Otter Tail County Limited Waiver of Lease Agreement Remedies with Otter Tail Ag Enterprises, LLC
Otter Tail County agrees not to enforce remedies or call the Lease Agreement with Otter Tail Ag Enterprises, LLC before October 1, 2009, for specific violations identified in a November 11, 2008 letter, provided similar waivers are granted by Ag Star Financial Services and U.S. Bank National Association concurs. This waiver is limited to the referenced violations and does not affect other lease terms. The agreement is signed by the Chair and Clerk of the Otter Tail County Board of Commissioners.
Exhibit 10.48
Otter Tail Ag Enterprises, LLC
24096 – 170th Avenue
Fergus Falls, Minnesota 56537
Assuming a similar waiver by Ag Star Financial Services, PCA, under the loan documents and the concurrence of U.S. Bank National Association, as bond trustee, Otter Tail County will not call the Lease Agreement or enforce the various remedies available to it under the terms and conditions of the Lease Agreement prior to October 1, 2009, as a result of the specific violations with the primary lenders outlined in your letter of November 11, 2008, to Wayne Stein, County Auditor, a copy of which is attached. This waiver applies only to the violations of the agreements referenced in the November 11, 2008 letter, and does not waive compliance with any other provision of the Lease Agreement with Otter Tail County.
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| s/s Syd Nelson | |
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| Syd Nelson, Chair | |
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| Otter Tail County Board of Commissioners | |
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| Date: | 12/02/08 |
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| ATTEST: |
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| s/s Larry Krohn |
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| Larry Krohn, Clerk |
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