRED TWENTY EIGHT
THOUSAND AND FIVE HUNDRED and no/100 DOLLARS ($2,828,500.00). 
  
 In the event the Preliminary Plat Approval (as hereinafter defined), grants approval for over Ninety (90) attached single-family residences, then the Purchase Price will increase by FORTY TWO THOUSAND FIVE HUNDRED and no/100 DOLLARS
($42,500) per attached single-family residence approved over Ninety (90) attached single-family residences. 
  

 -1- 

 B. Purchaser agrees to pay the sum of TWENTY FIVE THOUSAND and no/100 DOLLARS ($25,000.00) as Earnest
Money (hereinafter, together with such additional deposits described below, referred to as the “EARNEST MONEY”) within three (3) business days after the Effective Date. The Earnest Money shall be applied to the Purchase Price at the
Closing, (as hereinafter defined). The Earnest Money shall be held by Chicago Title & Trust Company (hereinafter referred to as the “ESCROWEE”) for the mutual benefit of the parties hereto pursuant to a strict joint order escrow on
Escrowee’s standard form as modified to conform to this Agreement (which the parties mutually agree to enter into within two (2) business days of the Effective Date) (hereinafter referred to as the “EARNEST MONEY ESCROW”) and the
Earnest Money shall be invested in an interest bearing account at the request and direction of Purchaser, and all interest earned thereon shall be paid to Purchaser except as otherwise herein provided (all such interest is hereinafter referred to as
the “Earnest Money Interest”). In the event that this Agreement is terminated by Purchaser on or before the expiration of the Inspection Period (as hereinafter defined), the Earnest Money and the Earnest Money Interest shall be paid to
Purchaser. 
  
 C. In the event that this Agreement has not been
terminated by Purchaser pursuant to the terms of this Agreement on or before the expiration of the Inspection Period, Purchaser shall deposit with Escrowee within three (3) business days after the expiration of the Inspection Period the additional
sum of TWENTY FIVE THOUSAND and no/100 DOLLARS ($25,000.00) (the “First Additional Deposit”) as Earnest Money, whereupon the entire Earnest Money of FIFTY THOUSAND and no/100 DOLLARS ($50,000.00) shall immediately become nonrefundable. The
nonrefundable Earnest Money will be held in the Earnest Money Escrow and will continue to be applicable to the Purchase Price at the Closing in accordance with the terms of this Agreement. 
  
 D. In the event that this Agreement has not been terminated by Purchaser
pursuant to the terms of this Agreement on or before the expiration of the Inspection Period, on the date that is ONE HUNDRED EIGHTY DAYS (180) from the Effective Date, Purchaser shall deposit with Escrowee the additional sum of TWENTY FIVE THOUSAND
and no/100 DOLLARS ($25,000.00) (the “Second Additional Deposit”) as Earnest Money. The nonrefundable Earnest Money will be held in the Earnest Money Escrow and will continue to be applicable to the Purchase Price at the Closing in
accordance with the terms of this Agreement. 
  
 E. In the event
that this Agreement has not been terminated by Purchaser pursuant to the terms of this Agreement on or before the expiration of the Inspection Period, Purchaser shall deposit with Escrowee within three (3) business days after receiving a signed
ordinance granting Preliminary Plat and Engineering Approval for the subdivision of the Property from the Village (hereinafter referred as the “PRELIMINARY PLAT APPROVAL”), the additional sum of FIFTY THOUSAND and no/100 DOLLARS
($50,000.00) (the “Third Additional Deposit”) as Earnest Money. The nonrefundable Earnest Money will be held in the Earnest Money Escrow and will continue to be applicable to the Purchase Price at the Closing in accordance with the terms
of this Agreement. 
  
 F. In the event that Purchaser fails to
timely deposit the First Additional Deposit, Second Additional Deposit or Third Additional Deposit with Escrowee, Seller shall be entitled, as its sole remedy, to terminate this Agreement upon five (5) days written notice to Purchaser, if such
breach or failure is not cured within such five (5) day period, and receive the Earnest Money then deposited 
  

 -2- 

 with Escrowee as liquidated damages for the breach of this Agreement, it being agreed between the parties hereto that the
actual damages to Seller in the event of such breach are impractical to ascertain and the amount of such Earnest Money is a reasonable estimate thereof. 
  
 3. Conveyance. Conveyance of title to the Land shall be by special warranty deed to Purchaser in recordable form, conveying fee simple title in to
the Land, subject only to: (a) general real estate taxes not due and payable as of the date of the Closing; (b) acts of Purchaser and those parties acting through or for Purchaser; and (c) exceptions set forth on Exhibit “B” attached
hereto and made a part (hereinafter collectively referred to as “Permitted Exceptions”). 
  
 4. Time of Closing. 
  
 A. The consummation of the transactions herein contemplated (hereinafter referred to as the “Closing”) shall take place on the earlier to occur
of the following: (a) within sixty (60) days after Purchaser receives a signed ordinance from the Village granting Final Plat and Engineering Approval or (b) within five hundred forty (540) days after the Effective Date of this Agreement
(hereinafter referred to as the “Closing Date”). 
  
