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CAMPBELL KNUTSON <br /> fi•Y AA 3 <br /> !:,).;,:,:. „q,l:;:i, TO: Elk River EDA Finance Committee <br /> FROM: John Kelly <br /> , . . t. .,ti? Fnai:°e, <br /> DATE: June 3,2014 <br /> ;,,;,;, : . ,t . RE: Borrower: Ethanol Technology of Minnesota,LLC <br /> Originating Lender: First National Bank of Elk River the"Bank") <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 prepared an Assignment Agreement of the following documents wherein the <br /> Bank assigns its interest in them to the EDA so that the EDA can take whatever actions <br /> it deems necessary to attempt to collect the monies owing them from the Borrower: <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. Guaranty executed by Hitech Motor Sports,Inc. ("Hitech")guaranteeing the <br /> obligations of the Borrower under the Note("Hitech Guaranty"). <br /> 4. Guaranty of Barton C. Wells("B.Wells") guaranteeing the obligations of the <br /> Borrower under the Note("B. Wells Guaranty"). <br /> I am waiting for the Bank to provide me with the current principal balance due from the <br /> Borrower and the last date that any interest was paid, along with the name of the officer <br /> at the Bank that I should send the documents to for approval and signature. Once I <br /> receive that information I will send the assignment documents to the Bank for its <br /> approval. <br /> ........... ........::a Iii <br /> I73697v3 <br />