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Summary of Proposed Terms and Conditions <br /> Date 8/8/2005 <br /> Borrower: Minnesota Fabrication, Inc/SKD Real <br /> Estate Holdings,LLC. <br /> Lender: DNH <br /> Commitment: $ 550,000 or 65% of appraised value, Term <br /> whichever is less <br /> Purpose: Provide permanent working capital Current Assets <br /> Remodeling <br /> Payments P&I monthly <br /> Amortization: 120 months <br /> Maturity 120months <br /> Guarantor: Individual owners, unlimited (Secure guaranty with real estate??) <br /> Limited by LLC that owns real estate <br /> Interest Rate: WSJ+1.75%, 365/365 basis. Fixed or variable <br /> (Actual days,360 day year Floor? <br /> basis) <br /> Fees: $ 1,000 packaging fee SBA 7(a) <br /> Prepayment Per SBA SOP <br /> Consideration: <br /> Collateral: • Jr on all business assets and 1st REM on Titled vehicles <br /> • commercial building. <br /> Minimum Appraised $ 850,000 <br /> value: <br /> Advances/ • • <br /> Repayments <br /> Reporting • • Annual compiled and TR's <br /> Financial Covenants $ 550,000 combined life insurance on all <br /> guarantors. <br /> Loan Documentation ALTA title, Survey,Environmental, <br /> Appraisal <br /> Loan Agreement: N/A <br /> Depository Services Required as condition of approval. <br /> Condition Precedent Acceptable environmental assessment. <br /> Costs and Expenses Normal closing costs <br /> For Commitment <br /> Letters <br /> Fees: <br /> Commitment <br /> Expiration Date: <br /> Not Approved; Not a commitment <br /> C:J)oeutnents and:Settingsi[.t alnoc d Settin s\Temporary Internet Fl les\OLK.A3I\Term Sheet.doc <br />