 5.
Closing Conference. The transaction herein contemplated shall be consummated through a so-called “New York Style” deed and money escrow (hereinafter referred to as the “Closing Conference”) to be held at the office of
Chicago-Loop office of Chicago Title Insurance Company (said company is hereinafter referred to as the “Title Company”) on the Closing Date. 
  
 6. Documents to be Delivered. 
  
 A. Seller shall deliver to Purchaser within five (5) business days after the Effective Date copies of all surveys, studies, test reports, and
environmental assessments relating to the Property that are within the Seller’s possession (hereinafter referred to as the “Existing Data”). Seller shall have no liability whatsoever to Purchaser in connection with the Existing Data
under any circumstances and Purchaser acknowledges and agrees that the Existing Data is provided as a courtesy only, and Purchaser hereby releases Seller from any liability in connection therewith. If Purchaser terminates this Agreement for any
reason, Purchaser agrees to immediately return to Seller all Existing Data which it received in connection herewith. 
  
 B. At the Closing, Seller shall deliver to Purchaser the following: 
  

	 	(1)	The instrument(s) of conveyance described in Paragraph 3 hereof; 

  

	 	(2)	The Title Policy (as hereinafter defined); 

  

	 	(3)	The FIRPTA Affidavit described in Paragraph 16 hereof; 

  

	 	(4)	Counterparts to a Closing Statement; and 

  

	 	(5)	The letter as to the non-applicability of the bulk sales reporting requirements of the Illinois Income Tax Act, or, if applicable, the documentation (in the form of a stop order or
release) as is necessary to comply with the Illinois Income Tax Act, described in Paragraph 24 hereof, or an indemnity in form reasonably satisfactory to Purchaser. 

  

 -3- 

 C. Seller shall deliver to Purchaser within ten (10) business days after the Effective Date at
Purchaser’s cost and expense: 
  

	 	(1)	A commitment (hereinafter referred to as the “Title Commitment”) to issue an ALTA Form B Owner’s Title Insurance Policy (hereinafter referred to as the “Title
Policy”) issued by the Title Company in the amount of the Purchase Price, showing title to the Land and any and all appurtenant rights in Seller, naming Purchaser as the proposed insured, with title being subject only to the Permitted
Exceptions, and the general and usual exceptions contained in the Title Commitment, with an endorsement waiving the creditor’s rights exception and with extended coverage over the general exceptions (and Seller agrees to extend Purchaser
reasonable cooperation, without expense to Seller, as to Purchaser’s efforts to obtain additional endorsements). The Title Commitment shall be conclusive evidence of good title as therein shown as to all matters insured by the Title Policy,
subject to the exceptions therein stated. Purchaser shall, within thirty (30) days of its receipt of the Title Commitment (but not later than the expiration of the Inspection Period) (the “Title Examination Period”), provide written notice
to Seller as to those title exceptions stated on the Commitment (other than the Permitted Exceptions) which would prevent or materially impair the intended development of the Property by Purchaser; a failure to provide such notice shall be deemed
Purchaser’s acceptance of the Title Commitment. If Purchaser provides such notice, and Seller is unable or unwilling to cure or cause the Title Company to insure over the same within thirty (30) days of Seller’s receipt of Purchaser’s
notice, Purchaser may terminate this Agreement upon written notice given to Seller on or before the expiration of the Inspection Period, whereupon the Earnest Money and the Earnest Money Interest shall be returned to Purchaser and the parties shall
have no further obligations hereunder, except as expressly provided. A failure of Purchaser to so give notice to Seller on or before the expiration of the Inspection Period shall be deemed Purchaser’s acceptance of any such title exceptions and
the Title Commitment. Purchaser shall not be required to object to mortgage liens, mechanics’ liens, judgment and tax liens, or any other liens or encumbrances of a definite and ascertainable amount that can be cured by the payment of a
liquidated sum (“Monetary Liens”), it being understood and agreed that Seller shall be obligated to satisfy such Monetary Liens, or cause such Monetary Liens to be removed of record from title by bonding or otherwise in a manner reasonably
acceptable to Purchaser by Closing in all instances. 

  
 D. Purchaser shall order and deliver to Seller within ninety (90) days of the Effective Date, at Purchaser’s sole cost and expense 
  

	 	(1)	AN ALTA Plat of Survey of the Land (hereinafter referred to as the “Survey”), prepared by a surveyor licensed by the State of Illinois, certified to Seller, Purchaser and
the Title Company by such surveyor as being true, 

  

 -4- 

 accurate and having been prepared in compliance with the “Minimum Standard Detail Requirements for
Land Title Surveys” adopted by the American Land Title Association and American Congress of Surveying and Mapping 1988, meeting the requirements of a Class A Urban ALTA Survey, setting forth: (i) the legal description of the Land; (ii) the
location of the Buildings, if any; (iii) all boundaries, courses and dimensions of the Land and Building; (iv) all easements, building lines, curb cuts, parking, loading areas, sewage, water, electricity, gas and other utility facilities (together
with the recording information concerning the documents creating any such easements and building lines); (v) adjoining roads and rights-of-way and means of ingress and egress to and from the Land to a public road; (vi) the square footage of the
Land; and (vii) flood certification in form approved by Purchaser’s counsel. 
  
