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. I! <br /> k� f CAMP ELL <br /> /.$ ib <br /> c'.:,:,,r+;:js TO: Elk River EDA Finance Committee <br /> FROM: John Kelly <br /> Andrea McDowell Poehler <br /> DATE: December 3,2013 <br /> f ; RE: Borrower: Ethanol Technology of Minnesota, LLC <br /> .;,,:. ` ' Originating Lender: First National Bank of Elk River <br /> Participation Lender: Elk River EDA <br /> Loan Amount: $74,000.00 <br /> Date of Loan: August 25,2008 <br /> Maturity Date: August 25,2013 <br /> I have reviewed the following documents that you have provided me with <br /> concerning the above-entitled matter: <br /> 1. Promissory Note executed by Ethanol Technology of Minnesota, LLC <br /> ("Borrower")dated 8/25/08 in the amount of$74,000.00("Note"). <br /> 2, Security Agreement executed by the Borrower securing the Note("Security <br /> Agreement"). <br /> 3. Mortgage executed by Barton C. Wells,LLC("Mortgage")securing the <br /> Note with certain rca property in Sherburne County("Property"). <br /> 4. Guaranty executed by Hitech Motor Sports,Inc. ("Hitech") guaranteeing <br /> the obligations of the Borrower under the Note("Hitech Guaranty"). <br /> 5, Guaranty of Barton C. Wells("B. Wells") guaranteeing the obligations of <br /> the Borrower under the Note("B. Wells Guaranty"). <br /> • 1 <br /> 6, Agreement between First National Bank of Elk River, the Borrower,Hitech <br /> Motor Sports,Inc,, Barton C, Wells,individually,Barton C, Wells,LLC <br /> and Barton C. Wells Enterprises,Inc.,hereinafter jointly referred to as the <br /> "Guarantors"and relating to the modification of two Notes held by the First <br /> '.1 + National Bank of Elk River including the Note of the Borrower. <br /> 173697v2 <br />