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1,
U.S. Small Business Administration
NOTE
SSA Loan#
PLP 329-036-5001
SBA loan Nama
National camp Association Inc.
Date
January 13, 2009
Loan Amount
613,000.00
Interest Rate Variable
National camp Ass<X:lstkin Inc.
Borrower
Operating
NIA
Company
Lender
U.S. Bank Nalional Assoclallon
1. PROMISE TO PAY:
In return for the Loan, Borrower promises to pay lo lhe onfer of Lender lhe nmount of
Six Hundred Thirteen Thousand and 00/100
interest on rhe unpaid principal balance. and all other am<iunts Tequired by this Note.
2. DBFINITIONS:
"Colhlleral" means any property taken as security for payment of this Note or any guarantee of this Note.
"Guarantor" n'ICMS each person or entity that signs: a guarantee of payment of tMs Note.
''Lo11n" means 1he loan evidenced by Chis Note.
"Loan Documents" means the documents related to this loan signed by Borrower, any Guarantor, or anyone who
pledges collateral.
"SBA" means 1hc Small Business Admh1istration, !In Agency oflhe United Slates oC America.
DolI111s,
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GOVERNMENT
EXHIBIT
i A
SSA Form 147 ('06/03.'02) Version 4. t
Page l/6
Wol!ers Kluwer Financial Services, St, Cloud, MN
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..........,,t"':... ..... ............
3. PAYMENTTERMS:
Borrower mus! make all payments at tbe place Lender designates. Tho payment terms for 1his Nole are:
This Note wlll mature in 9 years from date of Note.
The interest rate on this Note.will fluctuate. The Initial Interest rate Is 6.75% per year. This initial rate Is the prime
rate in effect on the first business day of the month in which SBA received the loan application, plus 2.75%. The
initial Interest rate must remain in effect until the first change period begins.
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Borrower must pay principal and Interest payments of $7,589.00 every month, beginning one month from the month
of Initial disbursement on this Nole; payments must be mada on the same day as the date of lnttlal disbursement on i
this Note In the monlhs they are due. f
Lender will apply each installment payment first to pay Interest accrued to the day Lender receives the payment, I
then to bring principal current, then to pay any late fees, and wm apply any remaining balance to re<fuce principal. f
The Interest rate will be adjusted annually (the "change period").
The "Prime Is the prime rate In effect on the first business day of the month (as published In the Wall Street
Journal) In which SBA received the application, or any interest rate change occurs.
The adjusted interest rate will be 2.75% above the Prime Raia. Lender will adjust the Interest rate on the first
calendar day of each change period. The change In Interest rate Is effective on that day whether or not Lender
gives Borrower nollce of the change.
Lender must adjust the payment amount at least annually as needed to amortize principal over the remaining term
of the note.
If SBA purchases the guaranteed portion of the unpaid principal balance, the Interest rate becomes fixed at the rate
In effect at the time of the earliest uncured payment default. If there Is no uncured payment default, the rale
becomes fixed at the rale In effect at the time of purchase.
Loan Prepayment:
Nolw1thstandlng any provision In this Note to the contrary:
Borrower may prepay this Note. Borrower may prepay 20% or less of the unpaid principal balance at any llme
without notice. If Borrower prepays more than. 20% and the Loan has been sold on the secondary market, Borrower
must:
a. Give Lender wrltlan notice:
b. Pay all accrued Interest; and
c. If the prepayment Is received less than 21 days from the data Lender receives the notice, pay an amount equal
to 21 days' interest from the date lender receives the notice, less any Interest accrued during the 21 days and paid
under subparagraph b., above.
If Borrower does not prepay within 30 days from the date Lender receives lhe notice, Borrower must give Lender a
new notice.
AH remaining principal and accrued ln,terest is due and payable 9 years from date of Note.
'3aA Fo.'"114l (06io3/02) 4.1
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Wolters Kluwer Rnartelal SeNices, St Cloud, MN
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SBA 147: Note Paga 2 Continuation
Continuation of" .. .''
