<SEC-DOCUMENT>0001096906-12-002995.txt : 20121210
<SEC-HEADER>0001096906-12-002995.hdr.sgml : 20121210
<ACCEPTANCE-DATETIME>20121210122847
ACCESSION NUMBER:		0001096906-12-002995
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20121207
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
FILED AS OF DATE:		20121210
DATE AS OF CHANGE:		20121210

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			UTAH MEDICAL PRODUCTS INC
		CENTRAL INDEX KEY:			0000706698
		STANDARD INDUSTRIAL CLASSIFICATION:	SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
		IRS NUMBER:				870342734
		STATE OF INCORPORATION:			UT
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12575
		FILM NUMBER:		121252393

	BUSINESS ADDRESS:	
		STREET 1:		7043 S 300 WEST
		CITY:			MIDVALE
		STATE:			UT
		ZIP:			84047
		BUSINESS PHONE:		8015661200
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>utahmed8k20121210.htm
<DESCRIPTION>UTAH MEDICAL PRODUCTS, INC. FORM 8-K DECEMBER 10, 2012
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<div style="LINE-HEIGHT: 1; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Date of Report (date of earliest event reported): <font style="DISPLAY: inline; FONT-WEIGHT: bold">December 7, 2012</font></font></div>

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<div style="LINE-HEIGHT: 1; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(Exact name of Registrant as specified in its charter)</font></div>

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<div style="LINE-HEIGHT: 1; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ITEM 1.01 Entry Into a Material Definitive Agreement</font></div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On December 7, 2012, Utah Medical Products, Inc. (UTMD) and JPMorgan Chase Bank, N.A. (Chase) modified the loan agreement they entered into on March 17, 2011 and subsequently amended on September 23, 2011. This second amendment reduces the monthly principal payment to $116,666.67 from $233,333.33. The 50% reduction is needed because UTMD has paid off $9.3 million of the $14.0 million initial loan amount in the first 20 months of the 5 year loan. A copy of the modification agreement is attached hereto as Exhibit 1.</font></div>

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<td align="left" valign="top" width="84%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Second Modification Agreement dated as of December 7, 2012 among Utah Medical Products, Inc., as Borrower, and JPMorgan Chase Bank, N.A., as Lender</font></font></td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1; TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Pursuant to the requirements of the Securities Exchanges Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.</font></div>

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<div style="LINE-HEIGHT: 1; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-DECORATION: underline"><font style="DISPLAY: inline">UTAH MEDICAL PRODUCTS, INC.</font></font></div>
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<div style="LINE-HEIGHT: 1; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Date: <font style="DISPLAY: inline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="TEXT-DECORATION: underline">12/10/2012&#160;</font></font></font></div>
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<div style="LINE-HEIGHT: 1; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">By: <font style="DISPLAY: inline">&#160;&#160;&#160;<font style="TEXT-DECORATION: underline">&#160;&#160;/s/ Kevin L. Cornwell</font></font></font></div>
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<DOCUMENT>
<TYPE>EX-10
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<DESCRIPTION>SECOND MODIFICATION AGREEMENT DATED AS OF DECEMBER 7, 2012 AMONG UTAH MEDICAL PRODUCTS, INC., AS BORROWER, AND JPMORGAN CHASE BANK, N.A., AS LENDER
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<div style="TEXT-ALIGN: right">Exhibit 1</div>

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<div style="LINE-HEIGHT: 1; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-DECORATION: underline"><font style="DISPLAY: inline; FONT-WEIGHT: bold">DATE</font>:</font></div>
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<div style="LINE-HEIGHT: 1; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">UTAH MEDICAL PRODUCTS, INC.</font></div>
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<div style="LINE-HEIGHT: 1; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">a Utah corporation</font></div>

