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MODIFICATION AND EXTENSION OF SECOND LIEN COMMERCIAL MORTGAGE, ASSIGNMENT OF LEASES AND RENTS, AND FIXTURE FILING

Lease Assignment Agreement

MODIFICATION AND EXTENSION OF

SECOND LIEN COMMERCIAL MORTGAGE,

ASSIGNMENT OF LEASES AND RENTS,

AND FIXTURE FILING | Document Parties: AMCON DISTRIBUTING CO | Givens Pursley LLP | Trinity Springs, Inc. You are currently viewing:
This Lease Assignment Agreement involves

AMCON DISTRIBUTING CO | Givens Pursley LLP | Trinity Springs, Inc.

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Title: MODIFICATION AND EXTENSION OF SECOND LIEN COMMERCIAL MORTGAGE, ASSIGNMENT OF LEASES AND RENTS, AND FIXTURE FILING
Date: 1/7/2005
Industry: Retail (Grocery)     Sector: Services

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                          EXHIBIT 10.20

 

AFTER RECORDING, RETURN TO:

 

Givens Pursley LLP

601 W. Bannock

Boise, ID 83702

Attn.: Angela K. Nelson

 

 

MODIFICATION AND EXTENSION OF

SECOND LIEN COMMERCIAL MORTGAGE,

ASSIGNMENT OF LEASES AND RENTS,

AND FIXTURE FILING

 

 

THIS MODIFICATION AND EXTENSION OF SECOND LIEN COMMERCIAL MORTGAGE,

ASSIGNMENT OF LEASES AND RENTS, AND FIXTURE FILING (herein "Amendment") is

made as of December 14, 2004, among Trinity Springs, Inc., a Delaware

Corporation, whose address is 1101 West River Street, Suite 370, Boise, Idaho

83702, for the benefit of AMCON Distributing Co., a Delaware corporation,

whose address is 7405 Irvington Road, Omaha, Nebraska 68164-7940 and Allen D.

Petersen, an individual whose address is Draupnir LLC, 515 N. State St.,

#2650, Chicago, IL 60610.   All terms not defined herein shall have the

meanings ascribed to them in the Mortgage (hereinafter defined).

 

W I T N E S S E T H:

 

WHEREAS, Trinity Springs, Inc. heretofore executed and delivered that certain

SECOND LIEN COMMERCIAL MORTGAGE, ASSIGNMENT OF LEASES AND RENTS, AND FIXTURE

FILING, dated June 17, 2004 and recorded on the 25th day of June, 2004, as

Instrument Nos. 357782 and 357783, records of Elmore County, State of Idaho

(hereinafter referred to as the "Mortgage"); and

 

WHEREAS, said Mortgage being made to secure a note in the principal sum of

ONE MILLION AND NO/100 DOLLARS ($1,000,000.00), with interest thereon, with a

final maturity date of July 1, 2005 (hereinafter referred to as the "Original

Note"), subsequent intercompany advances in an aggregate amount of ONE

MILLION EIGHTY SIX THOUSAND AND NO/100 DOLLARS ($1,086,000.00) from Borrower

to AMCON Distributing Co., and also such further sums as may be advanced or

loaned by AMCON Distributing Co. to Trinity Springs, Inc.; and

 

WHEREAS, Allen D. Petersen has loaned to Trinity Springs, Inc. a credit line

with a principal sum of up to ONE MILLION DOLLARS ($1,000,000.00), with

interest thereon, with a final maturity date of December 14, 2005, such loan

being evidenced by a note of even date herewith (the "New Note"); and

 

WHEREAS, AMCON Distributing Co. and Allen D. Petersen have agreed that the

Original Note and the New Note, and such future advances as shall be extended

to Trinity Springs, Inc. thereunder, shall be secured by the Mortgage as

amended hereby;

 

WHEREAS, the parties desire to modify and amend the Mortgage to secure the

New Note, and to provide for additional terms as hereinafter provided.

 

 

NOW, THEREFORE, in consideration of the premises, the promises and agreements

between the said parties hereinafter contained, and the mutual benefits

accruing to the undersigned parties hereunder, the parties hereto for

themselves and their respective successors and assigns do hereby agree as

follows:

 

    1.   The above recitals are incorporat


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