Late Charge: If a payment on this Note is more than 10 days late, Lender may charge Borrower a late fee of
up to 5.00% of the unpaid portion of the regularly scheduled payment.
Page 1 Bankers Systems, Inc., St. Cloud, MN
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4. DEFAULT:
Borrower is in default under this Note if Borrower ooes not make a payment when due under this Note, or ifBorrov.-er
or Opera1fog Company:
A. Fails 10 do anything required by this Note and other Loan Documents;
B_ Defaults on any other loan with
C. Does not preserve, or account to Lender's satisfaction for, any of the Collateral or its proceeds;
D. Does not disclose, or anyone acting on their behalf does not disclose, any material fact ro Lender or SBA;
E. Makes, or anyone acting on their behalf makes, a materially false or representation to Lender or SBA;
F. Defau Its on any loan or agreement whh another creditor, if Lender believes the default may materially affect
Borrower's ability 11> pay this Note;
G. Fails to pay any laxes when due;
H. Becomes. the subject of a proceeding under any bankruptcy or insolvency law;
I. Has a receiver or liquidator appointed for any part of their business or prnperty;
J. Makes an assignment for the benefit of e:reditors;
K. Has any adverse change in financial condition or business operntion that Lender may materially affect
Borrower's nbili1y to pay this Note;
L. Reorganizes, merges, consolidates, or otherwise ownership or business structure without Lender's prior
written consent; or
M. the subjecr of a eivil ur_crimiml) actiun lbal Lender believes may materially affect Bor.rower's ability to
pay this Note.
S. LENDBR'S RJOHTS IF THERE IS A DEFAULT:
With1H1t notice 1>r demand and without giving up any of its rights, Lender may:
A. Require immediate payment of all amounts owing under this Note;
B. Collect all amounts owing from any Borrower orOuarantoc;
C. File suit and obtain judgment;
D. Take possession of any Collateral; or
E. Sell, lease, or othcrwi.so dispose of, any Collateral et publlc or private sate, with or without advertisement
6. LENOBR'S GENBRAL POWERS:
Wilham notice and wt1hout Borrower's consent, Lender may:
A. Bid on or buytbe Collateraf at its sale or lhesaleofanothcrlicnholdcr, atanyprico it chooses;
B. Incur expenses to amounts due under this Note, enforc;.; the twins of this Noto or M.y other Lonn
Doeument, and pre.serve or dispose of the Collateral. Among other thlng11, expen$e.S may include paymenls
for property taxes. prior liens, insurance, apprainls, enviro11mental remediation Co$f$, and re4Sonable attorney's
fees 1md If Lender incurs such expenses, It may demand immediate repayment from Borrower or add the
expenses to the principal
C. Release anyone obligared to pay this Note;
D. Compromise, releai;e, renew, e.-:tend or substitute any of the Collateral; and
E. Take any action necessary 10 protect the CoJlateral or collect amounts owing on this Nole.
Page 20 of 29
SSA Form 141 (081()3102} 4. t
Page3/6
Wolters Kll.lw6r SefVlces, St. Cloud, MN
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7. WHEN FEDERAL LAW APPLIES:
\\/'hen SBA is the holder, this Note will be interpreted and enforced under federal law, including SBA ttgulations.
or SBA may use stale or loeal procedures for filing papers, recording documents, giving notice, foreclosing
liens, and other purposes. By using such procedures, SBA does not waive any federal immunity from slate or local
control, penalty, tax, or liability. As to this Note, Bortower may not claim or assert against SBA imy local or state law
to deny any obligation, defeat a11y claim of SBA, ot preempt federal law.
8. SUCCESSORS AND ASSIGNS:
Under th is Note, Borrower and Operating Company include the successors of eacb, and Lender includes its successors
and a5signs.
9, GENERAL PROVISIONS;
A. All individuals and entities signing 1his Note are jointly and severalty liable.
B. Borrower waives a!l suretyship defenses.
C. Borrower musr sign all documents necessary at a11y time to comply with Loan Documents and to enable
Lender to acquire, perfect, or maincain Lender's liens on Collateral.