 If Purchaser terminates the Agreement for any reason before the expiration of the Inspection Period other than due to a default by Seller or due to a title defect which cannot be cured by Seller and which would
reasonably be likely to interfere with Purchaser’s use of the Property (provided that the existing zoning and subdivision of the Property or other covenants, conditions and restrictions of record relating to the existing permitted use of the
Property shall not be deemed title defects for purposes of this paragraph), and has not ordered and delivered to Seller the ALTA Survey, then Ten Thousand Dollars ($10,000) of the Earnest Money will be nonrefundable to Purchaser in lieu of receipt
of the Survey. 
  
 E. At the Closing, Purchaser shall deliver to
Seller the following: 
  

	 	(1)	The Purchase Price, by wire transfer of federal funds, subject to the prorations and credits described in the provisions of this Agreement; and 

  

	 	(2)	Counterparts to a Closing Statement. 

  
 F. At or prior to the Closing, the parties shall jointly deliver and execute other documents reasonably necessary to effectuate the Closing, including
transfer declarations, Gap Undertakings, ALTA Statements and a closing statement. 
  
 7. Inspection Period. 
  
 A. Notwithstanding anything in this Agreement to the contrary, if, for any reason whatsoever in Purchaser’s sole discretion, Purchaser is not satisfied with the condition of the Property, including but not limited to the environmental
condition of the Land, and the financial feasibility of Purchaser’s proposed plans for the rezoning and development of same, then Purchaser shall have the right to terminate this Agreement by written notice given to Seller on or before 5:00
p.m. Central Standard Time on July 15, 2005 (the period of time from the date of this Agreement through and including the last date by which Purchaser may terminate this Agreement and obtain a refund of all of the Earnest Money is herein referred to
as the “Inspection Period”). In the event that Purchaser terminates this Agreement pursuant to a written notice given in a timely manner to Seller 
  

 -5- 

 as set forth herein, then the Earnest Money shall be refunded to Purchaser by the Escrowee in accordance with Paragraph
2.B hereof, and the Agreement shall be null and void, without further obligation of either party, except as expressly provided herein. 
  
 B. Purchaser, and its agents, representatives, employees, and contractors may, in Purchaser’s sole discretion and at Purchaser’s sole expense,
during the Inspection Period, make any and all inspections, tests and investigations, including environmental, soil and engineering tests, and enter and inspect the Property. Purchaser understands and agrees that any on-site inspections or testing
of the Property shall be conducted upon at least twenty-four (24) hours’ prior notice to Seller. Purchaser agrees to repair any damage to the Property arising out of or resulting from the inspection of the Property by Purchaser or its
consultants or agents. Purchaser shall ensure that Purchaser’s consultants maintain public liability and property damage insurance in the amount of $2,000,000 and in form and substance adequate to insure against all liability of Purchaser and
its consultants, respectively, and each of its agents, employees or contractors, arising out of the inspections or testing. All inspections and testing shall occur at reasonable times agreed upon by Seller and Purchaser and shall be conducted so as
not to interfere unreasonably with use of the Property by Seller. Purchaser agrees to provide Seller with copies of all studies and reports which it obtains during the Inspection Period within five (5) business days after Purchaser’s receipt of
same. Purchaser hereby agrees to indemnify, defend and hold Seller harmless from and against all damages or liability, including injuries to or death of persons or damage to the Property, caused by the Purchaser and/or its agents, representatives,
employees and contractors in performing said inspections and investigations at the Property during the Inspection Period and thereafter pursuant to Purchaser’s Right of Entry under subparagraph C below. Notwithstanding anything to the contrary
contained herein, the covenants of Purchaser contained in this Paragraph 7.B shall survive the closing or earlier termination of this Agreement. 
  

C. Notwithstanding anything to the contrary contained herein, after the expiration of the Inspection Period, provided that this Agreement has not been
terminated, Purchaser, its agents, representatives, employees and contractors shall continue to have the right (upon reasonable prior verbal or written notice to Seller) to enter upon the Property and while thereon, continue to make surveys, take
measurements, perform test borings (after taking proper precautions) including contacting the Joint Utility Locating and Information for Excavators (JULIE) for the location of any underground facilities, or other tests of surface and subsurface
conditions, and make engineering, environmental and other studies and inspect the Land. Notwithstanding anything contained herein, nothing herein shall be deemed to expand or construed to expand any rights given by Seller to Purchaser hereunder, but
the parties agree that Purchaser’s continued right of entry onto the Land after the expiration of the Inspection Period is granted as a courtesy. 
  
