SEC Contract Filing

Filing Date: 2015-03-30

Document Content:
<DOCUMENT>
<TYPE>EX-10.20
<SEQUENCE>3
<FILENAME>twincities_10k-ex1020.htm
<DESCRIPTION>GUARANTY
<TEXT>
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 <TITLE></TITLE>
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<P STYLE="margin: 0"><B>EXHIBIT 10.20</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">GUARANTY</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This Guaranty Agreement
(this &ldquo;Guaranty&rdquo;) dated effective as of November 5, 2014, is entered into by Twin Cities Power Holdings, LLC (&ldquo;Guarantor&rdquo;),
a limited liability company organized under the laws of Minnesota, in favor of Shell Energy North America (US), L.P., a limited
partnership organized under the laws of Delaware (&ldquo;Counterparty&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>Recitals:</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">A. Guarantor desires that
Counterparty enter into transactions with <B>Town Square Energy, LLC</B> (&ldquo;Guaranteed Party&rdquo;), under one or more agreements
and/or confirmations for the purchase and sale of electric power and/or capacity, including but not limited to any power pool agreements
(as amended, supplemented, renewed, or extended, collectively, the &ldquo;Contract&rdquo;); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">B. Guaranteed Party is
a subsidiary or affiliate of Guarantor and Guarantor will directly or indirectly benefit from the Contract to be entered into between
Counterparty and Guaranteed Party;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, in consideration
of Counterparty entering into the Contract with Guaranteed Party, Guarantor hereby covenants and agrees as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1. <B><U>Guaranty</U></B>. Subject to the terms
and conditions hereof, Guarantor hereby irrevocably and unconditionally guarantees the timely payment when due of the obligations
of Guaranteed Party (the &ldquo;Obligations&rdquo;) to Counterparty under the Contract. To the extent that Guaranteed Party shall
fail to pay any Obligation, Guarantor shall promptly pay to Counterparty the amount due. This Guaranty shall constitute a guarantee
of payment and not of collection. Guarantor shall also be liable for the reasonable attorneys&rsquo; fees and expenses of Counterparty&rsquo;s
external counsel incurred in any effort to collect or enforce any of the Obligations under this Guaranty; provided, however, such
fees and expenses shall be payable by Guarantor only to the extent that Counterparty is successful in enforcing payment of the
Obligations under this Guaranty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2. <B><U>Limitations</U></B>. Guarantor&rsquo;s
liability hereunder shall be limited to payments expressly required to be made under the Contract (even if such payments are deemed
to be damages) and in no event shall Guarantor be subject hereunder to consequential, exemplary, equitable, loss of profits, punitive,
or any other damages, except to the extent specifically provided in the Contract to be due from Guaranteed Party. Guarantor reserves
the right to assert rights, setoffs, counterclaims and other defenses which Guaranteed Party may have to payment of any Obligation
under the Contract, other than defenses arising from the bankruptcy, insolvency, dissolution, or liquidation of Guaranteed Party
and other defenses expressly waived herein. The aggregate amount covered by this Guaranty shall not exceed <B>U.S. $500,000</B>,
plus reasonable attorneys&rsquo; fees and expenses payable by Guarantor as provided herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3. <B><U>Termination</U></B>. This Guaranty
shall remain in full force and effect until the earlier of five (5) years from the effective date of this Guaranty, or the tenth
(10<SUP>th</SUP>) business day after this Guaranty is terminated by written notice from Guarantor to Counterparty; provided that
this Guaranty shall automatically terminate in the event that Guaranteed Party merges into Guarantor and Guarantor assumes by operation
of law all of the Guaranteed Party&rsquo;s obligations under the Contract. No termination, other than a termination relating to
a merger of Guaranteed Party into Guarantor, shall affect, release or discharge Guarantor&rsquo;s liability with respect to any
Obligations existing or arising under the Contract prior to the effective date of termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4. <B><U>Nature of Guaranty</U></B>. The Guarantor&rs