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CAMPBELL KNUTSON <br /> TO: Elk River EDA Finance Committee <br /> V,f)Ea= N. Ii 11271 n{iii <br /> lit",,.1.M ':'i: FROM: John Kelly <br /> b DATE: June 3,2014 <br /> Kay RE: Borrower: Ethanol Technology of Minnesota,LLC <br /> Originating Lender: First National Bank of Elk River(the`Bank") <br /> j,t:;s Sdi :tY r7 Participation Lender: Elk River EDA <br /> :;ta(1,�•,.c;olt?:It;: Loan Amount: $74,000.00 <br /> �:'::, �'. t:""►`. 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 /> . ,,,..,. <br /> 173697v3 <br />