 D. In the event that Purchaser, upon Purchaser’s sole discretion, waives all the contingencies contained in this Agreement prior to the Closing Date,
Purchaser shall give written notice of such waiver, and Seller shall be obligated to close this transaction on an accelerated date designated by Purchaser, but not less than thirty (30) days from the date of receipt by Seller of said written notice
from Purchaser. 
  
 E. Purchaser acknowledges and agrees that: (1)
the Property shall be transferred and conveyed to Purchaser at Closing in its “AS IS/WHERE IS” condition only, with all faults, including, but not limited to, any conditions described in the Existing Data; (2) upon the Closing 

 

 -6- 

 Purchaser shall assume the risk that adverse matters, including, but not limited to, adverse physical or environmental
conditions, may not have been revealed by Purchaser’s inspections and investigations; (3) Purchaser has been responsible for its own investigation and “due diligence” as to the Property, for its own analysis of the merits and risks of
Purchaser’s investment in the Property; (4) Purchaser fully understands the transaction contemplated by this Agreement and has such knowledge and experience in financial, business and real estate matters that it is capable of evaluating the
merits and risks of the investment in the property, and Purchaser has fully reviewed the disclaimers and waivers set forth in this Agreement with its counsel and understands the significance and effect thereof; (5) Purchaser hereby releases Seller
from all responsibility and liability to Purchaser as to the condition, valuation, or utility of the Property, or its suitability for any purpose whatsoever; (6) Purchaser hereby waives any and all objections to or complaints directed to or against
Seller with respect to the condition, valuation or utility of the Property, and (7) except as expressly set forth in Section 8 of this Agreement, it is understood and agreed that Seller is not making and has not at any time made any warranties or
representations of any kind or character, expressed or implied, with respect to the Property, including, but not limited to, any warranties or representations as to habitability, merchantability, fitness for a particular purpose, title (other than
Seller’s limited warranty of title to be set forth in the deed), zoning, tax consequences, latent or patent physical or environmental condition, utilities, operating history or projections, valuation, governmental approvals, the compliance of
the Property with governmental laws, the truth, accuracy or completeness of the Existing Data or any other information provided by or on behalf of Seller to Purchaser, or any other matter or thing regarding the Property. Purchaser and Seller agree
that the provisions of this Section 7(E) shall survive the Closing. 
  
 8. Covenants and Representations of Seller. 
  
 A. In order to induce Purchaser to enter into this Agreement, Seller covenants, represents and warrants to the Purchaser as follows: 
  

	 	(1)	The party executing this Agreement on behalf of Seller has full capacity, right, power and authority to execute, deliver and perform this Agreement and all documents to be executed
by Seller pursuant hereto, and all required action and approvals therefore have been fully taken and obtained. The individuals signing this Agreement and all other documents executed or to be executed pursuant hereto on behalf of Seller are and
shall be duly authorized to sign the same on Seller’s behalf and to bind Seller thereto. This Agreement and all documents to be executed pursuant hereto by Seller are and shall be binding upon and enforceable against Seller in accordance with
their respective terms. 

  

	 	(2)	Seller has not received any written notice of claims, causes of action or other litigation or proceedings pending or threatened in respect to the ownership or operation of the
Property, or any part thereof, including disputes with tenants, mortgagees, governmental authorities, utilities, contractors, adjoining land owners and suppliers of goods or services. 

  

	 	(3)	Seller has not received any written notice of any violations of any laws, ordinances, rules, regulations or orders with respect to zoning, subdivisions and building requirements,
fire safety, pollution, or health and environmental laws in respect to the Property. 

  

 -7- 

	 	(4)	Seller has not received any written notice of any: (i) pending or threatened condemnation of any part of the Property, (ii) widening, change of grade or limitation on use of streets
abutting the Property, (iii) special tax or assessment to be levied against the Property, or (iv) change in the zoning classification of the Property other than as contemplated by Purchaser. 

  

	 	(5)	Except as set forth in any environmental report delivered to Purchaser, Seller has received no written notice of and has no Knowledge of any Hazardous Materials (as hereinafter
defined) that have been deposited, discharged, placed or disposed of at, on, or under the Property in violation of applicable laws, nor to Seller’s Knowledge has any portion of the Property been used as a landfill. Except as set forth in any
environmental report delivered to Purchaser, Seller has received no written notice of and has no Knowledge of any underground storage tanks having been located on the Property. For purposes of this Agreement, the terms “hazardous
substance” and “release” shall have the meanings specified in CERCLA, and the terms “solid waste” and “disposal” (or “disposed”) shall have the meanings specified in RCRA; “Knowledge” of Seller
shall mean the actual Knowledge of Rod Johnson, President and Chief Operating Officer of Seller. 

  

	 	(6)	Seller shall notify Purchaser if Seller is notified on or before the Closing Date of any transaction or occurrence related specifically to the Property which would make any of the
covenants, representations or warranties of Seller contained in this Paragraph 8.A untrue in any material respect within two (2) business days’ after Seller receives notice of such transaction or occurrence. 

