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Tim <br /> <br />OF ELK l~IVER <br /> Member FDIC <br /> <br />February 10, 2000 <br /> <br />John C. Weicht and Associates LLP <br />Box 368 <br />Elk River, MN 55330 <br /> <br />RE: Commitment Letter to R & W Enterprises LLP <br /> <br />Dear John and Mark, <br /> <br />It gives our bank pleasure to provide this Commitment Letter to you in connection with the <br />construction of a building in the McChesney Industrial Park presently owned by Mark Rothfork. <br /> <br />AMOUNT: The maximum loan will be Six Hundred Thirty thousand dollars <br />($630,000.00) .... <br /> <br />II. <br /> <br />TERMS: The $630,000.00 loan will be repaid in monthly installments based on up to <br />a twenty-year amortization with interest computed on a 360-day basis with monthly <br />payments with interest only for up to the first eighteen months. The note would have <br />a five year maturity. <br /> <br />III. COLLATERAL: The Bank will have a First Lien position on the land and building. <br /> <br />IV. <br /> <br />LOAN AGREEMENT: The loan agreement will dictate the covenants of the loan as <br />it relates to financial reporting, defaults and acceleration clauses and insurance <br />coverage requirements. <br /> <br />V. INTEREST RATE AND FEES: Interest will be computed at a variable rate of New <br /> York Prime (currently 8.75%) plus 1.00 (currently 9.75%) and the option to fix the <br /> rate for five a_tier the eighteen (18) month interim period. One-half percent bank <br /> origination fee plus out of pocket costs will be charged including lien searches, and <br /> recording fees, appraisal, title insurance, flood check, etc. <br /> <br />VI. GUARANTORS: John C. Weicht and Mark Rothfork. <br /> <br />MAIN STREET OFFICE <br />630 Main Street <br /> Elk River, MN 55330 <br /> (612) 441-1000 <br /> Fax (612) 441-0847 <br /> <br />SCHOOL STREET OFFICE <br />846 Freeport Avenue <br /> Elk River, MN 55330 <br /> (612) 441-9000 <br /> Fax (612) 441-0791 <br /> <br />OTSEGO OFFICE <br />15800 88th Street NE <br />Otsego, MN 55330 <br />(6 i 2) 441-77(X) <br />Fax (612) 441-7755 <br /> <br /> <br />