Laserfiche WebLink
l2.11: 15AM Gradient Techno 1 osd 763-717-949e0.516 P. 1 p- 1 <br /> rlmy <br /> MAY.2B.2204 32:02AM NO.503 P.2 <br /> 4•:■ PlITLIE BANK <br /> • OF ELK RMsR <br /> Member FDIC <br /> MMN STREET OFFICE•630 MWMf1 Meat•Ent River,MN 55330•C763)441-1000 <br /> May 27,2004 <br /> Mr.Erie Haelm and Duane Goetsch <br /> Gradient Technology <br /> 8744 West 35W Service Drive <br /> Suite A <br /> Blaine,MN 55449 <br /> RE: Financing proposal for the construction of a 13.000 square foot commercial building in the <br /> Elk River Business Park. <br /> Dear Eric and Duane: <br /> Thank you for opportunity to provide financing for the above referenced project Below I have <br /> outlined the terms under which The Bank of Elk River proposes to provide a loan to finance the <br /> subject property. <br /> • I. CCnstructio Loan <br /> Borrower: Badger Ventures,LLC <br /> Loan Amount; 5983,500 maximum amount:not to exceed 84%of appraised market value. <br /> Interest Rate:variable rate based on prime rate plus 1%with a door of 6.75%. <br /> Costs/Fees: Origination fee equal to 1%of the construction loan amount plus all out-of—pocket <br /> costs incurred by The Bank of Elk River in underwriting/dosing the transaction. The estimated <br /> closing costs include title insurance premium,title insurance construction draw fees,recording <br /> fees,mortgage registration rax,appraisal fee.environmental fee,legal(bank)and survey. <br /> Repayment/Term; Interest only,payable monthly.Principal due upon the earlier of completion <br /> of construction or 9 months following closing. <br /> Collateral: Firat real estate mortgage and assigmnent of leases and rents on the subject property <br /> Guarantees:Personal guarantees of Duane Goetsch and Nancy M.Dickerson <br /> MAIN STREET• SCHOOL STREET • OTSEGO <br /> ELK RIVER WAL-MART •MAPLE GROVE WAL-MART <br /> wwav,lieBankofElkRiver.com Eank TheBankofEfCRtver.com <br /> • <br />