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LACO > SEC Filings for LACO > Form 8-K on 4-Nov-2013All Recent SEC Filings

Show all filings for LAKES ENTERTAINMENT INC



Entry into a Material Definitive Agreement, Financial Statements and Exhi

Item 1.01. Entry into a Material Definitive Agreement.

On October 30, 2013, Lakes Entertainment, Inc. ("Lakes") and Evitts Resort, LLC, a wholly owned subsidiary of Lakes ("Evitts") entered into a Change of Terms Agreement ("Agreement") with Centennial Bank ("Centennial") relating to the Construction Loan Agreement ("Loan Agreement") by and between Evitts and Centennial dated December 17, 2012. The Agreement, which is effective on November 1, 2013, reduced the interest rate from 10.5% to 5.5%, modified the draw requirements for the remaining amount of the loan, and amortized repayment of the loan over 84 months. Evitts currently has borrowed $13,446,718.54 under the Loan Agreement and has $4,053,281.46 of credit available under the Loan Agreement, which may be drawn at any time up to December 31, 2018.

A copy of the agreement is attached as Exhibit 10.1 to this Current Report on Form 8-K.

Item 9.01. Financial Statements and Exhibits.

(a) Not Applicable

(b) Not Applicable

(c) Not Applicable

(d) Exhibit

10.1 Change in Terms Agreement by and between Evitts Resort, LLC, Lakes Entertainment, Inc., and Centennial Bank dated November 1, 2013.

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