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i0 Ms!.Sweep mse 76).711.3637 <br /> 1$ <br /> l FIRST NATIONAL BANK of Elk River R <br /> FA River. SS)]0 76)47)s,00 <br /> May 29,2015 <br /> Mr. Duane Bass <br /> Mr. Andrew Isle <br /> Promo Products, LLC <br /> 19228 Industrial Boulevard <br /> Elk River, MN 55303 <br /> RE: EDA Microloan Refinance <br /> Dear Duane& Andy: <br /> We have received your request for the refinance the microloan that was made in January 2011 <br /> from the Elk River EDA to 19228, LLC for the purchase of the facility in the Elk River <br /> Industrial Park. This note was made in a position subordinate to the Bank and the SBA 504 to <br /> help leverage the project to its completion. <br /> We are unable to refinance this note to 19228,LLC at this time. <br /> SBA 504 guidelines do not allow First National Bank of Elk River to roll this amount into its 1' <br /> mortgage note. Also, Bank guidelines don't allow us to refinance this note in a 3id position <br /> behind the SBA 504 loan. Lastly,the company has enjoyed growth,but that growth requires <br /> working capital and utilizing its capital for paying off the EDA note would likely not be a <br /> prudent use of company funds. The EDA can consider an extension of this note from its current <br /> maturity in January 2016,to January 2018. Therefore a 2-year extension of this note is <br /> recommended and warranted. <br /> We appreciate the opportunity to work with you and look forward to completing this extension <br /> with 19228, LLC, Promo Products, LLC, and with the EDA, <br /> Sincerely, <br /> IWO, 77 . <br /> onard Kirsc <br /> Vice President <br /> . .. i ' i <br />