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<div style="LINE-HEIGHT: 1; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Lender:</font></div>
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<div style="LINE-HEIGHT: 1; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">JPMORGAN CHASE BANK, N.A.</font></div>
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<div style="LINE-HEIGHT: 1; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">RECITALS</font>:</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1; TEXT-INDENT: 45pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Lender previously extended to <font style="DISPLAY: inline; FONT-WEIGHT: bold">UTAH MEDICAL PRODUCTS, INC.</font>, a Utah corporation (&#8220;<font style="FONT-STYLE: italic; DISPLAY: inline">Borrower</font>&#8221;), a loan in the aggregate maximum principal amount of FOURTEEN MILLION AND NO/100 DOLLARS ($14,000,000.00) (the &#8220;<font style="FONT-STYLE: italic; DISPLAY: inline">Loan</font>&#8221;) pursuant to a Credit Agreement, dated March 17, 2011, as amended pursuant to that certain First Modification Agreement dated September 23, 2011 (as amended and modified from time to time, the
&#8220;<font style="FONT-STYLE: italic; DISPLAY: inline">Credit Agreement</font>&#8221;), and evidenced by that certain Secured Promissory Note of even date with the Credit Agreement (as amended and modified from time to time, the &#8220;<font style="FONT-STYLE: italic; DISPLAY: inline">Note</font>&#8221;).&#160;&#160;Capitalized terms used in this Second Modification Agreement (this &#8220;<font style="FONT-STYLE: italic; DISPLAY: inline">Agreement</font>&#8221;) and not otherwise defined in this Agreement shall have the meanings given to such terms in the Credit Agreement.</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1; TEXT-INDENT: 45pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">B.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Loan is secured by, among other things, (i) a Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing dated March 17, 2011 (as amended and modified from time to time, the &#8220;<font style="FONT-STYLE: italic; DISPLAY: inline">Midvale Deed of Trust</font>&#8221;), executed by Borrower, as trustor, in favor of Lender, as beneficiary, and recorded on March 23, 2011, as Entry No. 11154728 in the official records of Salt Lake County, Utah (the &#8220;<font style="FONT-STYLE: italic; DISPLAY: inline">Official Records</font>&#8221;); (ii) a Deed of Trust, Assignment of Rents, Security Agreement and Fixture
Filing dated March 17, 2011 (as amended and modified from time to time, the &#8220;<font style="FONT-STYLE: italic; DISPLAY: inline">Redwood Deed of Trust</font>&#8221;), executed by Borrower, as trustor, in favor of Lender, as beneficiary, and recorded on March 23, 2011, as Entry No. 11154727 in the Official Records; and (iii) a Leasehold Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing dated March 17, 2011 (as amended and modified from time to time, the &#8220;<font style="FONT-STYLE: italic; DISPLAY: inline">Leasehold Deed of Trust,</font>&#8221; and together with the Midvale Deed of Trust and the Redwood Deed of Trust, the &#8220;<font style="FONT-STYLE: italic; DISPLAY: inline">Deeds of Trust</font>&#8221;), executed by Borrower, as trustor, in favor of Lender, as beneficiary, and recorded on March 23, 2011, as Entry No. 11154726 in the Official Records.
The Deeds of Trust, the security agreement contained therein, and all other agreements, documents and instruments securing the Loan and the Note are individually and collectively referred to herein as the &#8220;<font style="FONT-STYLE: italic; DISPLAY: inline">Security Documents</font>.&#8221;</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1; TEXT-INDENT: 45pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">C.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Credit Agreement, the Note, Security Documents, and all other agreements, documents, and instruments governing, evidencing, securing, guaranteeing, or otherwise relating to the Loan, as modified and amended in the Assumption Agreement and in this Agreement, are sometimes referred to herein individually and collectively as the &#8220;<font style="FONT-STYLE: italic; DISPLAY: inline">Loan Documents</font>.&#8221;</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1; TEXT-INDENT: 45pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">D.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;As of December 6, 2012, the current outstanding principal balance of the Loan is FOUR MILLION SIX HUNDRED SIXTY SIX THOUSAND SIX HUNDRED SIXTY SIX and 73/100 DOLLARS ($4,666,666.73).</font></div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1; TEXT-INDENT: 45pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">E.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Borrower has requested that Lender modify the Loan and the Loan Documents as provided herein.&#160;&#160;Lender is willing to so modify the Loan and the Loan Documents, subject to the terms and conditions herein.</font></div>

