Extension Agreement to Promissory Notes Between American State Bank and Southern Iowa BioEnergy, LLC
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Summary
American State Bank and Southern Iowa BioEnergy, LLC have agreed to extend the payment deadlines for two promissory notes. The new due date for the remaining balances of $97,986.02 and $50,040.00 is August 16, 2008, instead of the original February 16, 2008 deadline. The unpaid principal will continue to accrue interest at the existing rate until paid in full. All other terms of the original notes, including any security interests or liens, remain unchanged. The extension is intended to allow time for plant construction.
EX-10.30 16 v112166_ex10-30.htm
EXHIBIT 10.30
EXTENSION AGREEMENT
| 272102 | Date: 2-16-08 |
By mutual agreement, the attached Note No. 272102 (the "Note") is hereby changed and/or extended as follows:
1. The remaining balance of payments in the amount of $97,986.02, originally due on or before 2-16-08, are now due on 08-16-2008.
2. The unpaid principal balance shall continue to bear interest until paid in full. The interest rate x will remain the same; or ¨ is hereby changed to _________________% per annum from and after the date of the Agreement. (mark one)
3. ADDITIONAL TERMS Allow time to get plant built
4. This Extension Agreement does not in any way satisfy or cancel the Note. Except as specifically amended hereby, all other terms of the Note remain in full force and effect. Any security interest or lien granted by the Debtor(s) in any real or personal property which secures Debtor(s) obligation under the terms of the Note shall remain in full force and effect and shall secure the obligations of the Debtor(s) under the terms of the Note as amended by this Extension Agreement.
| AMERICAN STATE BANK OSCEOLA, IOWA 50213 LAMONI, IOWA 50140 | Southern Iowa BioEnergy, LLC BY SIGNING BELOW, YOU AGREE TO THE TERMS OF AND ACKNOWLEDGE RECEIPT OF A COPY OF THIS EXTENSION AGREEMENT | |||||
| By /s/ Kevin W. Klemesrud | ||||||
| /s/ Bill Higdon Debtor | /s/ Leon Kessel | /s/ William Morain | ||||
| /s/ Alan Elefson Co-Debtor | /s/ Jack Cooley | /s/ J. R. Cornett | ||||
EXTENSION AGREEMENT
| 272102 | Date: 2-16-08 |
By mutual agreement, the attached Note No. 272982 (the "Note") is hereby changed and/or extended as follows:
1. The remaining balance of payments in the amount of $50,040.00, originally due on or before 2-16-08, are now due on 08-16-2008.
2. The unpaid principal balance shall continue to bear interest until paid in full. The interest rate x will remain the same; or ¨ is hereby changed to _________________% per annum from and after the date of the Agreement. (mark one)
3. ADDITIONAL TERMS Allow time to get plant built
4. This Extension Agreement does not in any way satisfy or cancel the Note. Except as specifically amended hereby, all other terms of the Note remain in full force and effect. Any security interest or lien granted by the Debtor(s) in any real or personal property which secures Debtor(s) obligation under the terms of the Note shall remain in full force and effect and shall secure the obligations of the Debtor(s) under the terms of the Note as amended by this Extension Agreement.
| AMERICAN STATE BANK OSCEOLA, IOWA 50213 LAMONI, IOWA 50140 | Southern Iowa BioEnergy, LLC BY SIGNING BELOW, YOU AGREE TO THE TERMS OF AND ACKNOWLEDGE RECEIPT OF A COPY OF THIS EXTENSION AGREEMENT | |||||
| By /s/ Kevin W. Klemesrud | ||||||
| /s/ Bill Higdon Debtor | /s/ Leon Kessel | /s/ William Morain | ||||
| /s/ Alan Elefson Co-Debtor | /s/ Jack Cooley | /s/ J. R. Cornett | ||||