D. Lender may exercise any of its fights sepatately or together, as many times and in any order it choo.ses. Lender
may dclny or forgo enforcing nny of its rights without giving up any o.fthem.
E. Borrower may not use an oral statement of Lender or SBA lo contradict or alter the written texms of this Note.
l'. If any par! of this Note is unenfon:eable, all other parts remain in effei;t.
G. To the eluent allowed by law, Borrower waives all demands and noticC4 in connection with Ibis Note, including
presentment, demand, protest, ll!ld notice of dishonor. Borrower also waives any defenses baSed upon any claim
the! Lender did not oblain any gu11rantee; did not obtain, perfect, or maintain a lien upon Collateral; impaiTed
Collatera I; or did not oblain the fair market value of ('.'ollateral at a sato.
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SBA Foon 147 (06/031il2)Verskm 4_ 1
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Woll&rs Kluwer Ffnandal SelVfces, SL Cloud, MN
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to. ST.'\ TE-SPECIFIC PROVISIONS:
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NfA
SSA Form 147 (00/03/021 Version 4.1
Page616
Woltero Kluwer flnanc;!;:il Setvl&9, St. Cloud, MN
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11. BORROWER'S NAME(S) AND SlGNATURE(S):
By signing belt>w, each individual or entity becomes obligated under this Note as Borrower.
National Camp Association Inc.
SSA Fa<m 147 (-06/()3.102} Version 4. t
Dale
Dale &/ ... ffe 2fl.?l
Pag&l!lll
Wolters Kluwer Financial Servlces, SI. Ctoucf, MN
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SBA loan#
SBA Loan Name
Guarantor
Borrower
lendet
Date
NOi$ Amot.tnl
I. GUARANTEE:
BFC-ESKERPROD > SallieMae
U.S. Small Business Administration
UNCONDITIONAL GUARANTEE
PLP 329--038-5001
Naliooal Camp Association lno.
Sean R. Nlenow and Cynthia M. Nienow
National Camp Association Inc.
U.S. Bank Nallonal Association
January 13, 2009
613,000.00
Guarantor unconditionally guarantees payment ro Lender of all amounts owing undllr lhe Nore. This Guarantee remains
in effect uncil the Nole is paid in full. Guarantor mus! pay aU amounts due undel" the Note when Lender makes written
demand upon Guernntor. Lender is oot required to seek payment from any other source before demanding pa)'!nent from
Guarantor.
2. NOTB:
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The "Nole" is the promissory note dated
Six Hundred Thlmlen Thousand and 001100
January 13, 2009 in the principal amount of
from Borrower to Lender. Jt includes ony 11ssurnption, renewal, .substitution, or replacement of the Note, and multiple
notes under a line of credil.
3. DEFINITIONS:
"Ci>llateral" means any property taken as set:urity for payment of the Note or any guarantee of the Note.
''l.oaA" means tile loan evidenced by rhe Note.
'.'Loan Documents" means the related to the Loan signed by Borrower, Guarantor or any other guamntor, or
nnyone who pledge$ Collateral.
"SBA" the Sm1:1ll Business Administration, an Agency of the United States of America.
Dollars,
SSA F1>rm 148 (10196} Prellious Wlllolls obsOIQte.
Pai:e 115
Wolters l<luwer Financial St. CIOud, MN
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4. LENDER'S GENERAL POWERS:
Lender may take 1111)' of the following actions at any lime, with.out notice, without Guarantor's consent, and without
making demand upon Guarantor:
A. Modify the terms of the Note or any. other Loan Document except to incrcas4" the amounts due under the Note;
B. Refrain Crom taking any action on the Note, !he Collateral, or any guarantee;
C. Release any Borrower or any guarantor of the Note;
D. Compromise or settle with the Borrower or any guarantor of the Note;
E. Substitute or release any oftbe Collalernl, whether ornot Lender receives anything in rerum;
F'. Foreclose upon or otherwise obtain, and dispose of, any Collaleral at public ot private sale, with or without
advertisement;
G. Bid or buy any sale ofColhtteral by Lender or any other lienholder. at any pricF Lender chooses; and
H. Exeii;;ise any rights it has, including lhose in lhe Nore and other Loan Documents.
These actions wm not release: or reduce the obligations of Guarantor or create onyrights or claims against Lender.
