SEC Contract Filing

Filing Date: 2016-10-11

Document Content:
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<TYPE>EX-10.10
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<FILENAME>d239463dex1010.htm
<DESCRIPTION>EX-10.10
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.10 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PROMISSORY NOTE </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Note C
&#150; 2016 Term Facility) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Loan No. 198676</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>$50,000,000.00</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B>October 5, 2016</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For Value Received, GLADSTONE LAND LIMITED PARTNERSHIP, a Delaware limited partnership (the
&#147;<B>Borrower</B>&#148;), hereby promises to pay to the order of METROPOLITAN LIFE INSURANCE COMPANY<B>, </B>a New York corporation (together with any future holder, &#147;<B>Lender</B>&#148;), at 10801 Mastin Blvd., Suite 930, Overland Park,
Kansas 66210, or such other address as the holder of this Note may designate, the principal sum not to exceed Fifty Million and 00/100 Dollars ($50,000,000.00), together with interest from the date of the advance of funds hereunder on said principal
sum, or the unpaid balance thereof, at the interest rate or rates set forth below, such principal and interest is to be paid in lawful money of the United States which shall be legal tender in payment of all debts and dues, public and private, at
the time of payment. The loan evidenced by this Note (the &#147;<B>Loan</B>&#148;) will be disbursed in multiple disbursements as provided in and is subject to the terms of the Loan Agreement dated as of April&nbsp;30, 2014, as amended by that
certain First Amendment to Loan Agreement dated August&nbsp;26, 2014, as further amended by that certain Second Amendment to Loan Agreement dated October&nbsp;29, 2014, as further amended by that certain Third Amendment to Loan Agreement dated
September&nbsp;3, 2015 and as amended by that certain Fourth Amendment to Loan Agreement dated as of even date herewith between the Borrower and Lender (as amended, the &#147;<B>Loan Agreement</B>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. <U>Interest Rate</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)
<U>Initial Interest Rate</U>. Subject to adjustment as set forth below, the outstanding principal balance of this Note shall bear interest from the date of the initial disbursement of loan proceeds at the initial fixed rate of Three and 16/100
percent (3.16%)&nbsp;per annum, subject to the Default Interest Rate defined below. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Adjustment of Interest Rate upon Additional
Disbursement</U>. The interest rate on the outstanding balance of this Note shall be subject to adjustment at the time of and in connection with the subsequent disbursements of the loan proceeds under the terms of the Loan Agreement (each, an
&#147;<B>Additional Disbursement</B>&#148;), as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) If the Additional Disbursement of loan proceeds occurs under the terms of
the Loan Agreement, upon the Additional Disbursement, a fixed interest rate will be established for such Additional Disbursement by Lender ten (10)&nbsp;days prior to the scheduled disbursement date based on the Yield (defined below) plus a spread
determined by the holder of this Note applying its then effective standards for determining an interest rate spread for a loan of equivalent term considering the amount of the loan, the credit risk, the collateral, the borrower and other factors
normally used in the holder&#146;s determination of an appropriate interest rate to be </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>

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charged to a borrower (the &#147;<B>Disbursement Rate</B>&#148;). The &#147;<B>Yield</B>&#148; shall be the reported yield rate for 10-Year U.S. Treasury Obligations; provided, however, that if
less than ten (10)&nbsp;years remain between the date of a scheduled Additional Disbursement and the Interest Adjustment Date, the Yield shall be the reported yield for the U.S. Treasury Obligation whose maturity date is closest to the Interest
Adjustment Date. Notwithstanding the foregoing, upon Lender&#146;s notification to Borrower of the Disbursement Rate, Borrower may elect, by notice to Lender, to