  
 9. Covenants and Representations of Purchaser. To induce Seller to
execute and deliver and perform this Agreement, Purchaser hereby represents, covenants and warrants to Seller on and as of the date hereof, and on and as of the Closing Date as follows: 
  
 A. All representations and warranties of Purchaser appearing in other Paragraphs of this Agreement are true and correct.

  
 B. Purchaser has full capacity, right, power and authority to
execute, deliver and perform this Agreement and all documents to be executed by Purchaser pursuant hereto, and all required action and approvals therefore have been duly taken and obtained. The individual signing this Agreement and all other
documents executed or to be executed pursuant hereto on behalf of Purchaser is and shall be duly authorized to sign the same on Purchaser’s behalf and to bind Purchaser thereto. This Agreement and all documents to be executed pursuant hereto by
Purchaser are and shall be binding upon and enforceable against Purchaser in accordance with their respective terms. 
  
 C. Purchaser shall notify Seller promptly if Purchaser is notified on or before the Closing Date of any transaction or occurrence related specifically to
the Property which would make any of the representations or warranties of Purchaser contained in this Paragraph 9 not true in any material respect. 
  

 -8- 

 D. Purchaser shall promptly commence and diligently take all actions reasonably necessary to obtain
Preliminary Plat and Engineering Approval and Final Plat and Engineering Approval, and shall seek to maximize the number of attached single-family residences approved by the Village in the Preliminary Plat Approval. Purchaser shall deliver to Seller
copies of any signed ordinance granting Preliminary Plat and Engineering Approval, Final Plat and Engineering Approval, and any other documents or correspondence received from the Village or any other governmental authority with respect to the
Property, and any applications and correspondence of Purchaser delivered to the Village or any other governmental authority with respect to the Property, within five (5) business days after receipt or delivery of the same, as applicable. In no event
shall Purchaser cause any changes to the Plat recorded against the Property or cause the rezoning of the Property prior to Closing. 
  
 10. Prorations. 
  
 A. General taxes and other similar items shall be adjusted ratably as of the time of Closing. The amount of the current general taxes not then
ascertainable shall be adjusted on the basis of 100% of the most recent ascertainable taxes. The parties agree to make such post-closing adjustments and readjustments as may be required due to errors and omissions in the closing adjustments. If
information is not available or if the parties agree that it is impracticable to make a particular adjustment on the Closing Date, that adjustment shall be made as soon as practicable after such information is available. 
  
 B. Seller shall pay the amount of any stamp tax imposed by state law on the
transfer of the title to the Land, and shall furnish a completed Real Estate Transfer Declaration signed by the Seller or the Seller’s agent in the form required pursuant to the Real Estate Transfer Act of the State of Illinois, and shall
furnish any declaration signed by the Seller or Seller’s agent, or meet other requirements, as established by any local ordinance with regard to a transfer or transaction tax; such tax required by local ordinance shall be paid by the
responsible party designated in any such local ordinance. Any transfer or similar tax imposed by the Village of Mundelein in connection with the transfer of title to the Land shall be paid by the liable party as designated in the applicable
ordinance, and if neither party is so designated, the Purchaser shall be liable. 
  
 11. Closing Costs. All title charges and expenses of or relating to the Title Policy herein provided for including, but not limited to, commitment fees, recording fees payable in connection with the delivery or
recordation of any “release” instrument or document provided in or contemplated by this Agreement, any escrow charges and the cost of the Closing Conference, any charges for any title insurance endorsements, any money lender escrow
charges, and the recording fees for the deed and any mortgage documents shall be paid by Purchaser. 
  
 12. Damage or Destruction to Property. The provisions of the Uniform Vendor and Purchaser Risk Act of the State of Illinois shall be applicable to
this Agreement, except as otherwise provided herein. 
  
 13.
Condemnation. If, prior to the Closing Date, any judicial, administrative or other 
  

 -9- 

 proceeding relating to the proposed taking of any material portion of the Property which would interfere with
Purchaser’s contemplated development of the Property by condemnation or eminent domain or any act in the nature of eminent domain is instituted or threatened, Seller hereby agrees to furnish Purchaser written notification with respect to any
such proceeding or threatened proceeding within seventy two (72) hours of Seller’s receiving written notice of same, and Purchaser shall have the option to terminate this Contract by giving Seller written notice of such termination within ten
(10) days after receipt of written notification of any such proceeding or threatened proceeding. Purchaser’s failure to give such notice in such time shall be conclusive evidence that Purchaser has waived such option to terminate and, in such
event, Purchaser shall be credited (against the Purchaser Price) or assigned, at closing, all Seller’s rights to any proceeds or award for such taking; provided, however, that Seller may not settle any such proceeding without Purchaser’s
prior written consent. Should Purchaser elect to terminate this Contract due to the institution of such proceeding, the Earnest Money and any interest earned thereon shall immediately be returned to Purchaser within twenty (20) days; and thereupon,
this Contract shall become null and void, and neither party shall have any further rights or obligations hereunder. 
  
