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05/07/2004 08:56 FAX 763 241 1313 AMERICAN NATIONAL BANK 21003 <br /> • III. Conditions of Lending <br /> 1) Loan Documentation — All loan documents must be prepared and executed in a <br /> fashion satisfactory to American National Bank of Minnesota. <br /> 2) Articles of Incorporation/By-Laws/Certificate of Good Standing <br /> IV. Other Loan Terms and Conditions <br /> 1) Warranties and Representations of Borrower in a form acceptable to American <br /> National Bank of Minnesota. <br /> 2) Financial Reporting Requirements Annual Corporate Financial Statements, <br /> Corporate Tax Return and Annual <br /> Individual Financial Statements and <br /> Annual Individual tax Returns by each <br /> guarantor. <br /> 3) Prior to funding requirements Establishing the Corporate DDA at <br /> ANBofMN. <br /> Aggregate investment deposit of $75,000 <br /> • by corporate officers. <br /> Approval and closing of a $50,000 <br /> subordinated loan from the Elk River <br /> EDC/EDA <br /> 4) Funding Protocol Equipment will be funded via presentation <br /> of purchase order receipt with serial <br /> numbers. Proceeds shall be made payable <br /> to the corporation and equipment <br /> dealer/seller. <br /> V. Estimated Fees and Closing Costs <br /> 1) Loan Origination Fee e$1500 <br /> 2) Document Preparation Fee e$55 <br /> 3) Lien Searches e$20 <br /> 4) Credit Investigation Fee e$55 <br /> 5) SBA Fee e$1125 <br /> 6) Other UCC1 Filing/Release fees e$40 <br /> e <br /> Conditional Loan Commitment Letter 2 06/21/01 <br />