Waiver Agreement between Midwest Minnesota Community Development Corporation and Otter Tail Ag Enterprises, LLC
Midwest Minnesota Community Development Corporation agrees to waive certain violations by Otter Tail Ag Enterprises, LLC of Section 5.01 of their Construction and Term Loan Agreement that existed as of September 30, 2008. The lender will not call the loan or enforce remedies for these specific violations before October 1, 2009. This waiver is limited to the referenced violations and does not affect other provisions of the loan agreement.
Exhibit 10.46
Otter Tail Ag Enterprises, LLC
24096 – 170th Avenue
Fergus Falls, Minnesota 56537
Midwest Minnesota Community Development Corporation waives compliance by Otter Tail Ag Enterprises, LLC with Section 5.01 of the Construction and Term Loan Agreement with Midwest Minnesota Community Development Corporation for the violations of those sections which existed at September 30, 2008. Midwest Minnesota Community Development Corporation will not call the loan or enforce the various remedies available to us under the terms and conditions of the Agreement prior to October 1, 2009 as a result of these specific violations. This waiver applies only to the violations of the Sections referenced above and does not waive compliance with any other provision of the Construction and Term Loan Agreement with Midwest Minnesota Community Development Corporation.
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| Midwest Minnesota Community | ||
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| Development Corporation | ||
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| By: | s/s Julia Nelmark | |
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| Date: | 12/9/08 |
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