 14. Real Estate Brokerage. The parties mutually warrant and represent to the other that neither has authorized any broker to act on its behalf in
respect of the transactions contemplated hereby, and that neither has dealt with a broker in connection therewith other than CB Richard Ellis, and the individuals associated therewith, whose commissions shall be paid by Seller at the Closing. Each
of the parties shall indemnify and save the other harmless from any claim by any other broker or other person for commissions or other compensation for bringing about the transactions contemplated hereby where such claim is based on the purported
employment or authorization of such other broker or other person by such party. Purchaser hereby discloses to Seller that Mark Avis, a principal of Purchaser, is a licensed real estate broker in the State of Illinois. 
  
 15. Entire Agreement. It is understood and agreed that all
understandings and agreements heretofore had between the parties hereto are merged in this Agreement, the exhibits annexed hereto and the instruments and documents referred to herein, which alone fully and completely express their agreements, and
that neither party is relying upon any statement or representation, not embodied in this Agreement, made by the other. Each party expressly acknowledges that, except as expressly provided in this Agreement, the other party and the agents and
representatives of the other party have not made, and the other party is not liable for or bound in any manner by, any express or implied warranties, guaranties, promises, statements, inducements, representations, or information pertaining to the
transactions contemplated hereby. 
  
 16. Non-Foreign
Affidavit. Seller shall provide Purchaser, on or before the Closing Date, with a non-foreign affidavit (hereinafter referred to as the “FIRPTA Affidavit”) sufficient in form and substance to relieve Purchaser of any and all withholding
obligations under federal law, which affidavit shall be in customary form. 
  
 17. Modifications. No modification, amendment, discharge or change of this Agreement, except as otherwise provided herein, shall be valid unless the same is in writing and signed by the party against which the
enforcement of such modification, amendment, discharge or change is sought. 
  
 18. Notices. All notices, demands, requests and other communications under this 
  

 -10- 

 Agreement shall be in writing and shall be delivered in person, or transmitted by facsimile, or sent by U.S. registered
or certified mail, return receipt requested, postage prepaid, or sent by reputable overnight delivery service, to the addresses set forth below, or to such other addresses as are specified by written notice delivered in accordance with this
Paragraph 18: 
  

			
	If intended for Purchaser:	  	Mark Avis – President
	 	  	Avis Investments, Inc.
	 	  	2515 N. Seminary, Building I
	 	  	Chicago, Illinois 60614
	 	  	Phone (312) 401-3448
	 	  	Fax: (773) 525-3448
		
	With a copy to:	  	Michael R. Wolfe, Esq.
	 	  	Berger, Newmark & Fenschel, P.C.
	 	  	303 West Madison Street, 23rd Floor
	 	  	Chicago, Illinois 60606
	 	  	Phone (312) 704-7226
	 	  	Fax: (312) 704-7215
		
	If intended for Seller:	  	Roderick G. Johnson
	 	  	Biologic Systems Corp.
	 	  	One Bio-logic Plaza
	 	  	Mundelein, IL 60060
	 	  	Attn: Rod Johnson
	 	  	Phone (847) 949-5200
	 	  	Fax: (847) 949-6031
		
	With a copy to:	  	Katten Muchin Zavis Rosenman
	 	  	525 West Monroe Street
	 	  	Chicago, Illinois 60661-3693
	 	  	Attn: Douglas L. Noren
	 	  	Phone: (312) 902-5387
	 	  	Fax: (312) 577-8737

  
 Notices made as hereinabove provided
shall be deemed effectively given on the date delivered if personally delivered, on the date actually received by the facsimile recipient if transmitted by facsimile, on the date delivered if delivered by reputable overnight delivery service, and on
the third (3rd) day after deposit in the mails if sent in the mails. 
  
 19. Counterparts. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
  
 20. Captions. The captions in this Agreement are inserted for convenience of reference only and in no way define, describe or limit the scope or
intent of this Agreement of any of the provisions thereof. 
  

 -11- 

 21. Assignment. Purchaser shall have the right to assign this Agreement, and its rights hereunder
to any third party, provided that such assignee shall assume all obligations of Purchaser hereunder, and provided further that Purchaser shall continue to be liable and shall not be discharged of any its duties, obligations and liabilities
hereunder. 
  
 22. Binding Effect. This Agreement shall be
binding upon and shall inure to the benefit of the parties hereto and their respective successors and assigns. 
  
