*HLP0410* CHANGE IN TERMS AGREEMENT Principal Loan Date Maturity Loan No Call / Coll Account Officer Initials $28,000,000.00 02-01-2021 03-15-2022 50025176 535 122423-01 6305 References in the boxes above are for Lender's use only and do not limit the applicability of this document to any particular loan or item. Any item above containing "***" has been omitted due to text length limitations. Borrower: RED TRAIL ENERGY, LLC PO BOX 11 RICHARDTON, ND 58652 Lender: Cornerstone Bank Fargo Main Office 2280 45th St S Fargo, ND 58104 Principal Amount: $28,000,000.00 Date of Agreement: February 17, 2022 DESCRIPTION OF EXISTING INDEBTEDNESS. Promissory Note dated February 1, 2021 in the original principal amount of $28,000,000.00 with a current principal balance of $0.00. DESCRIPTION OF COLLATERAL. (A) Security Agreement dated January 22, 2020 and all Security Agreements executed prior, concurrently or subsequent to this Note (B) Mortgage dated January 22, 2020; Modified July 13, 2020; Modified February 1, 2021, to Lender on real property located in STARK County, State of North Dakota (C) Assignment of Rents dated January 22, 2020, to Lender on real property located in STARK County, State of North Dakota. DESCRIPTION OF CHANGE IN TERMS. 1. EXTENSION OF MATURITY DATE. The Maturity Date of the Promissory Note shall be extended from January 31, 2022 to March 15, 2022. All principal and interest shall be due at Maturity. CONTINUING VALIDITY. Except as expressly changed by this Agreement, the terms of the original obligation or obligations, including all agreements evidenced or securing the obligation(s), remain unchanged and in full force and effect. Consent by Lender to this Agreement does not waive Lender's right to strict performance of the obligation(s) as changed, nor obligate Lender to make any future change in terms. Nothing in this Agreement will constitute a satisfaction of the obligation(s). It is the intention of Lender to retain as liable parties all makers and endorsers of the original obligation(s), including accommodation parties, unless a party is expressly released by Lender in writing. Any maker or endorser, including accommodation makers, will not be released by virtue of this Agreement. If any person who signed the original obligation does not sign this Agreement below, then all persons signing below acknowledge that this Agreement is given conditionally, based on the representation to Lender that the non-signing party consents to the changes and provisions of this Agreement or otherwise will not be released by it. This waiver applies not only to any initial extension, modification or release, but also to all such subsequent actions. PRIOR TO SIGNING THIS AGREEMENT, BORROWER READ AND UNDERSTOOD ALL THE PROVISIONS OF THIS AGREEMENT. BORROWER AGREES TO THE TERMS OF THE AGREEMENT. BORROWER: RED TRAIL ENERGY, LLC By: JODI M JOHNSON, Chief Financial Officer of RED TRAIL ENERGY, LLC By: RONALD D ABERLE, Independent Governor of RED TRAIL ENERGY, LLC By: GERALD M BACHMEIER, Chief Executive Officer of RED TRAIL ENERGY, LLC LaserPro, Ver. 21.2.0.029 Copr. Finastra USA Corporation 1997, 2022. All Rights Reserved. - ND C:\apps\CFI\LPL\D20C.FC TR-35371 PR-14
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10-Q Filing
Red Trail Energy (REGX) 10-Q2022 Q2 Quarterly report
Filed: 16 May 22, 5:12pm