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<div style="LINE-HEIGHT: 1; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">AGREEMENT</font>:</font></div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1; TEXT-INDENT: 45pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">For good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Borrower and Lender agree as follows:</font></div>

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<div style="LINE-HEIGHT: 1; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="DISPLAY: inline; TEXT-DECORATION: underline">Accuracy of Recitals</font>.</font></div>

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<div style="LINE-HEIGHT: 1; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>&#160;&#160;&#160; Borrower acknowledges the accuracy of the Recitals.</font></div>

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<div style="LINE-HEIGHT: 1; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="DISPLAY: inline; TEXT-DECORATION: underline">Modification of Loan Documents</font>.</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1; TEXT-INDENT: 45pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Monthly Principal Payment</font>.&#160;&#160;Section 2.02(d) of the Credit Agreement is hereby amended to decrease the monthly payments of principal due from Borrower to Lender under the Credit Agreement and Note from $233,333.33 to $116,666.67.&#160;&#160;Accordingly, commencing on the first Payment Date following the date of this Agreement, and continuing on each monthly Payment Date thereafter through the Maturity Date, Borrower shall make, in addition to payments of accrued interest as set forth in the Credit Agreement, monthly payments of principal to Lender in
the amount of ONE HUNDRED SIXTEEN THOUSAND SIX HUNDRED SIXTY SIX AND 67/100 DOLLARS ($116,666.67)</font></div>

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<div style="LINE-HEIGHT: 1; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;&#160;&#160; 2.2&#160;&#160;&#160;&#160;&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Conforming Modifications</font>.&#160;&#160;Each of the Loan Documents is hereby amended and modified to be consistent with the foregoing modification and to provide that it shall be a default or an event of default thereunder if Borrower shall fail to comply with any of the covenants of Borrower herein or if any representation or warranty by Borrower herein. </font></div>

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<div style="LINE-HEIGHT: 1; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;&#160;&#160; 2.3&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">References</font>.&#160;&#160;Each reference in the Loan Documents to any of the Loan Documents shall be a reference to such document as modified herein.</font></div>

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<div style="LINE-HEIGHT: 1; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Fees and Expenses</font>.</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1; TEXT-INDENT: 45pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In consideration of Lender&#8217;s agreement to modify the Loan Documents as set forth herein, Borrower agrees to pay to Lender&#8217;s counsel, legal fees and expenses in the amount of $750.00.&#160;&#160;Borrower and Lender agree that in the event that actual legal fees and expenses incurred by Lender in connection herewith exceed such amount, each of Borrower and Lender shall pay one-half of such additional legal fees and expenses incurred by Lender.</font></div>

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<div style="LINE-HEIGHT: 1; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="DISPLAY: inline; TEXT-DECORATION: underline">Ratification of Loan Documents and Collateral</font>.</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1; TEXT-INDENT: 45pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Loan Documents are ratified and affirmed by Borrower and shall remain in full force and effect as modified herein.&#160;&#160;Any property or rights to or interests in property granted as security in the Loan Documents shall remain as security for the Loan and the obligations of Borrower in the Loan Documents.</font></div>

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<div style="LINE-HEIGHT: 1; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="DISPLAY: inline; TEXT-DECORATION: underline">Borrower Representations and Warranties</font>.</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;&#160;&#160; 5.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;No default or event of default under any of the Loan Documents as modified herein, nor any event, that, with the giving of notice or the passage of time or both, would be a default or an event of default under the Loan Documents as modified herein has occurred and is continuing.</font></div>