 23. Partial Invalidity. Seller and Purchaser intend and believe that each provision in this Agreement comports with all applicable local, state and
federal laws and judicial decisions. However, if any provision or provisions in this Agreement which is or are not materially related to the liability of the parties hereto or to the conditions to Purchaser’s obligation to consummate the
transaction contemplated herein is found by a court of law to be in violation of any applicable local, state or federal ordinance, statute, law, administrative or judicial decision, or public policy, and if such court should declare such portion,
provision or provisions of this Agreement to be illegal, invalid, unlawful, void or unenforceable as written, then it is the intent both of Seller and Purchaser that such portion, provisions or provisions shall be given force to the fullest possible
extent that they are legal, valid and enforceable, that the remainder of this Agreement shall be construed as if such illegal, invalid, unlawful, void or unenforceable portion, provision or provisions were not contained therein, and that the rights,
obligations and interest of Purchaser and Seller under the remainder of this Agreement shall continue in full force and effect. If any provision of this Agreement is determined by a court of competent jurisdiction to be invalid or unenforceable, the
remainder of this Agreement shall nonetheless remain in full force and effect. 
  
 24. Preliminary and Final Plat and Engineering Approval. Failure to obtain Preliminary Plat and Engineering Approval or Final Plat and Engineering Approval shall not be a condition precedent to Purchaser’s
obligation to purchase the Property and pay the Purchase Price to Seller pursuant to the terms of this Agreement. 
  
 25. Time for Performance. Time is of the essence of this Agreement. In the event the time for performance hereunder falls on a Saturday, Sunday or
legal holiday, the time for performance shall be the next day that is not a Saturday, Sunday, or legal holiday. 
  
 26. Default. 
  
 A. Seller and Purchaser agree that, in the event of a default by either party, the other party shall, prior to taking any such action as may be available
to it, provide written notice to the defaulting party stating the default and giving the defaulting party seven (7) days to cure. If the default shall not be cured within the cure period aforesaid, then the party giving such notice shall be
permitted to avail itself of any remedies to which it may be entitled under this Agreement. 
  
 B. Except as otherwise specifically provided in this Agreement, in the event the purchase and sale of the Property pursuant to this Agreement is not closed and consummated through default by Purchaser, then Seller
shall retain the Earnest Money, as applicable, as the full and only liquidated damages for such default of Purchaser and as the sole remedy of Seller for any such default by Purchaser, it being acknowledged and agreed that Seller’s actual
damages would be difficult (if not impossible) to ascertain, and thereupon neither of the parties hereto shall have any rights, duties, 
  

 -12- 

 obligations, or liabilities hereunder whatsoever. Purchaser agrees to cooperate fully in relation to Seller obtaining
such Earnest Money. In the event of a default by Seller hereunder, Purchaser may, notwithstanding anything to the contrary contained herein, as its sole and exclusive right and remedy against Seller on account of such default, either: (i) terminate
this Agreement and receive a refund of all of the Earnest Money and the Earnest Money Interest, and recover from Seller the amount of Purchaser’s actual, reasonable, and substantiated out-of-pocket expenses arising out this Agreement not to
exceed Forty Thousand Dollars ($40,000.00); or (ii) pursue an action against Seller for specific performance. Notwithstanding anything to the contrary contained herein, except as provided in Paragraph 26(b)(i), Purchaser hereby expressly waives any
rights to seek or pursue money damages against Seller under any circumstances. The terms of this Paragraph shall survive the termination of this Agreement notwithstanding anything contained in this Agreement to the contrary. 
  
 27. Professional Fees. In the event of the bringing of any action or
suit by a party hereto against another party hereunder by reason of any breach of any of the covenants, agreements or provisions on the part of the other party rising out of this Agreement, then in that event the prevailing party shall be entitled
to have and recover of and from the other party all costs and expenses of the action or suit, including actual attorneys’ fees, accounting and any other professional fees resulting therefrom. 
  
 28. Waivers. No waiver or consent permitted or contemplated by this
Agreement shall be effective or binding on any of the parties hereto unless the same is in writing and delivered and received from one party to the other. 
  
 29. Possession. Possession of the Property shall be delivered by Seller to Purchaser on the Closing Date. 
  
 30. Survival. The representations, warranties, and agreements which
are contained in this Agreement shall survive Closing for a period of ninety (90) days. No claim for a breach of any representation or warranty of Seller shall be actionable or payable if the breach in question results from or is based on a
condition, state of facts or other matter which was known to Purchaser prior to Closing. In no event shall the liability of Seller for a breach of any representations, warranties or agreements of Seller exceed One Hundred Thousand Dollars
($100,000). 
  
 31. Execution. Purchaser is executing this
Agreement as of the date described below next to Purchaser’s signature (hereinafter referred to as the “Purchaser Execution Date”). In the event that Purchaser does not actually receive in hand from Seller a fully executed original or
copy of this Agreement within thirty (30) days from the Purchaser Execution Date, then the Purchaser’s offer described in this Agreement shall be deemed rescinded and revoked without the necessity of further documentation and this Agreement
shall be void. 
  
 32. Patriot Act. Purchaser hereby makes
the representations, warranties and covenants that as to the “Patriot Act” as set forth in Exhibit “C” attached hereto and made a part hereof. 
  