5. FEDERAL LAW:
Wilen SBA ls the holder, the Note and this Guar1111tee will be construed and enforced under federal Jaw, including SBA
regulations. Lender or SBA may use state or local procedures for filing papers, recording documents, glvblg notice,
foreclosing liens, ond other purposes. By using such procedures, SBA does not waive any federal immunity from state or
local conttol, penalty, tlllt, or liability. As to tilts Guarantee, Guarantor may not claim or assert any local or state law
against SBA to deny any obligation, defeut any claim of SBA, or preempt federal law.
6. RIGHTS, NOTICBS, AND DEFBNSESTHATOUARANTOR WAJVES:.
To the elttent pemiitted by Jaw,
A. Guarantor waives all rights to:
l) Require presentment, protest, or demand upon Borrower;
2} Redeem ony Collateml before or afler Lender disposes of it;
3) Have any disposition of Collateral advertised: lllld
4) Require II valuation of Collateral before or after Lender disposes or it.
D. Guarantor waives any notice of:
I) Any default under the Note;
2) Presentment, dishonor, protest, or demand;
3) ExecutionoftheNole;
4) Any action or inaction on the Note or Collateral, such as disbursements, payment, nonpayment, aceeleration,
intent ro accelerate, assignment, collection activity, and incurring enforcement eJCpcnses;
S) Any change in the financial condition or businesa operations of Borrower or any guaranlot;
6) Any changes In the terms of the Note or other Loan Documents, except in 1he amounts due under the
Note;tind
7) ihe tiine or pl11Ce of;my sale or other disposition of Collateral.
C. Guarantor watves defenses based upon any eloim th11t:
I) Lender failed to obtain any guarantet;;
2} Lender failed to obtain, perfect, or mainlain a securily in1erest in any properly offered or taken as Collateral;
3) LC'1der or others improperly valued or inspee\ed the Collateral;
4) The Collateral changed in value, or was neglected, lost, destroyed, or underinsured;
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SBA Fomt 14& 110/911) Previous edlHons obsolete. Page216
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5) Lender impaired the Collateral;
6) Lender did not dispose of any of the' Collateral;
7) Lender did not conduct a commercially reasonable sale;
8) tender did not obtain the fair market vah1e of lhe Collateral;
9) Lender did not make or perfect a claim upon the death or dlsablliry ofB<mower or any guarantor of the
Note;
IO) The financial condition of Borrower or any guarantor was overstated or has adversely changed;
11) Lender made error$ ot omissions in Loan Documents or administration ol lhe Loan;
12) Lender did not seek payment from the Borrower, any other guarantors, or any Collateral before demanding
p11yment from Guarantor!
13} Lender impaired Guarantor's surety$hip rights;
14) Lender modified the Note terms, other than to inecease amounts due under If Lender modifies the
Note to increase the amounts due under 1he Note withoul Guarantor's consent, Guarantor wm not be liable
for the increased amounts and related interest and expenses, but remains liable for all other amounts;
15) Borrower has avoided liability on !he Note; or
16) Lender has taken an action allowed the Note, this Guarantee, or other Loan Documents.
1. DUTIES AS TO COLLATERAL:
Guarantor will preserve the Collateral pledged by Ouarnntor lo secure this Guarantee. Lender has no duty to preserve
or dispose of any Collateral.
8. SUCCBSSORS AND ASSJONS:
Under this Guarantee, Guarantor includes heirs and successors, and Lender includes its $Uecessors and assigns.
9. GENER.AL PROVISIONS:
A. EN"f'ORCEMENT EXPENSES. Guarantor promises to pay all e:qu:oses Lender incurs to enforce this Guarantee,
including, but not limited to, attorney's fees and costs.
