Extension of Revolving Line of Credit Promissory Note between BB&T and The Goldfield Corp.
This letter from Branch Banking and Trust Company (BB&T) to The Goldfield Corp. extends the maturity date of an existing revolving line of credit by 30 days, moving the due date to January 27, 2011. The extension is granted while BB&T awaits additional documentation, specifically an attorney opinion letter. All other terms of the original note remain unchanged, and regular monthly payments must continue. The extension does not waive any defaults or modify any other loan terms. The letter instructs the borrower not to sign or return it to maintain the note's tax status.
Exhibit 10.1
BB&T Florida Unilateral Letter Renewal
December 23, 2010
The Goldfield Corp.
1684 West Hibiscus Blvd
Melbourne, Fl 32901
| Re: | Account: 9660933082 | |
| Note Number: 00002 |
Dear Steve:
Your loan with BB&T will mature on December 28, 2010. At this time, we are waiting for the following documentation and information in order to complete our decision to renew this credit facility:
Attorney Opinion Letter
This loan was closed outside the state of Florida in order to save on Documentary Stamp Taxes that would otherwise have been due. In order to avoid the necessity of traveling outside the state for a short-term renewal while we are waiting for this documentation, BB&T will grant you an extension on the maturity on this credit facility for an additional 30 days. Your note will now be due and payable in full on January 27, 2011. All other terms and conditions of the note will remain unchanged. Please continue to make your regular monthly payment under the note. By making this extension, BB&T is not waiving any default and is not waiving, modifying or extending any other term or condition of the note or any other loan document. In order to maintain the tax nature of the note, please do not sign or return this letter to BB&T.
| Sincerely yours, |
| BRANCH BANKING AND TRUST COMPANY |
| /s/ Debra Pavlakos |
| Debra Pavlakos |
| Senior Vice President |
| 1797FL | Unilateral Letter Renewal template |
