NOTICE OF FINAL AGREEMENT

EX-10.3 4 form8kexh103_012611.htm NOTICE OF FINAL AGREEMENT form8kexh103_012611.htm

Exhibit 10.3

NOTICE OF FINAL AGREEMENT

Principal $2,663,029.18	Loan Date 01-10-2011	Maturity 07-11-2011	Loan No 1089922418	Call / Coll	Account MACC PE00	Officer 755	Initials

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:

MACC PRIVATE EQUITIES INC.

101 2ND ST SE SUITE 800

CEDAR RAPIDS, IA ###-###-####

Lender:

CEDAR RAPIDS BANK AND TRUST COMPANY

500 1ST AVENUE NE STE 100

CEDAR RAPIDS, IA 52401

IMPORTANT: READ BEFORE SIGNING. THE TERMS OF THE LOAN AGREEMENT SHOULD BE READ CAREFULLY BECAUSE ONLY THOSE TERMS IN WRITING ARE ENFORCEABLE. NO OTHER TERMS OR ORAL PROMISES NOT CONTAINED IN THE WRITTEN LOAN AGREEMENT MAY BE LEGALLY ENFORCED. BORROWER MAY CHANGE THE TERMS OF THE LOAN AGREEMENT ONLY BY ANOTHER WRITTEN AGREEMENT.

As used in this Notice, the following terms have the following meanings:

Loan. The term “Loan” means the following described loan: a Variable Rate Nondisclosable Loan to a Corporation for $2,663,029.18 due on July 11, 2011. This is a secured renewal of the following described indebtedness: This Change in Terms Agreement constitutes an renewal of loan # 1089922418 dated 8-14-09.

Loan Agreement. The term “Loan Agreement” means one or more promises, promissory notes, agreements, undertakings, security agreements, deeds of trust or other documents, or commitments, or any combination of those actions or documents, relating to the Loan, including without limitation the following:

LOAN DOCUMENTS

Corporate Resolution: MACC PRIVATE EQUITIES INC. Change In Terms Agreement

Disbursement Request and Authorization Notice of Final Agreement

Parties. The term “Parties” means CEDAR RAPIDS BANK AND TRUST COMPANY and any and all entities or individuals who are obligated to repay the loan or have pledged property as security for the Loan, including without limitation the following:

Borrower: MACC PRIVATE EQUITIES INC.

Each Party who signs below, other than CEDAR RAPIDS BANK AND TRUST COMPANY, acknowledges, represents, and warrants to CEDAR RAPIDS BANK AND TRUST COMPANY that it has received, read and understood this Notice of Final Agreement. This Notice is dated January 10, 2011.

BORROWER:

MACC PRIVATE EQUITIES INC.
By: /s/ Travis T. Prentice			By: /s/ Derek J. Gaertner
Travis T. Prentice, President and CEO of MACC			Derek J. Gaertner, CFO & CCO of MACC PRIVATE
PRIVATE EQUITIES INC.			EQUITIES INC.

LENDER:

CEDAR RAPIDS BANK AND TRUST COMPANY
X /s/ John Hall
John Hall, Asst. Vice President