CONSTRUCTION LOAN AND SECURITY AGREEMENT
This Construction Loan and Security Agreement is made as of February 6th , 2009, by and between
Tradeport Development III, LLC, a Connecticut limited liability company, with a usual place of business at 204
West Newberry Road, Bloomfield, Connecticut (the “Borrower”), Griffin Land & Nurseries, Inc., a Delaware
corporation with a usual place of business at 204 West Newberry Road, Bloomfield, Connecticut (the
“Guarantor”) and Berkshire Bank, a Massachusetts banking corporation, with a usual place of business at 31
Court Street, Westfield, Massachusetts.
1.00 DEFINITIONS AND RULES OF INTERPRETATION.
The following terms shall have the meanings set forth in this Section 1.01 or elsewhere in the provisions of
this Agreement or other Loan Documents referred to below:
“Advance” shall mean, any disbursement of the proceeds of the Construction Loan made or to be made
by the Lender pursuant to this Agreement.
“Agreement” shall mean, this Agreement, including the Schedules and Exhibits hereto, all of which are
incorporated herein by reference.
“Appraisal” shall mean, an appraisal of the value of the Project, determined on an orderly as stabilized
basis, performed by a qualified independent appraiser approved by the Lender.
“Architect’s Contract” shall mean, the contract, dated January 19, 2009 between the Borrower
and Cutler Associates, Inc. (the “Borrower’s Architect”), to provide for the design of the Improvements and the
supervision of the construction thereof.
“Assignment of Leases” shall mean, the Assignment of Leases and Rents, dated or to be dated on or
prior to the Closing Date, made by the Borrower in favor of the Lender, pursuant to which the Borrower assigns
its right, title and interest as landlord in and to the Leases and the rents, issues and profits of the Project, such
Assignment of Leases and Rents to be in form and substance satisfactory to the Lender.
“Assignment of Project Document