ALLONGE TO PROMISSORY NOTE
Exhibit 10-1
ALLONGE TO PROMISSORY NOTE
THIS ALLONGE, made as of November 13, 2008 by Pineapple House of Brevard, Inc a Delaware corporation (the Borrower) and consented to by The Goldfield Corporation and Southeast Power Corporation (collectively the Guarantor); is to be attached to and made a part of that certain Promissory Note dated November 18, 2005, made by Borrower to Branch Banking and Trust Company (the Lender) in the principal amount of Fourteen Million and No/100 Dollars ($14,000,000.00) (the Note) which Note is as therein set forth.
WHEREAS, there is due and owing under the above-described Note the principal sum of $3,442,438.52; and there remains fourteen Million and no/100 Dollars ($14,000,000.00) available on this line of credit
WHEREAS, Borrower and Lender desire to amend the Note.
NOW, THEREFORE, the Promissory Note dated November 18, 2005 is amended as follows:
REPAYMENT. Interest only on the outstanding principal balance of the Note shall be payable monthly, commencing December 18, 2008 and continuing on the same day each and every consecutive month thereafter until May 18, 2010 on which date the entire principal sum outstanding under this Note plus accrued interest shall become due and payable (the Maturity Date).
All other terms and conditions of said Promissory Note remain in full force and effect.
IN WITNESS WHEREOF, the undersigned has executed this document the year first above written.
BORROWER: | ||||||||
Pineapple House of Brevard, Inc | ||||||||
By: | /s/ STEPHEN R. WHERRY | |||||||
Stephen R. Wherry, Senior Vice President | ||||||||
GUARANTOR: | GUARANTOR: | |||||||
The Goldfield Corporation | Southeast Power Corporation | |||||||
By: | /s/ STEPHEN R. WHERRY | By: | /s/ STEPHEN R. WHERRY | |||||
Stephen R. Wherry, Senior Vice President | Stephen R. Wherry, Treasurer | |||||||
LENDER: | ||||||||
Branch Banking & Trust Co | ||||||||
By: | /s/ BARRY FORBES | |||||||
Barry Forbes |