Extension of Revolving Line of Credit Promissory Note between The Goldfield Corporation and BB&T

Contract Categories: Business Finance › Note Agreements
Summary

This letter agreement extends the maturity date of The Goldfield Corporation's revolving line of credit with Branch Banking and Trust Company (BB&T) by 62 days, moving the due date to January 28, 2010. The extension is granted while BB&T awaits additional documentation related to a new equipment loan request. All other terms and conditions of the original promissory note remain unchanged, and regular monthly payments must continue. The extension does not waive any defaults or modify any other terms of the agreement.

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EX-10.1 2 dex101.htm EXTENSION OF REVOLVING LINE OF CREDIT PROMISSORY NOTE OF THE GOLDFIELD CORP Extension of Revolving Line of Credit Promissory Note of The Goldfield Corp

Exhibit 10-1

BB&T

FLORIDA UNILATERAL LETTER RENEWAL

11/27/2009

THE GOLDFIELD CORPORATION

1684 W. HIBISCUS BLVD.

MELBOURNE, FL ###-###-####

 

Re:   Account Number    9660933082
  Note Number    00002

Your loan with BB&T has matured/will mature on 11/28/2009. At this time, we are waiting for the following documentation and information in order to complete our decision to renew this credit facility:

 

FINALIZATION OF NEW EQUIPMENT LOAN REQUEST                                                                                                        .

 
 

This loan was originally 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 62 days. Your note will now be due and payable in full on 01/28/2010. 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 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/ JOHN B. FORBES

JOHN B. FORBES

ACCOUNT #/ NOTE #

9660933082 00002

1797 FL (0706)