Exhibit 10.2
Amendment No. RIO291T01B
AMENDMENT
TO THE
CONSTRUCTION AND TERM LOAN SUPPLEMENT
THIS
AMENDMENT is entered into as of May 30, 2007, between
FARM CREDIT SERVICES OF AMERICA, FLCA (“Farm
Credit”) and WESTERN IOWA ENERGY, LLC, Wall Lake, Iowa
(the “Company”).
BACKGROUND
Farm Credit
and the Company are parties to a Construction and Term Loan
Supplement dated June 6, 2005 (such agreement, as previously
amended, is hereinafter referred to as the
“Supplement”). Farm Credit and the Company now desire
to amend certain sections of the Supplement. For that reason, and
for valuable consideration (the receipt and sufficiency of which
are hereby acknowledged). Farm Credit and the Company agree that
the following sections of the Supplement are hereby amended to read
as follows:
1.
Section 6 of the Supplement is hereby amended and restated to
read as follows:
SECTION 6.
Promissory Note. The Company promises to repay the loans as
follows: (i) in 20 equal, consecutive quarterly installments
of $450,000.00 with the first such installment due on
December 20, 2006, and the last such installment due on
September 20, 2011; and (ii) followed by a final
installment in an amount equal to the remaining unpaid principal
balance of the loans on December 20, 2011. If any installment
due date is not a day on which Agent is open for business, then
such installment shall be due and payable on the next day on which
Agent is open for business. In addition to the above, the Company
promises to pay interest on the unpaid principal balance hereof at
the times and in accordance with the provisions set forth in
Section 5 hereof.
In
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