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<div style="LINE-HEIGHT: 1; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;&#160;&#160; 5.3&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Each and all representations and warranties of Borrower in the Loan Documents are accurate on the date hereof.</font></div>

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<div style="LINE-HEIGHT: 1; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;&#160;&#160; 5.4&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Borrower has no claims, counterclaims, defenses, or set-offs with respect to the Loan or the Loan Documents as modified herein.</font></div>

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<div style="LINE-HEIGHT: 1; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;&#160;&#160; 5.5&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Loan Documents as modified herein are the legal, valid, and binding obligation of Borrower, enforceable against Borrower in accordance with their terms.</font></div>

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<div style="LINE-HEIGHT: 1; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;&#160;&#160; 5.6&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Borrower validly exists under the laws of the State of its formation or organization and has the requisite power and authority to execute and deliver this Agreement and to perform the Loan Documents as modified herein.&#160;&#160;The execution and delivery of this Agreement and the performance of the Loan Documents as modified herein have been duly authorized by all requisite action by or on behalf of Borrower.&#160;&#160;This Agreement has been duly executed and delivered on behalf of Borrower.</font></div>

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<div style="LINE-HEIGHT: 1; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Additional Documents</font>.</font></div>

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<div style="LINE-HEIGHT: 1; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>&#160;&#160;&#160; Borrower shall execute, deliver, and provide to Lender such additional agreements, documents, and instruments as reasonably required by Lender to effectuate the intent of this Agreement.</font></div>

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<div style="LINE-HEIGHT: 1; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Execution and Delivery of Agreement by Lender</font>.</font></div>

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<div style="LINE-HEIGHT: 1; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>&#160;&#160; Lender shall not be bound by this Agreement until (i) Lender has executed and delivered this Agreement, and (ii) Borrower has performed all of the obligations of Borrower under this Agreement to be performed contemporaneously with the execution and delivery of this Agreement, if any.</font></div>

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<div style="LINE-HEIGHT: 1; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Integration, Entire Agreement, Change, Discharge, Termination, or Waiver</font>.</font></div>

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<div style="LINE-HEIGHT: 1; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>&#160;&#160;&#160; The Loan Documents as modified herein contain the complete understanding and agreement of Borrower and Lender in respect of the Loan and supersede all prior representations, warranties, agreements, arrangements, understandings, and negotiations.&#160;&#160;No provision of the Loan Documents as modified herein may be changed, discharged, supplemented, terminated, or waived except in a writing signed by the parties thereto.</font></div>

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<div style="LINE-HEIGHT: 1; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Binding Effect</font>.</font></div>

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<div style="LINE-HEIGHT: 1; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>&#160;&#160; The Loan Documents, as modified herein, shall be binding upon and shall inure to the benefit of Borrower and Lender and their successors and assigns and the executors, legal administrators, personal representatives, heirs, devisees, and beneficiaries of Borrower; provided, however, Borrower may not assign any of its rights or delegate any of its obligations under the Loan Documents and any purported assignment or delegation shall be void.</font></div>

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<div style="LINE-HEIGHT: 1; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;<font style="TEXT-DECORATION: underline">Choice of Law</font>.</font></div>

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<div style="LINE-HEIGHT: 1; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>&#160;&#160;&#160; This Agreement shall be governed by and construed in accordance with the laws of the State of Utah, without giving effect to conflicts of law principles.</font></div>

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<div style="LINE-HEIGHT: 1; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Counterpart Execution</font>.</font></div>

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<div style="LINE-HEIGHT: 1; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>&#160;&#160;&#160; This Agreement may be executed in one or more counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same document.&#160;&#160;Signature pages may be detached from the counterparts and attached to a single copy of this Agreement to physically form one document.</font></div>

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<div style="LINE-HEIGHT: 1; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>IN WITNESS WHEREOF, Lender and Borrower have caused this Modification Agreement to be duly executed and delivered on, and to be effective as of, the date first above written.</font></div>

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