 33. Cooperation. Subject to the requirements of Paragraph 7 hereof, Seller and Purchaser both hereby agree that prior
to Closing, from time to time and upon the reasonable request of the other party, they will do, execute, acknowledge and deliver, or will cause to be done, executed, 
  

 -13- 

 acknowledged or delivered (A) all further acts or documents as may be reasonably required to enable Purchaser to pursue,
at no cost to Seller (i) the rezoning at or after Closing of the Property to Purchaser’s intended use; and (ii) subdivision and engineering approvals from the Village, and (B) any access, utility, surface drainage and similar easements
reasonably requested and required by either party. 
  

 -14- 

 IN WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement as of the date set
forth above. 
  

							
	PURCHASER:	  	SELLER:
		
	AVIS INVESTMENTS, INC., an Illinois corporation	  	 BIO-LOGIC SYSTEMS
 CORPORATION a
Delaware
 corporation

				
	By:	 	 /s/    Mark Avis

	  	By:	 	 /s/    Roderick G. Johnson

	 	 	Mark Avis, its President	  	Its:	 	 President and COO

 EXHIBIT A TO 
 REAL ESTATE PURCHASE AGREEMENT 
 BY AND BETWEEN AVIS INVESTMENTS, INC., (“PURCHASER”) and

 BIOLOGIC SYSTEMS CORP., (“SELLER”) 
  
 Legal Description 
  
 To be attached. 

 EXHIBIT B TO 
 REAL ESTATE PURCHASE AGREEMENT 
 BY AND BETWEEN AVIS INVESTMENTS, INC., (“PURCHASER”) and

 BIOLOGIC SYSTEMS CORP., (“SELLER”) 
  
 Permitted Exceptions 
  
 A. Liens for taxes not yet due and payable. 
  
 B. Easements, rights-of-way and such other title-related matters appearing on the Title Commitment and not objected to by Purchaser prior to the
expiration of the Title Examination Period. 

 EXHIBIT C TO 
 REAL ESTATE PURCHASE AGREEMENT 
 BY AND BETWEEN AVIS INVESTMENTS, INC., (“PURCHASER”) and

 BIOLOGIC SYSTEMS CORP (“SELLER”) 
  
 Patriot Act  
  
 All capitalized words and phrases and all defined terms used in the USA Patriot Act of 2001, 107 Public Law 56 (October 26, 2001) (the “Patriot Act”) and in
other statutes and all orders, rules and regulations of the United States government and its various executive departments, agencies and offices related to the subject matter of the Patriot Act, including, but not limited to, Executive Order 13224
effective September 24, 2001, are hereinafter collectively referred to as the “Patriot Rules” and are incorporated herein. 
  
 (1) Purchaser hereby represents and warrants that Purchaser and each and every “person” or “entity” affiliated with
Purchaser or that has an economic interest in Purchaser or that has or will have an interest in the transaction contemplated by this Agreement or in any property that is the subject matter of this Agreement or will participate, in any manner
whatsoever, in the purchase of the Property, is: 
  
 (a) not a “blocked” person listed in the Annex to Executive Order Nos. 12947, 13099 and 13224; 
  
 (b) in full compliance with the requirements of the Patriot Rules and all other requirements contained in the rules and regulations of the
Office of Foreign Assets Control, Department of the Treasury (“OFAC”); 
  
 (c) operated under policies, procedures and practices, if any, that are in compliance with the Patriot Rules and available to Seller for
Seller’s review and inspection during normal business hours and upon reasonable prior notice; 
  
 (d) not in receipt of any notice from the Secretary of State or the Attorney General of the United States or any other department, agency
or office of the United States claiming a violation or possible violation of the Patriot Rules; 
  
 (e) not listed as a Specially Designated Terrorist or as a blocked person on any lists maintained by the OFAC pursuant to the Patriot
Rules or any other list of terrorists or terrorist organizations maintained pursuant to any of the rules and regulations of the OFAC issued pursuant to the Patriot Rules or on any other list of terrorists or terrorist organizations maintained
pursuant to the Patriot Rules; 
  
 (f) not a
person who has been determined by competent authority to be subject to any of the prohibitions contained in the Patriot Rules; and 
  
 (g) not owned or controlled by or now acting and or will in the future act for or on behalf of any person or entity named in the Annex or
any other list promulgated under the Patriot Rules or any other person who has been determined to be subject to the prohibitions contained in the Patriot Rules. 

 (2) Purchaser covenants and agrees that in the event Purchaser receives any notice that
Purchaser or any of its beneficial owners or affiliates or participants become listed on the Annex or any other list promulgated under the Patriot Rules or indicted, arraigned, or custodially detained on charges involving money laundering or
predicate crimes to money laundering, Purchaser shall immediately notify Seller and, in such event, this Agreement shall automatically be deemed terminated, in which event all Earnest Money shall be returned to Purchaser and the parties shall have
no further rights or obligations under this Agreement, except for those rights, liabilities or obligations that survive a termination of this Agreement.

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