B. SBA NOT A CO-GUARANTOR. Guarantor's liability will continue even if SBA pay1>Lender. SBA is oot 11
co-guarantor with Guarantor. Guarantor has no right of contribution ftom SBA.
C. SUBROGATION RIO HTS. Guarantor has no subtogalioo rights as to the Note or the Collateral until the Nola is
paid in run.
0. JOINT AND SBVHRAL LJABILITY. All lndividools and entities signing as Guarantor are jointly and severally
liable.
E. DOCUMENT SIGNING. Guarantor must sign all documents necessary at any time to comply with the Loan
Documents nnd to enable Lender to acquire, pet feet, or maintain Lender's liens on Collateral.
F. FINANCIAL STATEMENTS. Guarantor mus1 give Lender finanolal statements as Lender requires.
0. LEN06R'S RIOHTS CUMULATIVE, NOT WAlVBD. Lender may exercise any oflts rights separately or
together, as many times as it chooses. Lender may de!lly or forgo enforcing any of its rights without losing or
Impairing any oftbem.
H. ORAL STATEMENTS NOT BINDING. Guarantor may not use an oral statement to co'!tradlct or alter the written
terms oithe Note or this Guarantee, or 10 raise a defense to this Guantntee.
L SEVERAillLITY. ffany part or this Ouamnlee is found to be unenforceable, all other parts will remain in effect.
J. CONSIDERA T!ON. The consideration ror this Ouarantce is the Loan or any ae1mmodation by Lender as to the
Loan.
SSA Form 1-46 (10/96) Prev'.ous odil!ons Qbsolele.
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10. STATE-SPECIFIC PROVISIONS:
NIA
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11. GUARANTOR ACKNOWLEDGMENT OF TERMS.
Guanin1or acknowledges that Ouarantor has read and understands the significance oC all temu oflhe Note and this
Guar:intee, including all waivers.
12. GUARANTOR NAME(S) AND SiGNATURE(S):
By signing below, eath individual or entity becomes obiigated as Guarantor under this Guarantee.
Guarantors Acknowledge that this Guarantee is secured by a Deed of Trust in
favor of Lende-r on real property located in Isanti County, State of Minnes'ota.
Property Address: 139 6th Avenue Southwest
Cambridge', MN 55008
Sean R. Nienow and Cynlhla M. N!en01.v
SSA l'OOll 148 (10196) Prel'ious ediUOlls oboo!ete. Page0/5
Wolters Klui.ver Financial Services, St. Cloud, MN
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CASE 0:14-cv-00178-SRN-SER Document 1-1 Filed 01/17/14 Page 13 of 14
U. S. DEPARTMENT OF THE TREASURY
FINANCIAL MANAGEMENT SERVICE
WASHINGTON, D. C.
ACTING ON BEHALF OF
U. S. SMALL BUSINESS ADMINISTRATION - ("SBA")
CERTIFICATE OF INDEBTEDNESS
Debtor Name(s) and
Address (es):
National Camp Association, Inc.
139 6th Ave., SW
Cambridge, MN 55008
Sean R. nienow
139 6th Ave., SW
Cambridge, MN 55008
Cynthia M. Nienow
139 6th Ave., SW
Cambridge, MN 55008
Total debt due United States as of June 21, 2013:
Principal: $558,076.53
FMS & DOJ fees: $189,861.09
(pursuant to 31 U.S.C. 3717(e) and 371 l(g)(6), and 28 U.S.C. 527)
TOTAL: $747,937.62
I certify that the U.S. Small Business Administration (SBA) records show that the codebtors
named above are indebted to the United States in the amount stated above
The claim arose in connection with the codebtors' July 2010 default on a $613,000.00 SBA-
insured loan.
CERTIFICATION: Pursuant to 28 USC ss. 1746, I certify under penalty of perjury that the
foregoing is true and correct to the best of my knowledge and belief based upon information
provided by the U.S. Small Business Administration.
Regina Crisafulli
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GOVERNMENT
I EXHIBIT
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Financial Program Specialist
U.S. Department of the Treasury
Financial Management Service